Obama hits Romney on outsourcing and auto bailout in Ohio speech

CBS NEWS

(CBS News/AP) MAUMEE, Ohio --Kicking off a two-day bus tour of northern Ohio and western Pennsylvania, President Obama said Thursday in a campaign speech that he was betting that Americans wouldn't lose interest or heart in the upcoming election despite a political stalemate in Congress.

In his remarks at the Maumee Walcott Museum just outside Toledo, Mr. Obama described a political system at a crossroads and argued that his Republican rival, Mitt Romney, would pursue economic policies that favor the wealthy at the expense of the middle class. The president said he was willing to work with "anybody who believes that we're in this together."

"I'm not a Democrat first, I'm an American first," Mr. Obama said at a quintessential campaign scene, an early 19th-century museum complex dotted with red-white-and-blue bunting and American flags.

The president used the Ohio setting to feature two of Romney's biggest liabilities: his opposition to the 2008 auto industry bailout, and a recent controversial Washington Post article claiming that Romney's private equity company, Bain Capital, outsourced jobs overseas. Taking a tough stance on trade, the president announced his administration is levying a complaint against China with the World Trade Organization for imposing new duties on U.S.-made automobiles - including the Ohio-made Jeep Wrangler.

"Governor Romney's experience has been in owning companies that were called 'pioneers of outsourcing' - that's not my phrase - 'pioneers of outsourcing,'" Mr. Obama told the crowd. "My experience has been in saving the American auto industry.

In his first campaign event since the Supreme Court's decision a week ago to uphold his health care law, Mr. Obama also defended his sweeping changes to the system: "The law I passed is here to stay," he said. "It is going to make the vast majority of Americans more secure."

Mr. Obama's campaign events are being bracketed by Romney supporters at events near some of his stops.  Earlier Thursday, former Minnesota Governor Tim Pawlenty and Gov. Bobby Jindal, R-La., spoke in Maumee, to counter the president's message.

Meantime, Toledo mayor Michael Bell, an independent, told CBS News the water is warm for Mr. Obama in the area: "This is a Democratic base here, and there probably still is a large amount of support for the president of the United States," he said. He also nodded to a spike in job growth resultant of Chrysler's decision to hire 1,100 workers, and GM's to hire another 800.

The aptly named "Betting on America" tour will, over the next two days, visit regions that have been kind to the president in the past, but which will be critical to secure again in November.

"There are some folks who are betting that you will lose interest, that are betting that somehow you are going to lose heart. But here you are in the heat," Obama said, wearing a gray short-sleeved shirt on a steamy, sunny day that forced him to wipe away sweat that dripped down his face. "I'm betting you're not going to lose interest. I'm betting you're not going to lose heart. I still believe on you, I'm betting on you. And the country is betting on you Ohio."

The Associated Press and CBS News' Brian Montopoli contributed to this report.

[infantryman1968]

Obama hits Romney on outsourcing and auto bailout in Ohio speech


LOL!


Everyone knows the auto bailout was blood money for the Unions.

The Obama Revolution is over.

[LEAVA12]

History of national debt may prove that the optimum tax bracket is higher than 50%. Consequently, President Ronald Reagan (1981-1989) inherited roughly 908 billion US$ in debt and took it up to 2.6 trillion US$ after 8 years; an increase of 186%. President Bill Clinton (1993-2001): Took Bush's 4.2 trillion US$ up to 5.7 trillion US$, a 36% increase. President George W. Bush (2001-2009) inherited Clinton's 5.7 trillion US$ and ended with 10.6 trillion US$, an 86% increase. Recently, President Barack Obama (2009-2010): So far, has taken Bush's 10.6 trillion US$ up to 16.2 trillion US$ at the end of 2012 ( as projected) an increase of 53%.

[LEAVA12]

Many more critical factors which explain the Obama deficit number, such as the cost of funding wars and anti-terror operations, the burden of debt interest-about $300 billion per year-, the international financial crisis, $100 billion per year from Bush tax cuts, the top tax rate is low -35%- compared with high tax rates during the first five years of Reagan's Administration -from 69.13% to 50%.
The fact is the Bush Administration did not deal with current complex economic situations such as the economic turmoil in Europe and our economic strategic competitor, China. Specifically, it is a logical fallacy to use historical facts to make a negative judgement about the current slow economic recovery. This assertion also somewhat justifies increasing the debt about 5.4 trillion US$ from 2009 to 2012; perhaps the cost of war would be close to $3 trillion during 4 years, the Obama burden of debt interest per year is about $300 billion, the Bush Tax Cuts resulted a reduction of the government revenue from about $60 billion per year to about $100 billion, and Obama's burden of about $750 billion in 2009 to deal with the Bush housing bubble.

[LEAVA12]

Those notorious experts will be the authorities to justify the slow speed of economy recovery due to many constraints. They have to justify with compelling evidence about at least five factors to impede Obama's economic agenda: It took almost three years to stop the free fall of the severe economic recession in 2008, the economic and political ideology of Congress, the economic turmoil in Europe - the largest economic domain in the world- economic competition with the second economic power, China, and the limitations of presidential economic budget power due to Article I, section 9, clause 7 of The Constitution of the United States and Article I, section 5, clause 2: Congress is the authority to determine the rules governing its procedures. They have to show Obama 's exit strategy for the war in the Middle East's is a short term increasing unemployment and a long term economic growth. This will explain to voters the reason for the short term benefit of reducing unemployment when the war started in 2001. Roughly half a million of the Army National Guard and Reserve Armed Forces have fought in Iraq or Afghanistan along with new regular armed forces recruitment. The Pentagon reported that just for the Army National Guard, equipment shortfalls amounted to nearly $50 billion because the equipment such as helicopters, cargo trucks, chemical decontamination gear, night vision goggles, radios and satellite, ... must be restocked. Consequently millions of civilian jobs were added to temporarily replaced the vacancies of people in the National Armed Forces and Reserve Forces, and many civilian jobs were added in the Middle East such as Blackwater, CIA,..The side effect in the long run is trillions of dollar in debt, the blood of soldiers,...and an economic recession in 2008.
Moreover Obama needs to prove that he has not been partisan, but bipartisan through his record. He also need a detailed narrative future economic plan to present before the Congress and voters.

[LEAVA12]

In 2012, many positive economic indicators prove the stimuli of Presidents George W. Bush and Barack Obama have worked.
The Dow Jones Industrial Average (DJIA) was around 8,550 at the end of 2008 but has risen above 13,000 on May 02, 2012.
The rate of unemployment has dropped to about 8.2% on April and 8.1% on May, 2012. Private companies added 228,000 jobs in February 2012, 201,000 jobs in March, and 119,000 jobs in April. Personal income rose 0.4%.
Starting in 2010, we have had annual net Growth in "Made In America" manufacturing jobs in contrast to the annual net losses we had every single year many years before. More than 210,000 "Made In America" manufacturing were created in 2010, more than 233,000 in 2011, and more than 120,000 in the first 3 months of 2012.
There are compelling evidence about at least five factors to impede Obama's economic agenda: It took almost three years to stop the free fall of the severe economic recession in 2008, the economic and political ideology of Congress from 2011 to 2012, the economic turmoil in Europe - the largest economic domain in the world- economic competition with the second economic power, China, and the limitations of presidential economic budget power due to Article I, section 9, clause 7 of The Constitution of the United States and Article I, section 5, clause 2: Congress is the authority to determine the rules governing its procedures. Moreover Obama 's exit strategy for the war in the Middle East's is a short term increasing unemployment and a long term economic growth. This will explain to voters the reason for the short term benefit of reducing unemployment when the war started in 2001. Roughly half a million of the Army National Guard and Reserve Armed Forces have fought in Iraq or Afghanistan along with new regular armed forces recruitment. The Pentagon reported that just for the Army National Guard, equipment shortfalls amounted to nearly $50 billion because the equipment such as helicopters, cargo trucks, chemical decontamination gear, night vision goggles, radios and satellite, ... must be restocked. Consequently millions of civilian jobs were added to temporarily replaced the vacancies of people in the National Armed Forces and Reserve Forces, and many civilian jobs were added in the Middle East such as Blackwater, CIA,..The side effect in the long run is trillions of dollar in debt, the blood of soldiers,...and an economic recession in 2008.

[LEAVA12]

Some indicators show that the economy is gradually recovering.
During three years and a half the economy has shown both positive and negative signs. Our economy has begun to recover gradually after three years of a severe recession. We were faced with an unemployment rate of 12.5% on Dec 2008 at 11 PM due to many reasons such as house bubbles, an escalating foreclosure rate, banks refusing to loan, a 700 billion US$ bail out in 2007 to rescue Bear Stearns, AIG, Fannie Mae, Washington Mutual, Indy Mac Bank, ....
In 2009, the government continued the economic stimulus plan with about 185 billion US$. Consequently, it halted the economic free fall and ended the recession. However, we still have a moderate reduction of the unemployment rate from 12.5% in Dec 2008, to about 10% from 2010-2011, and to about 8.2% on June, 2012; a significant unemployment reduction of 4.3 %. As a matter of fact have not been patient enough to trust Obama's economic plan; a change the balance of Congress member in 2011.

[LEAVA12]

- Bain invested $5 mission in Ampad; the result was $100 million in dividends for Bain, but Ampad lost 385 jobs and had a $392 million debt in 1999, finally declaring bankruptcy in 2000.
- Stage Stores received a $5 million Bain investment. The result was $100 million in stock offerings for Bain. However, Stage Stores suffered the same fate as Ampad and declared bankruptcy in 2000.
- Bain received $65 millions in dividends after infusing $60 million in GS industries; nevertheless GS industries laid off 750 workers at bankruptcy in 2001.
- Dade International received $450 million in investments and borrowed $421 million from Bain Capital. The result was 2,000 workers laid off and a bankruptcy declaration in 2002.
- Bain invested $46.3 million in DDI Corp and received $85.5 million in profit as well as $10 million in "management fees." 2100 workers were laid off and DDI Corp declared for bankruptcy in 2003.
- Details Inc received $46 million in Bain investments. Bain earned $93 million in stocks. Unfortunately, Details Inc filed for bankruptcy in 2003.

Based on these facts, it seems that the nature of Bain Capital investments was parasitical - feed off a healthy living host until it dies, then move on to another host, thus repeating a cycle of destruction.

Sources: Los Angeles Times, Bloomberg News, New York Post, Boston Globe, http://www.romneygekko.com/mitt/

Romney also has an outsourcing problem. Bain Capital, with bases in foreign countries, has created jobs overseas; these jobs could have been filled by Americans. In particular, Bain Capital has created jobs in China, a strategical counterpart of the USA in the aspects of trade and national security, especially in the South and East China Seas and involving surrounding countries.
http://www.greenvilleonline.com/videonetwork27713/1702672066001/Romney-s-Outsourcing-to-China-Problem

As for the tax issue, "the Republican candidate paid a 14 percent tax rate on $21.7 million in income in 2010 - far lower than the rate paid by many Americans because his earnings comes from investments rather than wages. Vanity Fair noted that Romney has continued to receive large payments from Bain Capital since leaving the private equity firm in 1999.", http://www.nydailynews.com/news/election-2012/romney-wealth-hidden-offshore-accounts-report-article-1.1107126#ixzz1zaNZQNKa

Republican presidential candidate Mitt Romney keeps at least $30 million, probably more, in the tax-free Cayman Islands, Vanity Fair reported on Tuesday, 07-03-2012.
"The Romney campaign claims that the candidate has not exploited offshore havens to avoid paying necessary U.S. taxes, but the Vanity Fair report detailed how Romney continues to have interests in at least 12 of the 138 funds, organized by his company Bain Capital, in the Cayman Islands.".

"Romney has said he gets no tax break. He told an audience at a Maine town hall appearance in February that "I have not saved one dollar by having an investment somewhere outside this country."
http://www.freep.com/article/20120704/NEWS07/120704006/romney-offshore-wealth-bermuda-sankaty, http://www.opposingviews.com/i/politics/2012-election/mitt-romney-keeps-30-million-tax-free-cayman-islands#


What is the impact of the Bain Capital issue?

There are big differences between Romney's investment in Bain Capital, a firm which supports outsourcing, and Obama's policies which boost manufacture of "Made in America" products. Starting in 2010, we have had annual net Growth in "Made In America" manufacturing jobs, in contrast to the annual net losses we had every single year many years before. More than 210,000 "Made In America" manufacturing jobs were created in 2010, more than 233,000 in 2011, and more than 120,000 in the first 3 months of 2012.
The National Domestic Product has gradually increased from 2009 to 2011.

Perhaps the Bain Capital issue is a catalyst for energizing patriots and Democrats to win back at least 25 seats in Congress this November.

[LEAVA12]

Romney's Bain issue is a "lose-lose strategy " for Mr. Romney unless he is able to overcome many negative aspects relating to his management of Bain Capital.

Bain Capital is a private equity firm which made its money by purchasing businesses and making a profit through any means possible. According to the New York Post, during Romney's 15 years as a head of this company, he made a lot of money for himself at the expense of five profitable businesses, whose bankruptcies resulted in thousands of workers unemployed and an additional burden for taxpayers. The ironic fact is: the bankruptcies of other companies actually brought profits to Bain Capital. Indeed, Bain Capital was not a job creator as a vice president for Dade experienced when his company borrowed money from Bain and ended up in bankruptcy due to high interest from Bain.
According to the Boston Globe: "Romney had chances to fight to save jobs, but didn't..."
Romney still has a chance to turn this losing issue around if he is able to answer questions about his tenure at Bain Capital and clear up his bankruptcy record. In particular, Romney needs to answer questions about the following:

[pt100455]

Lucas4440....I was just wondering the same thing about my posts as well!

[LEAVA12]

There is one highlight of Obama's trip to Ohio today, July 05, 2012:

Obama has complained directly to the WTO that China is abusing trade laws by imposing more than $3 billion in duties on US automobile exports; it appears directed mainly at Ohio and the WTO in Geneva acknowledged that they have received the complaint from the US.

Obama's auto industry bail out policy has saved thousands of workers from losing their jobs, but Romney opposed Obama's policy. "American workers and manufacturers strongly support President Obama's decision to launch a trade enforcement action against China's unfair auto tariffs," Scott Paul-executive director of the Alliance for American Manufacturing, said.

http://in.reuters.com/article/2012/07/05/usa-campaign-obama-idINL2E8I513G20120705

[retmw2]

jgg

Better to screw people out of they're pensions that they paid into, then have the stockholders lose anything with money that they gambled on. That's typical of you in the gop screw the worker all you can.