It’s not the ‘Bain’ of our economy

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Once again the Sentinel fails to tell the whole story. The current President of Bain capital is a supporter of President Obama and a bundler of donations to his campaign.

President Obama has been shown time and again to be a professional hypocrite. This is just one more example.

June 1, 2012

Grand Junction Daily Sentinel
734 South 7th Street
Grand Junction, CO 81501

Dear Editors:

  The Sentinel’s editorial – “It’s not the ‘Bain’ of our economy” (May 31, 2012) – failed to mention several pertinent aspects of Republican presidential candidate Mitt Romney’s “business experience”.

  First, because Bain Capital is a “private” equity firm not required to disclose its “investments”, and because Romney has not released a full record of the firm’s ventures under his leadership, it is not yet clear whether Romney was a “job creator” or a “vulture capitalist” (as his Republican primary opponent Texas Governor Rick Perry – not the Obama campaign – first characterized Romney’s record).

  Second, private equity firms serve the economy by injecting equity into marginal businesses – just as President Obama attempted to inject “stimulus” into the flagging economy he inherited after eight years of Republican profligacy.  However, Romney’s decisions were unencumbered by ideological obstructionists, while President’s Obama’s stimulus efforts were substantially gutted by Republicans demanding more tax cuts.

  Third, while the decisions of private equity firms are driven by “the numbers” – quantifiable data reducible to spreadsheets – and are intended to benefit only a small constituency of investors, presidential priorities (as aptly summarized in the Preamble to our Constitution) are seldom so quantifiable, and ostensibly serve the “common good”.

  Fourth, when “private” investment was not forthcoming, even Romney turned to the federal government to “bail out” the Salt Lake City Olympics.  Now, even though the Bush tax cuts for the wealthy diverted much-needed revenue from the federal budget into self-perpetuating political campaigns, the federal government remains the only source of “equity investment” available to fuel public sector jobs needed to rekindle the economy.

  Finally, while Romney famously asserted that he “wasn’t worried about the poor, because they have a safety net”, both his economic prescriptions and the “Ryan Budget” would weaken that safety net – even as more formerly “middle class” Americans are falling into it. 

              Bill Hugenberg
              543 Rim Drive
              Grand Junction, CO 81507
Word Count = 300           257-1998

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