Mitt didn’t create jobs at Bain, that is not what private equity firms do. The business of private equity firms is making money by buying companies and making them more efficient. That frequently involves downsizing and offshoring jobs. US workers wind up getting paid less or losing their jobs entirely. If Bain invested in a company that grew, like Staples for example, the job growth at Staples came at the expense of small businesses that lost business and jobs. Thus a job at a small business might disappear and be replaced by a job at a firm like Staples that paid less.
After everything is said and done Mitt probably created no jobs. What he did do was move jobs from one business to another. Mitt wants to count only the jobs he “created”, not the jobs he destroyed. And the jobs “created” usually paid less so that both Mitt and the CEO of a firm like Staples could be well paid. So Mitt wasn’t a job creator, he was a job mover, from one firm or firms to another.
A job creator creates a new product or service that adds jobs to the total number of people employed within the US. If your product or service reduces the total number of people employed in the US, you are a job destroyer.
- Obama: Romney doesn’t know economy as a whole (content.usatoday.com)
- Mitt Romney’s Bain invested in companies that specialize in moving jobs overseas (dailykos.com)
- Even Mitt Romney admits Bain Capital ‘didn’t create’ jobs (dailykos.com)
- Why Mitt Romney’s History With Bain Matters (time.com)
- The Pain in Bain (slate.com)