Election 2012

Romney Lying About the Jobs He 'Created'

The Romney Unit has been going around saying he created 100,000 jobs at Bain Capital. However...

[Romney spokesman Eric] Fehrnstrom says the 100,000 figure stems from the growth in jobs from three companies that Romney helped to start or grow while at Bain Capital: Staples (a gain of 89,000 jobs), The Sports Authority (15,000 jobs), and Domino’s (7,900 jobs).

This tally obviously does not include job losses from other companies with which Bain Capital was involved — and are based on current employment figures, not the period when Romney worked at Bain. (Indeed, Romney made his comments in response to a former employee of American Pad & Paper Co. who says he lost his job after Bain Capital took it private.)

At least they're admitting to it. ThinkProgress adds:

Bain Capital has been responsible for thousands of layoffs at companies it bankrupted, such as American Pad & Paper, Dade International, and LIVE Entertainment, which Romney’s stat completely leaves out. He’s also taking credit for jobs created long after he left the firm to launch his political career.

Bain's entire thing was to take over companies and fire workers. Yesterday, Kevin Drum analyzed how President Obama might attack Mitt Romney. I believe this job-creation Bain lie will be a central attack.

Oh, and Krugman:

By that standard, everyone who’s spent a lot of time with slot machines is a big winner, since only the pluses count.

  • I once knew a former attorney who did this kind of thing. He worked for an investment company who would find companies that were vulnerable to a takeover but had plenty of assets. They would take it over, let a ton of people go and then break it apart, selling the parts for more than they could have gotten if they had sold the company as a whole. Kind of like a chop shop for corporations.

    This same attorney went on to try to run a small start up company in the role of President. He proceeded to run it right into the ground because he didn’t have a clue about how to earn money by doing something positive, like growing a company….he only knew how to tears things apart.

    Romney and his career reminds me of him so much, it is worrisome.

    • gescove

      That’s a perfect analogy for Bain Capital – a chop shop for corporations. I am convinced that’s why Romney urged “let Detroit go bankrupt”. He knew there was plenty of money to be made by chop shop looters of the bones of GM and the rest. What a piece of work.

  • caribbeanobserver

    Man, this guy lies like a rug!

  • Chris Andersen

    Krugman: “By that standard, everyone who’s spent a lot of time with slot machines is a big winner, since only the pluses count.”

    And not just your pluses but the pluses of every person who pulled the handle after you.

  • gescove

    Perhaps this is done with the confidence that after years of Republican attacks on education their constituents can no longer add and subtract. Only liberal math could come up with alleged “facts” that Romney is not a job creator. Why do liberals hate America so?