Mitt Romney's Hard-Right Agenda: A
Brief Bio, On The Issues And Economic Plan
02 Jan 2012By Stephen Lendman
Currently, five Republican presidential aspirants
remain. Weak support caused others to suspend
campaigns or drop out.
In November, voters have unpalatable options between a
lawless/crime
boss/militarist/pro-war/anti-populist/morally corrupt
president, and a rogue's gallery of alternatives
looking more like a police lineup than legitimate
candidates.
Ron Paul's an exception for wanting the Fed abolished
and America's wealth no longer squandered on imperial
wars. At the same time, he stops short of endorsing
peace, favors strong national defense policies, is
uncompromisingly pro-business, and wants social
spending ended, leaving America's least advantaged on
their own.
In contrast, OWS and other progressives want long
denied social justice. Voting Republican or Democrat
assures continuation of America's dark side, including
under Romney. He's a candidate no one should trust.
In mid-December, ABC News said he called himself "the
ideal" Tea Party candidate because his views replicate
theirs. Its platform calls for:
- tax cuts for the rich;
- eliminating the national debt, though doing so
precipitously would wreck the economy;
- eliminating deficit spending immediately despite
its beneficial stimulative effects when needed;
- free, not fair, market capitalism;
- abiding by constitutional law and states rights;
- promoting civic responsibility to preserve life,
liberty and pursuit of happiness; by "happiness" in
America's Declaration of Independence, Jefferson
meant property; so do Tea Party leaders;
- reducing government size by ending all social
spending at federal, state and local levels;
- freeing people to operate as they wish within
the law, no matter the consequences for others;
- avoiding ill-defined political pitfalls; and
- maintaining local independence free from federal
oversight or constraints.
Overall, it stresses fiscal responsibility,
constitutionally limited government, free (not fair)
markets, and everyone on their own sink or swim.
A Brief Bio
Son of former Michigan Governor George Romney, himself
a failed 1968 presidential aspirant, he's a
businessman and former former Massachusetts governor
(2003 - 2007). In 1994, his Senate bid lost to Ted
Kennedy.
In 2002, he headed the winter olympics Salt Lake
Organizing Committee. In 2008, his presidential bid
lost to John McCain.
His education includes a 1971 Brigham Young BA and
combined 1975 Juris Doctor/MBA from Harvard Law and
Business Schools. He won law school honors and was
named a Baker Scholar for finishing in the top 5% of
his business school class.
After graduating, he took a management consulting
position with Boston Consulting Group, then Bain &
Company (B & C), a global management consulting
company.
In 1984, Romney and B & C principals co-founded Bain
Capital (BC). A vulture capital firm, it profiteers by
leveraged buyouts and asset-stripping companies. The
process bankrupts them, leaving their employees high
and dry on their own.
It calls itself "one of the world's leading private
investment firms, managing about $60 billion." It
claims a "competitive advantage....to deliver
industry-leading returns for our investors."
It does it the old fashioned way by profiteering at
the expense of vulnerable targets. While active,
Romney made millions. According to required Federal
Election Commission financial reports, his net worth
ranges from $190 - $250 million. It's mostly in blind
trusts. An additional one naming his children and
grandchildren was valued from $70 to $100 million in
2007.
In the past 18 months, he also earned over $360,000
per speaking event and another $100,000 - $1 million
in royalties from his book titled, "No Apology: The
Case for American Greatness."
During his 14 years heading Bain, its annual return on
investment averaged 113%.
Much came from small deals, but also on hugely
successful IPOs like Staples, Inc. and leveraged
buyout deals. Some of the best involved Calumet Coach
and Gartner Group. It also made large profits
investing or acquiring Accuride, Brookstone, Domino's
Pizza, Sealy Corporation, Sports Authority, and
Artisan Entertainment.
Always, maximizing equity value alone matters. Saving
jobs or creating them's not considered. Campaigning in
New Hampshire, he said he likes "being able to fire
people." Earlier he said:
"Sometimes the medicine is a little bitter but it is
necessary to save the life of the patient. My job was
to try and make the enterprise successful, and in my
view the best security a family can have is that the
business they work for is strong."
American Pad & Paper (Ampad) shows how Bain works. In
1992, BC acquired it for $5 million. It was part of a
"roll-up" strategy to buy similar firms to expand
revenues and cut costs.
The purchase netted BC $100 million despite the firm
eventually going bankrupt. Workers lost jobs.
Shareholder equity became worthless. Creditors got
less than 50 cents on the dollar.
In 1993, Ampad paid Bain advisory fees under a
management agreement.
In 1994, Bain acquired a Marion, IN plant. Workers
struck over layoffs, wage and benefit cuts.
In 1995, Bain shut the plant and fired 200 workers. It
got at least $2 million in annual management fees and
additional ones for every Ampad acquisition.
Ampad got funding to acquire an envelope and
stationary maker, and paid Bain about $60 million.
In 1996, Ampad completed an IPO, selling about three
million shares. The company and investors got from $45
- $50 million, another $2 million for arranging the
deal, and other fees.
In 1998, Ampad struggled to keep operating. It
couldn't challenge foreign and superstore competitors.
Bain cut its annual management fee to $1.5 million.
In 1999, revenues kept falling. Ampad closed its
Buffalo plant, firing 185 workers.
In 2000, the company filed for Chapter 11 bankruptcy
to reorganize.
In 2001, it shifted to Chapter 7 to liquidate assets
and pay creditors. Senior secured ones took a 50%
haircut. From acquisition to bankruptcy, Bain made
over $100 million on a $5 million investment. Workers
and shareholders lost everything. Creditors lost half
their money or more.
Dade Behring also netted Bain eightfold on its
investment. Over 1,000 workers were fired. The company
subsequently went bankrupt, but restructured and later
became profitable.
From 1990 - 1992, Romney returned to Bain & Company as
CEO. At the time, it faced financial collapse. A
combination of restructuring, real estate deals, and
loans restored profitability.
In 1992, he returned to BC, then left in February 1999
to head the 2002 Salt Lake City Olympic Games
Organizing Committee. By then, Bain was one of the
nation's top private equity firms with up to 18
partners, 115 employees, and $4 billion under
management. Today, it's $60 billion.
According to University of Chicago Booth School of
Business Professor Steven Kaplan, Romney, "came up
with a model that was very successful and very
innovative, and that now everybody uses."
When he left, terms included profiting from some Bain
investments, including leveraged buyouts and other
deals. As a result, he earns millions annually.
Romney on the Issues
His Romney for president site lists three - jobs,
healthcare and foreign policy. Overall, he says he
supports "free enterprise, hard work, and innovation."
He's for less taxes, government spending, regulation,
and federal programs. He wants more trade, energy
production, local power, human capital and labor
flexibility (code language for destroying worker
rights). He calls it "a plan to get America back to
work."
He wants Obamacare repealed and replaced with
"market-based reforms," empowering states and
individuals to reduce costs. How he doesn't say.
He says America "faces a bewildering array of threats
and opportunities." He calls "national security" the
nation's "unifying thread."
"When America is strong, the world is safer." Only US
power can "ensure the security and prosperity," he
claims. Again, no explanation's given, nor does he
identify threats at a time the nation has none.
During the 2008 campaign, a Romney ad concluded
saying, "We can and will stop Iran from acquiring
nuclear weapons." He called for military action "in
the nature of blockade or a bombardment or surgical
strikes or one kind or another."
More recently, he called Iranian leaders intolerant,
repressive, state sponsors of terrorism. He also
accused them of developing nuclear weapons, despite
the latest March 2011 US intelligence assessment
concluding the opposite.
He called for diplomatic isolation and crippling
sanctions, including denying Iran access to foreign
capital and investment. He also supports divesting
from companies supporting the Islamic Republic, and
says "the military option is very real and very
credible."
He accused Obama of failing to deal "with the greatest
threat we face, which comes from Iran."
When asked about Syria, he responded:
"Of course, it's time for the Assad dictatorship to
end. And we should use covert activity" and sanctions
because Syria's "an ally of Iran." He opposes a no-fly
zone because the nation has more tanks than planes,
and it's not bombing its people.
Neither was Gaddafi. Romney said the world's a better
place without him. Earlier, he called on Libyans to
take up arms and revolt. However, last July he tried
having it both ways. He supported America's
involvement but opposed Obama's regime change policy.
While campaigning he said:
"I know I've said that the US shouldn't support
Gaddafi's removal, but that was back when he was still
in charge. The fact that he's no longer in charge,
well that changes everything. I'm calling for his
ouster and look, he's already gone. That's the kind of
bold leadership you can expect from a Mitt Romney
administration."
Romney's Economic Plan
Last September, he said:
"On my first day in office, I will send five bills to
Congress and issue five executive orders that will get
government out of the way and restore America to the
path of robust economic growth that we need to create
jobs."
His bills include:
(1) The American Competitiveness Act: cutting
corporate taxes to 25%. Economic growth, in fact,
creates jobs, not tax cuts.
(2) The Open Markets Act: implementing the Colombia,
Panama, and South Korea (job killing) free trade
agreements.
(3) The Domestic Energy Act: directing the Interior
Department to survey US energy reserves together with
exploration companies to initiate more drilling for
resources we should phase out for safer, cleaner,
renewable ones.
(4) The Retraining Reform Act: turning responsibility
over to states.
(5) The Down Payment on Fiscal Sanity Act: immediately
cutting all non-security domestic spending by 5%,
reducing the federal budget by $20 billion.
His Executive Orders include:
(1) An Order to Pave the Way to End Obamacare: Return
"maximum possible authority to the states" and keep
healthcare privatized.
(2) An Order to Cut Red Tape: End government
regulations "that unduly burden the economy or job
creation." In other words, free corporate predators to
operate regulation-free.
(3) An Order to Boost Domestic Energy Production:
Romney's plan - drill, drill, drill.
(4) An Order to Sanction China for Unfair Trade
Practices: Claiming currency manipulation, Romney
wants "countervailing duties on Chinese imports."
In fact, Wall Street manipulates all markets
destructively. In addition, US-style free trade's dark
side destroys jobs and encourages overseas sweatshops.
(5) An Order to Empower American Businesses and
Workers: Romney's an anti-labor job killer, not a
creator.
Romney on the Issues
(1) Taxes: Cut corporate taxes from 35 - 25%, preserve
others for the rich, and ideally have a flat or
"flatter" tax system.
(2) Foreign policy: Increase defense spending, drone
killings, and national security priorities. His
advisors include former CIA Director General Michael
Hayden, former Homeland Security Secretary Michael
Chertoff, former CIA counterterrorism/Blackwater
executive Cofer Black, and other hawkish figures.
(3) Crime and punishment: He supports tough on crime
policies, including three strikes and you're out,
mandatory sentences, and the death penalty.
(4) Education: He supports privatizing public
education; standardized tests that promote rote, not
real learning; and empowering families to save to
cover high tuition costs in place of government aid.
(5) Labor: He supports more worker rights by denying
them any through unions representing their interests.
(6) Immigration: "I love immigration," he said, but
favors tough border security, employment verification,
stiff penalties on companies hiring undocumented
workers, and denying them amnesty.
(7) Abortion: He's pro-family/pro-life, but allowed
abortion under RomneyCare as Massachusetts governor.
(8) Gun control: He calls gun ownership "one of the
most basic and fundamental rights of every American."
(9) Israel: His rhetoric shows uncompromising
pro-Israel support, including by saying:
"Israel should not under any circumstances ever go
back to the 1967 borders."
"Israel's enemies would use that land to again attack
Israel with the full intention of destroying Israel."
"Palestinians already have a country. It's called
Jordan."
(10) Terrorism: He calls fighting it one of his top
priorities, and once said "We ought to double"
Guantanamo capacity.
(11) Torture: He opposes it but supports "enhanced
interrogation" that amounts to the same thing.
(12) Declaring war: In a 2008 presidential debate, he
ignored constitutional and international law, saying
he didn't know if only Congress can declare war.
(13) Drugs: He strongly opposes illegal ones,
including medical marijuana.
(14) LGBT issues: His mixed record includes opposing
same-sex marriage and employment non-discrimination
because it "unfairly penalize(s) employers." He also
supports "Don't ask, don't tell" policy, but if
president won't change policy repealing it.
(15) Unemployment insurance: Despite expressing
support for safety net protection, in 2010 he said:
"The indisputable fact is that unemployment benefits,
despite a web of regulations, actually serve to
discourage some individuals from taking jobs,
especially when the benefits extend across years."
He favors individual unemployment savings accounts and
financial incentives for business to hire and train
workers unemployed for extended periods.
A Final Comment
Romney's uncompromisingly hard-right. He believes
whatever government does, business does better so let
it.
He wants America returned to 19th century harshness.
He supports personal freedom, empowering business,
ending economic and financial regulations, reducing
government's size, minimally taxing corporations and
super-rich elites, and down-sizing social spending.
He's also for increased defense budgets, militarizing
America's borders, waging war on terror, and
destroying public education and what remains of
hard-won labor rights.
If elected, corporate interests will be prioritized at
the expense of long denied social justice.
As a result, people needs will go unmet at a time help
more than ever is needed.
Romney's America will leave everyone on their own sink
or swim. Know what you'll get by supporting him.
Stephen Lendman lives in Chicago and can be reached
at lendmanstephen@sbcglobal.net. Also visit his blog
site at sjlendman.blogspot.com and listen to
cutting-edge discussions with distinguished guests on
the Progressive Radio News Hour on the Progressive
Radio Network Thursdays at 10AM US Central time and
Saturdays and Sundays at noon. All programs are
archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/.
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