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Under Romney, Bain Took Loads of Government Aid

Bloomberg suggests his rhetoric doesn't match reality

By Kevin Spak,  Newser Staff

Posted Jun 7, 2012 2:34 PM CDT

(Newser) – When Mitt Romney says he favors a small government, does he mean the kind that built a Bain Capital-owned company in California a conveyor belt bridge between two of its buildings? Or the kind that helped buy new equipment for a Bain steel plant in Indiana—a plant he's featured in campaign ads? Those are just a few of the many examples Bloomberg says it's found of Bain taking government handouts, a tradition dating back to Romney's first decade as CEO.

Much of the government help was from local governments that wanted to prevent the companies from moving; New York City, for instance, gave a Bain company tax breaks to prevent a New Jersey move. Asked about the disconnect between Romney's rhetoric and Bain's record, a Romney spokeswoman simply said that such incentives were "not at all uncommon."

In this March 3, 2012, file photo, Mitt Romney, speaks at a campaign rally in Dayton, Ohio.
In this March 3, 2012, file photo, Mitt Romney, speaks at a campaign rally in Dayton, Ohio.   (AP Photo/Gerald Herbert, File)
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When government, rather than the market, routinely selects winners or losers, or puts its hands on the scales of justice then enterprises and entrepreneurs can’t predict their prospects. - Mitt Romney

From a national perspective, this makes no economic sense to allow cities and states to do this. You want the market to be making these decisions — not the political system. - Arthur Rolnick, former Federal Reserve Bank of Minneapolis researcher

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COMMENTS
Showing 3 of 57 comments
wmchase65
Jun 8, 2012 9:14 AM CDT
OF course they did...you know, welfare for the rich, capitalism for the poor! 
carson
Jun 7, 2012 11:21 PM CDT
bargaining for lower taxes and incentives are what you do when you invest in a venture... particularly a struggling one
chezwhat
Jun 7, 2012 9:56 PM CDT
Take the money, send it overseas to avoid paying taxes. Kill the American jobs, send them to China and India. A criminal is as a criminal does.
 

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