Posted in the Fitchburg Forum
#1 Aug 28, 2012
As we go through this election campaigning, a lot of STUFF has been said (I'm guilty too) about the candidates about things they say or do that we consider to be gaffaws, but I am not interested in these things because they really don't affect my life. What I am interested in is what have they done.
So I am starting this thread in hopes that factual information about THE ACTIONS for the two candidates will be outlined here for people to consider. I am also doing this to confirm my decision or find out why I should consider changing my decision.
I am currently against voting to re-elect President Obama and I will provide information IN SUPPORT of electing Mitt Romney and Paul Ryan to replace Obama and Biden. The information I will provide will be FACTUAL INFORMATION GATHERED FROM OTHER SOURCES, not opinion.
#2 Aug 28, 2012
It’s important to provide a little information about the situation Massachusetts was in when Romney became Governor, especially if you want to know how he would handle our current economic situation.
Before Romney took office in 2002, Massachusetts ranked 50th (2nd worst) in all states for increasing unemployment, and was ranked the worst in job losses. Massachusetts had shed 4.7% of all jobs in the two years prior and had lost 71,000 jobs in manufacturing alone.(Boston Globe, April 25th, 2003)
Speaker Thomas Finnernan was quoted as saying” There's a $300 million shortfall. There is a $2 billion structural deficit confronting Massachusetts. The budget is $23 billion, 40% of which is off the table because of court mandates and laws that you must provide that kind of funding. With the remaining $12 billion, you have to find $2 billion...”(October 2002)
"It's the worst I've seen it. Going back to the post-war era, I've never seen such an acute and focused fiscal crisis and particularly for the state government," said Richard P. Nathan, director of the Nelson Rockefeller Institute of Government at the State University of New York-Albany...
“The estimated budget gap of $547 million in Massachusetts is among the largest in total dollars, according to the report by the National Conference of State Legislatures... Massachusetts officials have predicted that in the next fiscal year the shortfall will far exceed an earlier projection of $2 billion.”(Boston Globe, December 5th, 2002)
By the time Romney took office, Massachusetts would see a structural budget deficit of nearly 3 BILLION.
So what did Romney do?
Romney convinced a legislature of 85% Democrats to allow him to make immediate changes to the existing budget, and he made changes to the budget that balanced the budget AS WELL AS ADDITIONAL BUDGETS AFTER THE CURRENT BUDGET. This resulted in SURPLUSES of 700 million (2004), nearly 1 billion (2005), 700 million (2006), and left a
2 BILLION “rainy day” fund for Governor Deval Patrick.
By the end of Romney’s term as Govenor, Massachusetts unemployment ranking went from the 50th to the 12th, bringing a net total INCREASE in jobs to 60,000. He did all of this WITHOUT RAISING TAXES.
In fact, Romney was successful in lowering taxes 19 times:“He cut capital gains taxes, benefiting well over 150,000 residents. Thousands more are currently benefiting from new jobs in the biotech field because of Romney's manufacturing tax relief and because he made the investment tax credit permanent. Thousands of Massachusetts families saved their hard-earned dollars when Romney enacted sales tax holidays. Seniors are benefiting from property tax relief proposed and signed into law by Romney. Our honorable veterans and National Guard members have several new tax breaks because of Romney's belief that they should be taxed less. Commuters can now deduct expenses for travel because Romney believes they shouldn't be penalized for helping increase commerce.”(Boston Globe, December, 2007)
Massachusetts is still utilizing some of that budget surplus that Romnet helped to accumulate!
#3 Aug 28, 2012
Although I personally see no issues with Romney being involved in Bain Capital, many people see that as an issue…so let’s see what has been PROVEN about his Bain Capital experience. Please also keep in mind that he was Governor of Massachusetts AFTER Bain Capital, and the jobs that were created in Massachusetts happened as a result of Romney’s actions with the Massachusetts budget.
“It’s a disconnect between the ownership interest and managerial functions,” said Harvey L. Pitt, who served as S.E.C. chairman under President George W. Bush.“When Bain takes positions in public companies, they’re required to show anyone who has an ownership interest that could be the effective equivalent of control. So Romney has to be shown on those filings. If they didn’t show them on those filings, they would have broken the law. But it has nothing to do with who’s actually running Bain Capital.”
“Indeed, no evidence has yet emerged that Mr. Romney exercised his powers at Bain after February 1999 or directed the funds’ investments after he left... And financial disclosures filed with the Massachusetts ethics commission show that he drew at least $100,000 in 2001 from Bain Capital Inc.— effectively his own till — as a “former executive” and from other Bain entities as a passive general partner.”(New York Times, July 15, 2012)
“Last week, in another article that critics tend to ignore, Fortune reported that it had obtained confidential documents that Bain gave to prospective investors in advance of that seventh round offering in 2000. The prospectus is the way a company such as Bain informs possible investors who will manage their money. The prospectus listed 18 managers at Bain who would have responsibility. Romney's name was not among them.”(CNN, July 16, 2012)
#4 Aug 28, 2012
“The U.S. is in the midst of its third major economic transformation of the last 120 years, equivalent in scope and depth to the emergence of the factory economy in the 1890s and the mass-production, corporate economy in the 1940s and 1950s. This means states must act decisively to encourage entrepreneurship or be left behind in this New Economy...
“The study, based on similar ITIF studies in 1999 and 2002, uses 26 indicators—such as educational attainment of the workforce and number of new startups and business failures—to provide detailed rankings on how states are adapting to the challenges of a global, entrepreneurial, and knowledge-based economy...
“The state farthest along the path to the New Economy is Massachusetts. Topping the list in 1999 and 2002, Massachusetts' lead over other states in 2007 has increased—with a concentration of software, hardware, and biotech firms supported by universities such as MIT, Harvard, and others. The state had the fourth-highest increase in per capita income, according to the study.”(Business week, February 27, 2007)
Romney's actions during his time as Governor, with a focus in Biotech and other technologies is helping Massachusetts in those areas still today.
#5 Aug 29, 2012
So, what are you really saying here?
That Romney did a good job working for Bain, which is what he was paid to do?
That Romney did a good job working as the governor of Massachusetts, which is what he was paid to do?
Did he do a good job fixing the Olympics financed?
Will he do a good job as the next President of the United States?
#6 Aug 29, 2012
Romney was not paid to be governor of Mass. He took no salary. He took no salary when he ran the Olympics either. Get your facts straight.
#7 Aug 29, 2012
The facts indicate that Romney took the declining situation in Massachusetts and turned it around in his first year in office, and continued to improve on it for the remaining 3 years in office.
He is running against a President that has done nothing to improve our economic situation. You have a choice to vote for someone that has proven he can lead us out of this mess or vote for someone that will give us more of what we have experienced for the last 4 years...pretty simple concept.
He was asked by people within Massachusetts to come help Massachusetts out of the really bad mess it was in and he did that...he did what Obama hasn't been able to do. Those are the facts...take that information however you like.
#8 Aug 30, 2012
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