Mitt Romney made his millions perfecting the art of the ‘leveraged buyout’. Find a company that is doing ok. Buy the company and use the assets of the company as collateral for large loans supposedly to expand or improve the company. During the expansion / improvements to the company, pay the Chief Executive Officer and the Board of Directors huge bonuses and salaries based on the wonderful improvements and expansion that is going so well. When the company can no longer support the weight of the debt from the expansion / improvements, the Board declares bankruptcy and while the company collapses, the workers lose their jobs and pensions and the Government and taxpayers clean up the mess, Mitt and his cronies walk away with their millions in salary and bonuses tucked safely away in some Cayman Island or Swiss bank accounts.
While I was figuring this out it dawned on me that the Republicans under Romney are going to , if elected, work a slightly altered version of the ‘leveraged buyout’ using the Federal Government as the company and the American taxpayers as the workers and their pension funds. It’s genius really. The Romney budget calls for huge tax cuts for the wealthy to be paid for by cutting the social safety net of the middle class and poor. It also turns Medicare and Medicaid into voucher programs and too bad if your voucher doesn’t cover your Doctor bill. When the middle class and poor are no longer able to provide enough revenue to offset this huge giveaway to Romney and his wealthy supporters, the country will again be in financial crisis. The next administration will be faced with trying to clean up the mess. Lines at food pantries and welfare offices will increase and more people will be out of work waiting for the economy to recover. When that happens, where will Romney and his cronies be? If everything goes according to plan they will be in their gated mansions sipping on drinks and checking the balances on their Cayman Island and Swiss bank accounts.
We went through this before with President Bush. He gave billions in tax cuts to the wealthy and created unfunded programs that bankrupted the country. He and his gang, just like Romney plans to do, rode off into the sunset with their millions and left the rest of us holding the bag!
Best thing for the American people is to stop this scam artist here and now. If we let Romney and his supporters do this to our country again there may not be a recovery to wait for!