Thursday, September 27, 2012

How can anyone vote for this man?

The two people pictured above are employees of Sensata Technologies in Freeport, Ill., owned by Bain Capital, which is in the process of shutting the 170-employee company down and outsourcing its production of thermostats and circuit breakers to China.
Now we all know that Mitt Romney is retired from Bain Capital and is no longer directing its operations but still continues to reap millions of dollars in retirement income from the company each year.
Back in July the employees sent an open letter to Romney asking him to use his influence to keep the profitable factory open and save their jobs.
"It's not right that our good American jobs are being sent to China. It's not right that you stand to get even richer off of our loss and pain," the letter said.
"We know that you can take action to stop the offshoring of our jobs. You are running for president, promising to create good jobs. You can start keeping that promise today by stepping in and saving our jobs," it continues.  
Romney never responded.
Cheryl Randecker is the first signer of the letter as you can see in this PDF.According to the Huffington Post, Cheryl is 52 and is a 33-year Sensata veteran so it’s a safe bet she never had any other full-time job.  She received her 60-day layoff notice shortly after Labor Day and her job will end the day before Election Day.
Cheryl will become one of that 47 percent that Mitt Romney doesn't care about. She’ll apply for unemployment.  She may have to get food stamps and she probably won’t pay much in income tax next year.  If she’s lucky, she’ll get a job as a waitress or working at McDonald’s.
Now that Romney has released his 2011 tax returns, we can see why he hasn't stepped in to save any of those 170 jobs heading for China.  He transferred $700,000 of Sensata stock to Tyler Charitable Foundation, a tax-exempt non-profit he controls and thereby saved himself a bundle.  
He gets to deduct the full value of the stock, which, if he were taxed at 35 percent would be a $250,000 benefit and at 15 percent, amounts to about $100,000.  
Defenders will say two things about this:  1) he doesn’t control Bain and 2) he didn’t even take as large a charitable deduction as he could have for 2011.  
As to the first, he benefits mightily from this company that he started, ran and still profits from.  As to the second, if he loses the election he can still amend his 2011 return and take that full deduction.
Either way, he profits and ordinary, hard-working people and the little town they live in all lose.
Romney has an ad on TV that says something like: “President Obama and I both care about the poor and Middle Class.  The only difference is, I will make their lives better.”
Really?  Really?  Who believes that?