Creative destruction is an economist’s term for replacement of obsolescent industries by industries using new technology or making companies more efficient and profitable by downsizing, outsourcing and/or globalization. Creative destruction is hard on the employees who lose their jobs and the towns and cities where they work. In our economy, employers pay little or no penalty for creative destruction while they often reap outsized rewards. I believe that a portion of those rewards should go to the newly unemployed and the cities and towns that lose tax revenue.
Mitt Romney made his $100s of millions at a company he founded, Bain and Company, that specialized in creative destruction. Companies were acquired, downsized or right sized, and put back on the market for new investors at large profits for Bain and Romney. Mitt likes to portray himself as a businessman who has experience in creating jobs. How many jobs did he create and how many did he destroy while at Bain? And most importantly, what kind of jobs did he create, what did they pay, and did they pay more or did they pay less than the jobs that were eliminated? I want some straight answers.
- A long, hard path to renewal (csmonitor.com)
- Creative Destruction and the Death of Borders Books (reason.com)
- All hail merger Monday! (Where are the jobs?) (seattletimes.nwsource.com)
- Profits in a Capitalist Economy (jimdew.wordpress.com)
- Unaired ad from 1994 highlights Romney’s Bain record (dailykos.com)
- Mitt Romney Claims He’s a Job Creator…Record Shows He’s a Job Cutter (crooksandliars.com)