The Job Destroyer

Willard Mitt Romney (aka Wall Street Willie) has tried hard to convince the American people that it is rich people that create jobs in this country. He has to say that because his own record of creating jobs while in political office was a miserable failure (Massachusetts dropped to 47th in job creation during his failed term as governor of that state). But is his record of job creation any better as a rich capitalist (the people he wants us to believe create jobs)? No. It may even be worse. Here are some examples of how Romney "creates" jobs:

• American Pad & Paper: Bain invested $5 million in the small paper company in 1992, and reportedly collected $100 million in dividends on that investment. AMPAD went bankrupt in 2000, laying off 385 employees.

• Dade Behring: Bain Capital invested $415 million in a leveraged buyout in 1994, borrowed an additional $421 million, and ultimately walked away with $1.78 billion. Dade filed for bankruptcy in 2002, and 2,000 workers lost their jobs.

• DDI Corporation: Bain Capital reportedly invested $46.3 million in 1997, reaping $85.5 million in profits and an additional $10 million in management fees. When the company later went bankrupt, 2,100 workers were laid off.

• GS International: In a somewhat less profitable transaction, Bain Capital invested $60 million in 1993 and received $65 million in dividends. This company, too, went bankrupt in 2002, and 750 workers lost their jobs.

• Stage Stores: Bain invested $5 million to purchase the company and took it public in the mid-’90s, reaping $100 million from stock offerings. Stage filed for bankruptcy in 2000, and 5,795 workers reportedly were laid off.

The truth is that the rich don't create jobs -- no matter how much money they have. Jobs are created by an increase in demand (which the rich take advantage of to increase their profits). And demand is created when masses of people want to buy goods and services (and have the money to do that). To create jobs, money must be put in the hands of the masses (most Americans) -- not the rich.

When Romney says he is a job creator, he is lying. He is really nothing more than a richer version of George W. Bush (and we know the kind of damage Bush did to the economy). Electing Wall Street Willie to be president would be a disaster for this nation's economy.