Romney's Empire Built on Offshoring Jobs and Cutting Workers' Pensions
Mitt Romney’s bid for the presidency is built on the idea that his success in the leveraged buyout industry and the fabulous wealth he’s accumulated is evidence that he knows how to create jobs and foster economic growth. He argued in Tuesday night’s debate that we should just trust him when he says he can cut the deficit and cut taxes by 20% across the board because of his credentials as a leveraged buyout titan.
The problem with Romney’s argument is that the leveraged buyout business does not create jobs. The tax breaks that the industry relies on, like the discounted tax rate for capital gains and offshore tax shelters, add tens of billions of dollars each year to the deficit.
Today, The Nation is reporting on yet another example of how Romney and the shadowy private investment industry really makes its money—offshoring jobs, taxpayer subsidies and bailouts and cutting workers’ pensions.


