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Anti-Romney campaign hits PA. Was Bain a job-killer in Philly area?
The "Romney Economics" ads, which will be playing in Pennsylvania as well as four other states considered up for grabs in November, highlights individuals who lost their jobs thanks to Bain strategies Romney helped craft.
Anti-Romney campaign hits PA. Was Bain a job-killer in Philly area?
The Obama campaign is hitting swing states with a campaign outlining the various sins of Bain Capital, the company that Mitt Romney helped create and transform into a powerhouse in large part by promulgating a strategy of dismantling the benevolent patriarchies of old-school corporate America, in favor of a lean, bottom-line-focused approach that favored investors, not workers. The "Romney Economics" ads, which will be playing in Pennsylvania as well as four other states considered up for grabs in November, highlights individuals who lost their jobs thanks to Bain strategies that Romney helped craft.
So was Bain — and by extension Romney — a job killing "vampire" as the ad claims? It's a fair question to ask, given that he's boasted of creating 100,000 jobs in his business career.
Philly has a few Bain takeover stories of its own. None appear to involve much in the way of job growth. There's Burlington, NJ-based Burlington Coat Factory, which was acquired by Bain in 2006 and cut almost 10 percent of its workforce in fiscal 2009, even though it added 100 stores in the five years following the Bain acquisition. Bain also owns Trevose's Broder Bros., a distributor of sports apparel. Bain bought the company in 2000 and it laid off 140 workers in 2008, more than 10 percent of its workforce. Other companies acquired by Bain with workers in the Philly area include Clear Channel Worldwide, which is bogged down with $15 billion-plus in long-term debt and has shed thousands of jobs since Bain's acquisition.
Of course, Romney is right in pointing out that the President isn't exactly hitting ideal job creation numbers either. "This is a time when America wants to have someone who knows what it takes to create jobs and get people working again," he recently told a crowd in Pennsylvania. Whether that's true is another question.
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