Posts Tagged ‘Obama destroyed jobs’

New Obama Ad Demonizes Romney For Jobs Destroyed During Romney’s Bain Capital Days: BUT CONSIDER WHAT OBAMA DID TO 20,000 DELPHI WORKERS

May 15, 2012

Obama, thy title is “Hypocrite-in-Chief.”

Bain under Mitt Romney invested in Staples, which had 89,000 employees as of Dec. 31, 2010.  Bain under Romney invested in Sports Authority, which had 15,000 employees as of July 2011.  Bain under Romney invested in Domino’s Pizza, which has added 7,900 jobs since 1999.  And those are just three of the many, MANY companies that Bain Capital turned around or created with its investment.

Some of the jobs that Romney has claimed credit for were created several years after he left the company. But there is no question that had he not been involved when he made the investment decisions he made, those jobs never would have existed at all.

Every single one of those well-over hundred thousand jobs that Romney created ought to be counted from the very premise of the current Obama ad: because the steel company (GST Steel) that is featured in the ad lost the jobs well AFTER Romney left Bain.  To go with the fact that it’s a laugh to blame Bain for those jobs at ALL.  Mitt Romney was in fact turning around the Olympics by the time those GST Steel jobs were lost.

So now the same people who are saying Mitt Romney shouldn’t get credit for the jobs created after he left Bain are demanding that Romney be blamed for jobs that were lost AFTER he left Bain.  Because the quintessential defining essence of a Democrat is abject personal hypocrisy and abject personal dishonesty.

Interestingly, the key decision-maker at Bain Capital during those two years after Romney left and when GST Steel was closed was none other than Jonathan Lavine. Who was Jonathan Lavine?  Lavine just happens to be a major Obama supporter and bundler who raised more than $100,000 for the Obama’s reelection campaign.  But please forget that, as it is just a fact and interferes with Obama’s demagoguery.

At Steel Dynamics Romney created 6,000 jobs. Why doesn’t that matter?  Same reason it doesn’t matter that Obama’s money bundler was actually the guy who ran Bain’s dismantling of any job losses at GST Steel.  So let’s forget Steel Dynamics and focus exclusively on Obama’s bogus attack campaign.

Meanwhile Barack Obama boasts of having created millions of jobs even as in actual fact the actual number of jobs has nosedived since his presidency as accurately measured by the labor participation rate. The numbers do not lie: you can see the participation rate nosediving year by year by year under Obama. And it’s now basically the lowest ever measured.

If the same labor participation rate that Bush left office with were applied to Obama’s economy, the unemployment rate would be 11.4%.

Since those who give up looking are not included in the official labor statistics, the more workers Obama crushes into total despair, the better for his unemployment numbers.

Under Obama, 88 million working-age Americans have simply dropped out of the damn labor force altogether. It is sickening to hear Obama boast of creating jobs when he’s annihilated MILLIONS of jobs that have now simply ceased to exist.

We can rightly demand, “Where are the jobs, Obama, you liar???”

Anyway, Obama just put out a new ad attacking Mitt Romney. You need to ignore the well-over 100,000 jobs that Romney created and focus on the people who lost their jobs as a result of Romney’s work buying bankrupt and dying companies and rebuilding them.

But Obama demonizes himself by his own demonization. Consider what Obama did – you know, the guy who credits himself with saving GM – to Delphi:

The Delphi Disaster: An Economic Horror Story Obama Won’t Tell
Posted By Michelle Malkin On September 22, 2010 @ 12:21 am In FrontPage

The White House believes it can win back depressed and economically stressed voters by turning President Obama into the storyteller-in-chief again. But victims of Obama’s Chicago politics don’t want to hear any more of his own well-worn tales of struggle and sacrifice. They’ve got their own tragedies to tell — heart-wrenching dramas of personal and financial suffering at the very hands of Obama.

Consider the real-life horror story of 20,000 white-collar workers at Delphi, a leading auto parts company spun off from GM a decade ago. As Washington rushed to nationalize the U.S. auto industry with $80 billion in taxpayer “rescue” funds and avoid contested court termination proceedings, the White House auto team schemed with Big Labor bosses to preserve UAW members’ costly pension funds by shafting their nonunion counterparts. In addition, the nonunion pensioners lost all of their health and life insurance benefits.

The abused workers — most from hard-hit northeast Ohio, Michigan and neighboring states — had devoted decades of their lives as secretaries, technicians, engineers and sales employees at Delphi/GM. Some workers have watched up to 70 percent of their pensions vanish.

John Berent of Marblehead, Ohio, lost one-third of his pension: “I worked as a salaried employee for GM (30 years) and Delphi (10 years). After 40 years of dedicated service, I was forced to retire. Then Delphi terminated my health care, life insurance, vision, dental, then terminated the pension plan. Everything I worked 40 years for was wiped out.”

Kelly Fabrizio of Franksville, Wis., saw her pension reduced by 55 percent after working 30 years at Delphi/GM: “I am truly scared for my future. Every day I wake up, shake my head and say out loud — This Is Not How It Was Supposed To Be.”

Roger Hoke of Columbus, Mich., and his wife were both longtime Delphi workers. His pension shrunk by more than 40 percent: “After 33 years with GM and another 10 with Delphi, what did I do wrong to deserve such a fate?”

Paul Dobosz of the Delphi Salaried Retiree Association recounts how they got screwed: “The Auto Task Force knew that the only thing standing in the way of GM getting what they wanted out of Delphi was the already frozen pension obligations.” They hatched a plan to dump those pensions on the federally run Pension Benefit Guaranty Corporation, while at the same time “devising a clever way to make the UAW pensions whole using GM and TARP money to accomplish it.

The scheme was documented in sworn depositions (that) revealed … that some groups of workers were more ‘politically sensitive’ and would be afforded special treatment (i.e. subsidy using TARP money) while others less politically worthy would be left out.”

In other words: Obama’s team of auto-crats — stocked with Big Labor-friendly appointees and self-admitted know-nothings about the car industry — decided to “cherry pick” (one Obama official’s own words) which obligations the new Government Motors company would assume and which they would abandon based on their own political whims and fealty. Due process and equal treatment of union and nonunion workers be damned. Administration officials assert that the Delphi workers’ pension fund was underfunded, but two separate actuarial analyses undercut the claim.

The Delphi workers sued the feds and will have a day in court on Sept. 24. They are not asking for a bailout. They are simply asking for fair treatment under the rule of law. Delphi supporters also point out that the very scheme used to “top up” the union workers’ pensions with taxpayer subsidies was challenged by the federal government and ruled illegal by the Supreme Court in the 1990s.

A separate investigation by TARP inspector general Neil Barofsky, announced last week, will also probe “whether political considerations played a role in favoring hourly over salaried retirees.” It shouldn’t take long to unearth the facts. Obama’s own former auto czar Steve Rattner admitted in his new memoir that “attacking the union’s sacred cow” could “jeopardize” the auto bailout deal.

While Obama conducts his worker empathy tour at staged town halls and rallies across the country, his Treasury Department continues to stonewall and refuses to answer questions about the Delphi disaster. But many workers left out in the cold know the truth: Lip-biting, yarn-spinning Obama doesn’t feel their pain. He caused it.

Twenty thousand Delphi workers lost their jobs, their pensions and their lives. And Barack Obama did it to them:

The unprecedented intrusion of the executive branch of the US government into the American auto industry when the Obama Administration orchestrated the General Motors and Chrysler bankruptcy processes is now leading to unprecedented responses. Groups that were clearly discriminated against and had their rights subordinated to politically powerful unions may actually have a winnable case against our own government as lawsuits are being brought against the US Treasury Dept. and others.

The Delphi salaried retirees who saw their pension benefits disintegrate after the GM bankruptcy are now suing the US Treasury, the Auto Task Force, Treasury Secretary Tim Geithner, and ex-Auto Task Force heads, Steve Rattner and Ron Bloom. The first hearing against the Treasury Dept. and others will occur on August 17th. The basis of the suit is that the Obama Administration wrongfully used taxpayer dollars to pick winners and losers in the GM bankruptcy. I had a conversation with one of the lead plaintiffs, Chuck Cunningham, who explained how there was blatant favoritism and discrimination in regards to pension benefits for groups that should have had equal standing.

Mr. Cunningham, who is a retired senior executive of Delphi, informed me that the Delphi salaried workers’ benefit fund was one of the highest funded plans that were taken over by the Pension Benefits Guarantee Company (an independent agency of the US government administered by Presidential cabinet members) during bankruptcy processes. Other Delphi groups whose pensions were taken over included the UAW, International Union of Electrical Workers and the United Steelworkers Union. Can you take a guess at which groups fared the best?

While the pension funds involved should have been treated equally, politically powerful cronies of the Obama Administration were favored through a process called “topping up.” Treasury instructed GM to use taxpayer money to top up pension payments for the UAW, GM salaried workers, the IUE and the steelworkers’ union while Delphi salaried workers lost the majority of their benefits. The favored groups lost none of their pension payments, courtesy of the US taxpayers, and retained health care benefits. The non-politically connected Delphi workers lost 70% of their pensions and all of their health care benefits.

A congressional committee has been investigating the unfair treatment that Delphi retirees received compared to other groups. According to Mr. Cunningham, while he was not at liberty to discuss congressional actions, the investigations will continue. Thus far, much evidence from closed-door meetings between Treasury and the PBGC has been withheld from Delphi plaintiffs. The plaintiffs also will be releasing a four page document described as a “timeline of deception.”

The American people should pay close attention to the Delphi case. The auto bailouts are an ugly chapter in American history and should be viewed as such. Actions taken by the Obama Administration were manipulative and displayed a clear plan to redistribute wealth from taxpayers and less favored groups, like GM bondholders and Delphi retirees, to politically powerful friends of Obama. The claim that these actions were taken with the sole intention of saving jobs is false as evidenced by the Auto Tasks Force’s demands to close thousands of dealerships during the process. The intentions were to save UAW jobs and reward the groups with the most political clout. In the words of former head of the Auto Task Force, Ron Bloom, they “did it all for the unions.”

When the Obama Administration presents its case that the auto bailouts were a huge success, they are relying on an arrogant assumption that the majority of voters will not be paying close enough attention to the discrimination and unethical conduct that transpired. I don’t expect that most Americans will be too concerned with the losses incurred by Delphi retirees or GM bondholders, but there is a much more important reason to be concerned. If the executive branch of our government can seize assets from any one group of individuals and redistribute the wealth as they deem fit, all Americans are at risk. Congress should be unrelenting in its investigations and America should pay attention. Most of all, the unprecedented actions that took place should never have a chance of being repeated.

Saving a sick company is like saving a cancer patient: you very often have to remove a lot of stuff in order to save the patient’s life. Just like with healthy cells infected with cancer cells, with sick companies, there are invariably more jobs than there is profitability – and you have to go in and cut out those jobs in order to bring the company back into balance so it can survive – so the company can survive and continue to employ the workers who can best support the company’s operations and bottom line.

It’s often labelled “creative destruction.”  It is simply a fact of reality.  The doctor removes part of the patient’s liver; but thank God because the entire patient would have died a lingering death if the doctor hadn’t taken out that part of the patient’s liver.

The essence of free markets is that some businesses succeed and others fail. Some jobs in failing businesses need to be preserved and others need to be cut. And the only people who abjectly refuse to understand this simple fact are communists.

If Obama’s ad against Mitt Romney’s Bain Capital has any validity whatsoever, Barack Obama himself is unfit for president by his own rhetoric and ought to resign in disgrace for what he did to Delphi workers.

Then there’s the whole issue of Bain Capital versus Obama Capital. That comparison doesn’t make Obama look good AT ALL.

On top of that you’ve got the further hypocrisy in the fact that top Obama officials worked for Bain Capital (OMB Director Jeffrey Zients).  One of Obama’s top bundlers worked for Bain Capital (former Bain managing director Jonathan Lavine).

Obama is a hypocrite, pure and simple. He is a pathologically dishonest man. This is no different from the Obama who demonized George Bush over Gitmo – only to keep Gitmo open throughout his own presidency and making himself a documented liar. This is no different from the Obama who demonized George Bush over the debt ceiling – only to not only increase the debt ceiling himself, but in fact to ram through the three highest increases in the entire history of the human race.

This is an abject liar who documents again and again that he is unfit to be president measured by his own lying rhetoric.

Barack Obama’s lies and hypocrisy are shameful and sickening. And if you support Obama, it is because you yourself are a dishonest person whose shriveled soul swims in a great ocean of hypocrisy.

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