President Obama took a few minutes today to explain why Mitt Romney’s record as a corporate buyout specialist is something Americans should consider before voting in November:
This is part of the debate that we're going to be having in this election campaign about how do we create an economy where everybody from top to bottom, folks on Wall Street and folks on Main Street, have a shot at success, and if they're working hard and they're acting responsibly, that they're able to live out the American dream.
Now, I think my view of private equity is that it is set up to maximize profits and that's a healthy part of the free market. That's part of the role of a lot of business people. That's not unique to private equity, and … I think there are folks who do good work in that area, and there are times where they identify the capacity for the economy to create new jobs or new industries. But understand that their priority is to maximize profits. And that's not always going to be good for communities or businesses or workers.
And the reason this is relevant to the campaign is because my opponent, Governor Romney, his main calling card for why he thinks he should be president is his business experience. He's not going out there touting his experience in Massachusetts. He's saying, ‘I'm a business guy and I know how to fix it,’ and this is his business.
And when you're president, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot. Your job is to think about those workers who get laid off and how are we paying them for their retraining? Your job as president is to think about how we set up an equitable tax system so that everybody's paying their fair share that allows us then to invest in science and technology and infrastructure, all of which are going to help us grow.
And so, if your main argument for how to grow the economy is, ‘I knew how to make a lot of money for investors,’ then you're missing what this job is about. It doesn't mean you weren't good at private equity, but that's not what my job is as president. My job is to take into account everybody, not just some. My job is to make sure that the country is growing not just now, but ten years from now and twenty years from now.
This is what this campaign’s going to be about: what is a strategy for us to move this country forward, in a way where everybody can succeed?
Watch the video of the President’s remarks and share it with your friends to make sure they know the importance of this issue. Then, check out romneyeconomics.com for more on Mitt Romney’s record as a corporate buyout specialist.