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Thursday, March 21, 2019

For Mitt Romney, the fundamental argument underpinning his presidential candidacy is his experience as a top executive at Bain Capital, the huge Boston-based private equity firm. That is especially true now because he must disown his most important achievement as Massachusetts governor — health care reform — in order to assuage the Tea Party extremists in his own party. But what does his business career tell us about the economic policies that might be pursued by the Republican front-runner — and about his worldview? Much could have been gleaned from the career history of George W. Bush, if only voters had paid closer attention to the unflattering reports of his experience as oilman and baseball team owner that accumulated in 1999 and 2000.

As the stories behind Romney’s success unfold in the coming campaign, the answer is likely to be that Bain Capital has prospered during the past quarter-century promoting a harsher brand of enterprise — one that ruins communities, impoverishes workers, and exports American jobs, all in the name of shareholder “value.”

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14 responses to “Romney: The Corporate 'Person' And The One Percent”

  1. CharlesEdwardMartin says:

    Did overall employment increase or decrease under the Romney administration?

  2. lizz.winstead says:

    Great article, but I thought he said it in Iowa, rather than NH.

  3. bobfbell says:

    This election should include a debate/discussion on how we can resolve the inherent conflict between the goals of the super national corporation and the desire to provide our people with advanages vs. the rest of the world. Romney hs proven he can make money for himself and his shareholders; how does he propose to create national wealth and jobs here? We are all waiting to hear.

  4. jotronics says:

    Perry offers a Hybrid flat tax,(give me a brake(screech sound), Howard Cain(9,9,9, a good start), Romney, can’t figure the man out, Who are his advisors, Moe, Larry and Shemp?
    As a citizen who is struggling once making close to six figures, now earning under $10.00 working part time at a Home Depot, earning just as much as a recent High School grad at the retailer, and lucky to get 26 hours a week, who cannot afford his mortgage, and who has started a business selling wines and spices for a few dollars more income, but you know in this economy no one is drinking much wine these days and not too many are visiting restaurants, but I have to say, Pizza’s are flying out the door, as my spice sales for pizza spices has increased.

    Now back to the flat tax. To implement a Flat Tax, we need to eliminate all elements of the current tax code,and build a tax code per industry with lobbyist input, the publics input, and of course congressional,judicial, and the executives branches input, America is on the brink of bankruptcy of the pocekt book for many citizens, corporations have gone to China to build products and it has caused our nation to falter deeper into debt.

    It doesn’t make sense to me that a person on unemployment is taxed a second time on the UI funds he/she recieves as it is calculated as income, DUH!

    It doesn’t make any sense why students are taxed on income when they work part time and 99% of them earn under $10K a year, a student should not have to pay any tax at any level of government.

    How do we solve America’ financial situation: We produce a straight forward tax system that doesn’t tax any citizen at any level on the first $72K of gross income, this will create jobs and increase the flow of dollars into the system. All earning of $73K + will be taxed at not more than 10%, (NO WRITEOFFS, offsets,) You earn $100,000 in 2012, you pay the government $10K. Local and State governments will also have a limit jointly of not more than 5% for Local municipality & not more than 5% for State gov’t. therefore a taxpayer earning up to $72K doesn’t pay a dime to anyone, they keep all their earning, those who earn $73K + pay not more in total than 20% of their income to all levels of government. Now each year the amounts are adjusted for Inflation.

    An import tax on all goods equal to the hourly salary of a production worker in America building the same product, would go into effect in 2014, giving international companies an opportunity to set up manufacturing in the USA, and pull out of China, most of Asia, and other Eastern countries who especially don’t have a democracy.

    In the West, Building products in Mexico, the Caribbean and South & Central America, with a ban on doing business with any non-democrat government, the Free Trade NAFTA agreement would stay intact.

    Corporate taxes: No corporate tax on any corporation at all levels of government on the firt $500K of earning. On corporations bringing in goods from overseas, they will be taxed on the first dollar.

    USA Made goods, with 90% virgin US raw materials would not have to pay taxes on the first $750K in net earning.

    I can go on, but have to make some sales calls today.
    I wanted to start a debate, I hope I have.
    I would like to run for Office, but cannot afford too.

    Joe S.

  5. stsintl says:

    In democracies, governments serve the needs of all constituencies within their jurisdiction for legal and physical infrastructure, their general welfare, and for protection of the weakest against the excesses by the strongest in the society. They must administer and govern with consensus and bear social responsibility. By design, they are not as efficient as dictatorships or fiefdoms. But, they are an essential pillar of democracy. On the other hand, business enterprises operate with the mission to maximize return on investment for the capitalists and their managers. The managers are not required to operate with consensus or bear any social responsibility, even for their own lower level employees. While capitalists look for individuals with feudal lord and/or dictatorship qualities to run their enterprises, governments must look for individuals with compassion and commitment to social responsibility.
    When government controls businesses, we have Socialism. When businesses control the government, we have Corporatism.
    Capitalism is masculine and strong. Democracy is feminine and delicate. Free press is window to the Democracy’s bedroom. When capitalism places five judges of the Supreme Court as guards at Democracy’s bedroom, pulls down the shades over the windows, and rapes Democracy, the nation ends up with a Bastard government. That’s what we have today in Washington.

  6. corpgovnet says:

    I laughed at this sign in Zucotti Park: “I’ll believe corporations are people when Texas executes one.” Of course, instead of execution, I favor rehabilitation — for people as well as for corporations. One way to do so is to start making corporate governance more democratic.

    Proxy Access for the 99% – Open for USPX Member Comment

  7. sarahg says:

    If that rat fink gets in, it’s over for this country. He’s a babyboomer dirtbag who could give a damn about regular people. He is the same as those rotten pieces of garbage bankers and financial elites who are government allowed to completely destroy this country and its people. He makes me sick just to look at his rotten, hollow face.

  8. kanawah says:

    Of the lot on the republican side, he is the least ‘evil of the lessers’.

    On a flat tax, it would have to be high enough to cover the governments operating cost, which would hit the lower earners hard.

    To be ‘a flat tax’, ALL income would have to be included. (Wages, capital gains, dividends, interest, inheritance, and any other moneys you received during the tax year)

    Of curse, the inclusion of “gains” and inheritance would not fly with the republicans.

  9. CliffordSpencer says:

    Was the Hughes Loan a good business investment?
    Clifford Spencer

  10. barryptak says:

    He gave a SPEECH in LAS VEGAS, NV Telling People to let the FORECLOSE-RS take its course!!

    He was BOOED and LAUGHED OUT OF TOWN!! I would not want ROMNEY run my BUSINESS!!

  11. Dik says:

    Mr. Conason;

    Your list on the ‘ills that underlie American economic decline’ is not exhaustive. The largest contributor to that debacle is the government. Spending money we don’t have, intimidating banks to make unsupportable home loans, anti-productively paying people not to work, and imposing restrictive regulations on business are just some of the practices which brought about this result.

    Dik Thurston
    Colorado Springs

  12. rumpunch says:

    The most important part of this article is the last sentence of the first paragraph. We never learn.

  13. Indy 60 says:

    Republicans in their continual war against the middle class and poor in order to provide the wealthy with more money to invest overseas have given us three main choices: a man whose business experience is in destroying American businesses, a man who has flip-flopped in Parties according to what will get him elected and who has depended upon gov’t assistance to support his state while decrying gov’t assistance for others, and a man who tells the poor and middle-class it’s their fault they are in the position they are in while discounting any blame upon corporations moving out of America. They all hold some of the same qualities: 1) Each wants to give to the wealthy while taking from those less fortunate, 2)Each says that this will help America by promoting business ignoring the fact that gov’t support of business no matter what has caused millions of Americans to be unemployed, 3) Each has the support of big business, 4) Each panders to the teaparty, and, 5) Each counts on the gullibility and the desperation of the American public to believe the illogical half-truth statements they make. The really sad part, millions of Republicans/Teapartiers believe at least one of them.

  14. StephenBarlow says:

    I need to amend My misunderstanding that CORPORATE PERSONHOOD is constitutional. It is NOT. It is an assumption intepreted by the courts that has gotten huger and huger since the 14th amendment was broadly interpreted more than a century ago. It is NOT a constitutional mandate. Corporations are owned by stockholders, who have no vote @ shareholder meetings as to whom and how much a corporation gives as campaign contributions. IF a corporation is a person, then is should be allowed to make one maximum contribution limited in scope to what one voter can contribute ($2500), decided on by the shareholders in the annual meeting. But since it can not vote as it is a nonhuman entity, it should have no contributory rights AT ALL! So much for logic in the law.

    Ask yourself THIS: “IF a corporation IS a person, then should it NOT be taxed EQUALLY as a citizen is. A FLAT RATE tax should be 7% revenue for each entity, breathing or congregate. NO DEDUCTIONS, NO EXEMPTIONS, NO EXCEPTIONS! Couple this with a 5% National sales tax (not a value added tax) on ALL purchases, excepting Primary residences, Medical care, Food and Fuel. FOR corporations just as for people. This means sales tax on raw materials, labor, advertising, legal and lobbying efforts as well.

    65% of GDP is consumer spending… which EQUALS 65% of GDP is CORPORATE PROFITS. 65% of our gov’t revenue should come DIRECTLY from corporate coffers. Business should also pay 2/3 of SS and Medicare taxes instead of 1/2. WHY? Because businesses can raise prices thus EARNINGS, workers can NOT raise wages.

    Romney is a very flawed human being. His faith aside, what concerns me is the misguided application of that faith. Nothing he has done as a businessman or a politician equates with true Christian principles. There will be camels in heaven before Mitt Bullshit. His flagellations on all issues make him EXTREMELY untrustworthy. We need a human President, not a Corporate Waffle.

    I believe that if you need to cut X% of your workforce, you need X% less management. I believe that stock options should be the same bonus for all employees, because no manager can EARN a bonus, if his personnel did not EARN it for them. I believe in CORPORATE COMMUNISM, where everyone takes home their same share equally. A corporation should have a bill of responsibilities mandate by the Constitution. So should our elected and appointed officials.

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