Showing posts with label Stephanie Cutter. Show all posts
Showing posts with label Stephanie Cutter. Show all posts

Thursday, July 12, 2012

Some wispy hints that Romney was not 100% hands-off at Bain, 1999-2002

Personally, I think that the charge that Romney as CEO and owner of Bain Capital "shipped jobs overseas" is meaningless, except insofar as it offsets Romney's hypocritical and bogus charge that Obama is substantially responsible for further loss of manufacturing jobs to China and elsewhere. Offshoring is inevitable: to cope, the U.S. must improve its education system and upgrade jobs currently considered low-end, which means strengthening workers' hands relative to management.

Further, Factcheck.org and other truth-squaders have a point in calling out the Obama campaign for claiming that Romney "shipped jobs overseas" when alluding to the activities of Bain portfolio companies that occurred after Romney took over the Winter Olympics in early 1999.  Today's Globe story documenting Romney's maintenance of formal or nominal control during his Olympic years really doesn't affect the argument between the Obama campaign and Factcheck, as Stephanie Cutter's letter to Factcheck, like the Globe article, alluded to numerous Bain SEC filings listing Romney as CEO, President, and owner of various Bain entities, including the parent company. Factcheck retorts that there is no positive evidence that Romney ever took an active role in any Bain decision or action during his Olympic gig. And Fortune's Dan Primack has been supplied with offering documents for funds that Bain started after Romney went to Utah that don't list Romney as a fund manager.

Monday, June 04, 2012

What's Obama's peer group job creation ranking? Way better than 47th of 50

Romney's job creation record as governor of Massachusetts bears a striking -- if superficial -- resemblance to Obama's as President: a first year of job losses followed by three years of weak growth (actually, for Romney, a rather strong final year following two near-flat years).

Romney has been attacking Obama's job creation record since...forever.  You know the drill: Obama made the recession worse, Obama isn't working, nearly a million jobs lost on his watch.  This week, as the Obama team turns the tables and broadcasts that Massachusetts ranked 47th out of 50 states in job growth during Romney's tenure, the Romney camp finds an excuse: you can't blame him for first-year job losses. Of course, if you give Obama that pass, the country has gained nearly 4 million jobs on his watch.  Or, as Michael Tomasky calculated: excluding each executive's first year, and through April of their fourth year, Obama has presided over 2.35% job growth, Romney over 1.9%.

Hence, two Obama spox pounced this morning on Twitter:
Jim Messina: Romney economics: Under Romney, MA fell to 47th out of 50 on job creation. Under POTUS, we see 27 months of private-sector job growth.

Stephanie Cutter: Romney campaign undercut its entire strategy by arguing that he inherited bad economy so 1st yr shouldn't be counted.
What's needed to concentrate fire, it seems to me, is an apples-to-apples comparison to Romney's 47/50 ranking, or a reasonable facsimile thereof. In reality, any local economy in any given period is sui generis; Rick Perry is not a "better" job creator than Mitt Romney. But with Romney shamelessly manipulating the stats to attack Obama, it's fair to come up with a "peer group" for the US during Obama's term.  And what could be fairer than the OECD, which includes Korea, unemployment rate 3.7% at present, and Japan, clocking in at  4.5%?  So let's have a look.