MITT ROMNEY

Analysis of Mitt Romney

Punta Gorda Tea Party Candidate Review

Shirley Freeman and Theresa Murtha

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Review of bio, Political stances, record, news, support as of

November, 2011

Personal
Age: 64 (born in 1947)

Married, Ann Romney since 1969, 5 sons

Education: Stanford, Brigham Young University BA in 1971, dual degrees from Harvard Law and Harvard Business School

Financial Status: Wealthy, Assets approximately $250 million (Of concern IRS records show that between 2007 and 2009, Romney's family charity, the Tyler Charitable Trust, continued to buy and sell investments in companies that dealt with Iranian businesses)

Religion: Church of Jesus Christ of the Latter Day Saints (Mormon)

Career: Cofounder and later CEO of Bain Capital, private equity firm (1984-1998); Organizer of Winter Olympics (1999-2002), Governor or Massachusetts (2003-2006), Political Candidate: US Senate race vs. Ted Kennedy 1994, Presidential Candidate 2008.

Military Service: None. Romney received a deferment from the draft as a Mormon 'minister of religion' for the duration of missionary work in France 2 ½ yrs. Not eligible under draft until 1970 then drew high number in lottery.

Health: No reported issues

Global Affairs Exposure
Olympics only direct exposure to international affairs

Position: Strategy to secure America’s enduring Interests and Ideals—When America is strong, the world is safer.” Goal to insure security and prosperity of US, friends and allies. (NO specifics how) Pledges “clarity & resolve” so that no one will doubt where we stand or what we will do to secure our goals.

Advisor: Eric Edelman, former Under Secretary of Defense for Policy and former Ambassador to Turkey and Finland


Political Issues Stance
Jobs
Decrease taxes and spending, regulations, and government programs
Increase trade, energy production, human capital and labor flexibility
Day One – Five Bills to Congress

Re-set Corporate income tax @ 25% to increase competitiveness
1. Implement Columbian, Panama, S. Korea free trade agreements
2. DOE survey energy reserves in partnership w/exploration companies and start leasing in areas already approved
3. Consolidate fed jobs retraining programs and transfer to states the funding & responsibility for these programs
4. Cut non-security discretionary spending by 5% ($20 billiion)

Day One – Five Executive Orders
1. Tell HHS give max authority to states over health care planning
2. Eliminate Obama regulatory burden on jobs. Cap annual increase in regulations costs @ ‘zero’
3. Issue ‘rapid drill permits’ to energy developers with established safety records.
4. Direct Treasury to list China as a “currency manipulator.” Direct Commerce Dept. to assess countervailing duties if China doesn’t float currency
5. Reverse Obama Executive Orders tilting for Unions

Balanced Budget/Deficit Plan
Cut spending, reform entitlements
Work towards balanced budget
Cap spending at 20% of GDP by 2016
Reduce Size of Federal government (see next slide)
Counting on 4% economic growth to boost revenue

On Size of Government
Reduce Size of Federal government
Return power to the states
Consolidate unwieldy sprawling Federal programs
Support private-sector participation

Obama Care
–On his first day in office, Romney says he will issue an executive order paving the way for Obamacare waivers for all 50 states. He will then work with Congress to accomplish full repeal.

Voting History /Other Record -- Business Record and Previous Runs for Office

Fiscal
Romney vetoed retroactive pay raises for higher education employees
In 2002, Romney presented a plan in Massachusetts to balance the budget without raising taxes.
In the fiscal year 2003 in state of Massachusetts, Romney cut spending and restructured state government.

Romney, in concert with the legislature, created 33 new state fees and increased 57 fees. The state of Massachusetts raised $501 million in new income in the first year of the fee increase program, more than any other state in the nation

In his last year as Massachusetts governor, Romney vetoed nearly 250 items in the state budget. All of those vetoes were overturned by the legislature, effectively removing Romney from the final stage of the state's budget process (It is the opinion of many that Romney was running for President and using vetoes to show how fiscally conservative he was.)

During Romney’s governorship Massachusetts cut spending by $1.6 billion, including $700 million in reductions in state aid to cities and towns.

The combined state and local tax burden in Massachusetts increased during Romney's governorship but still was below the national average. According to an analysis by the Tax Foundation, that per capita burden was 9.8 percent in 2002 (below the national average of 10.3 percent), and 10.5 percent in 2006 (below the national average of 10.8 percent

Upon entering office, Romney faced a $3 billion deficit. Massachusetts finished 2004 with a $700 million surplus and 2005 with a $500 million surplus

Facing a depleted unemployment insurance trust fund upon entering the Massachusetts governor's office in 2003, Mitt Romney proposed a $260 million tax increase on employers as part of a plan that included comprehensive benefit reforms. The proposal was designed to stave off a tax increase of $600 million


Immigration
Romney vetoed a bill in 2004 that would have allowed illegal immigrants to obtain in-state tuition rates at state colleges if they graduated from a Massachusetts high school
In December 2006, Romney signed an agreement with the U.S. Immigration and Customs Enforcement (ICE) agency that would have allowed Massachusetts State Police troopers to arrest and seek deportation of suspected illegal immigrants they encounter over the course of their normal duties.

Healthcare
Romney signed into law the Massachusetts health care reform legislation, which provided near-universal health insurance access via subsidies and state- level mandates and was the first of its kind in the nation

Other
Romney vetoed legislation that would require doctors to provide emergency contraception to rape victims. Romney's move drew criticism that he had changed his position for political purposes, especially since he had supported greater access to emergency contraception three years earlier.
Has supported Roe vs. Wade in the past. Romney ran against Senator Edward M. Kennedy in 1994. During a debate, Romney declared: 'I believe that abortion should be safe and legal in this country. I have since the time that my mom took that position when she ran in 1970 as a US Senate candidate. I believe that since Roe v. Wade has been the law for 20 years we should sustain and support it.” On a questionnaire Planned Parenthood gave to the gubernatorial candidates in 2002, Romney answered ''yes" to the question, 'Do you support the substance of the Supreme Court decision in Roe v. Wade?'

Business Record
Under Romney Bain sent team of ‘turnaround experts—Harvard MBAs—to Dade International. Romney approved and presided over the project. Success: Sales doubled, bought 2 rival companies, Romney’s company collected $242 million (8x more than investment)
Dade’s subsequent bankruptcy papers showed weakened company. Unintended negative consequences: At Bain’s direction, Dade took on 4X debt it owed previously. Bottom line: 1700 employees laid off, company filed bankruptcy.

Recent Press
New Hampshire Union Leader editorial page editor Andrew Cline said on CNN's "State of the Union" on Sunday that Romney is a "very play-it-safe candidate" which is not what America needs right now. "Perhaps in the late 19th century, perfect." "He doesn't want to offend anybody, he wants to be liked, he wants to try to reach out and be very safe," said Cline. "And that's not very realistic, but imagine what that would be like as president."

Proposed Budget Cuts don’t add up Bloomberg (11/14) and Business Week (11/17)
Mitt Romney is the target of a new Democratic National Party ad airing in six swing states. The ad portrays Mitt Romney taking different positions on immigration, abortion, health care, and other issues.

Support Endorsements:
New Hampshire Sen. Kelly Ayotte
New Hampshire U.S. Rep. Charlie Bass
New Jersey Governor Chris Christie
Iowa Senator John Thune
Former Iowa state legislator Christopher Rants
WY Congresswoman Cynthia Lummis
Former Secretary of State James Baker
Pennsylvania Congressman Jim Gerlach
Congressman Aaron Schock (R-IL)

Campaign Finances:
As of September 30:
o Raised: $32,212,38
o Spent: $17,559,84
o Cash on Hand; $14,656,966
o No other candidate had raised this much –led the pack – Perry was about even with his cash on hand at end of September – but he has been spending lots this quarter, and Romney has been getting new financial backing this quarter
o Note Obama as of this time had $61.4 million in his war chest

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Research submitted by Shirley A. Freeman November 21, 2011

Brief Biography

Born: 1947, 64 years old, married, 5 sons, MBA, DJ

Romney entered the management consulting business; head of the spin-off company Bain Capital, a private equity investment firm that became highly profitable and one of the largest such firms in the nation. Republican candidate in the 1994 U.S. Senate election in Massachusetts, losing to incumbent Ted Kennedy. Romney organized and steered the 2002 Winter Olympics as President and CEO of the Salt Lake Organizing Committee, and helped turn the troubled games into a financial success.

elected Governor of Massachusetts in 2002, but did not seek reelection in 2006. He presided over a series of spending cuts and increases in fees that eliminated a projected $3 billion deficit. He also signed into law the Massachusetts health care reform legislation, which provided near-universal health insurance access via subsidies and state-level mandates and was the first of its kind in the nation. his positions or rhetorical emphasis have shifted more towards American conservatism in several areas.

Books by Romney: No Apology: The Case for American Greatness, (2010) & Turnaround: Crises, Leadership & the Olympic Games (2007) Endorsements: Gov. Christie, Sen. Ayotte Strengths: Smooth debater, business executive background, successful turnaround of Olympics. Critics (See below)

Campaign web site:  http://www.mittromney.com

ISSUES

Jobs

Plan: Decrease taxes and spending, regulations, and government programs

         Increase trade, energy production, human capital and labor flexibility

            Day One – Five Bills to Congress

1                    Re-set Corporate income tax @ 25% to increase competitiveness

2                    Implement Columbian, Panama, S. Korea free trade agreements

3                    DOE survey energy reserves in partnership w/exploration companies and start leasing in areas already approved

4                    Consolidate fed jobs retraining programs and transfer to states the funding & responsibility for these programs

5                    Cut non-security discretionary spending by 5% ($20 billion)

Day One – Five Executive Orders

1                    Tell HHS give max authority to states over health care planning

2                    Eliminate Obama regulatory burden on jobs. Cap annual increase in regulations costs @ ‘zero’

3                    Issue ‘rapid drill permits’ to energy developers with established safety records. Use ‘pre-approved’ technique in areas already approved for development.

4                    Direct Treasury to list China as ‘currency manipulator’ in bi-annual report direct Commerce Dept to assess countervailing duties on Chinese imports if they don’t quickly ‘float’ their currency.

5                    Reverse Obama Executive Orders tilting for Unions including those encouraging use of unions on  major govt construction contracts

Proposed reforms to SSA, Medicare –No change for current retirees or those close to retirement, tax hikes on wealthy not the solution, gradual rise in age of eligibility, means tests to slow increase in benefits. No specifics beyond “gradual rise.” Medicare: choice for younger Americans between traditional Medicare and private insurers with same min. benefits. Govt will help seniors pay premiums for traditional Medicare or private insurers, more help to lower income participants. (Again, no specifics, critics say plan is too vague) Proposed reform to Medicaid: Give ‘block grants to fund M’caid back to states, give authority to states to run.

Fiscal Responsibility: “Morally wrong to spend more than you earn.”   Proposes to cut spending, reform entitlements, work toward balanced budget, cap spending at 20% of GDP by 2016, reduce size federal govt, return to power to states and people. Romney counts on economic growth at 4% which would boost revenue.

Foreign Policy: Strategy to secure America’s enduring Interests and Ideals—When America is strong, the world is safer.” Goal to insure security and prosperity of US, friends and allies. (NO specifics how) Pledges “clarity & resolve” so that no one will doubt where we stand or what we will do to secure our goals. (No other specifics on where we stand or what we will do.)

SUPPORTERS: Bloomberg 11/16: Obama loses to Romney by 10 pts. among likely general election voters. Douglas Holtz-Eakin, former CBO Director: Romney plans to cut entitlements are “a reasonable strategy.”Paul Ryan: Supports Romney budget plan, saying it agrees with his own plan (But Ryan’s plan projects deficits through at least 2016, govt spending almost $4 Trillion for 2016, and would not balance the budget until 2031.)

CRITICS: RomneyCare vs. ObamaCare:  Huffington Post:Jonathan Gruber, an M.I.T. economist hired by Massachusetts Gov. Mitt Romney to help craft health care reform, sharply criticized the Republican presidential candidate for distinguishing between his bill and President Barack Obama's in an interview with Capital New York published Wednesday.

"They're the same f***ing bill. He [Romney] just can't have his cake and eat it too," Gruber said. "He can try to draw distinctions and stuff, but he's just lying. The only big difference is he didn't have to pay for his. Because the federal government paid for it. Where at the federal level, we have to pay for it, so we have to raise taxes."

Romney’s Record as a Businessman & Jobs Creator: (NYT article)

His company sent team of ‘turnaround experts—Harvard MBAs—to Dade International. Romney approved and presided over the project. Success: Sales doubled, bought 2 rival companies, Romney’s company collected $242 million (8x more than investment), whichDade’s subsequent bankruptcy papers showed had weakened the company.

Unintended negative consequences: At Bain’s direction, Dade took on 4X debt it owed previously. Bottom line: 1700 employees laid off, company filed bankruptcy. 

These business experiences were “high stakes work that shaped Romney’s values and views, taught him the art of         salesmanship and negotiation and took him deep inside the boardrooms and factories of American business.”

Sarah Palin on Romney:Suggests he work on “authenticity,” “candidness” and explaining what he meant in past when he was ‘for’ more liberal positions, and what he means now, when he is ‘for’ more conservative positions. ( Flip-flops to be explained on Abortion, RomneyCare, gay marriage, man-caused global warming, vacation on payroll taxes) Romney has steady support at about 22% but it does not rise even though he’s been running for President for 6-7 years. He has been able to present explanations for some of his flip-flops. What we need for 2012 is a real ‘go-getter’ to beat Obama. Obama will have a billion-dollar war chest, and 90% of the mainstream media will be for him.

Bloomberg 11/14/11: Romney’s proposed annual cuts to budget of $500 billion, but actual cuts he specified total only $320 billion. He proposes to cut corporate taxes, extend Bush tax cuts, while also spending more on defense, reversing Obama scheduled defense cuts of $450 billion over next years, AND bring spending down to 20% of GDP. Business Week, 11/17/11: David Stockman, former Reagan Administration Budget Director quoted as saying, “Romney may be our only hope, so let’s hope he takes a remedial math course before January 2013. You can’t get to 20% of GDP on spending without taking a fire ax to the Pentagon budget and sharply reducing Social Security payments to the more affluent current retirees.” Non-Partisan Congressional Research Report: Extending Bush tax cuts - $3.8 Trillion over 10 yrs. Cut corporate income tax rate from 35 to 25%: Cost $1 Trillion over 10 years. Romney projects 4% growth in economy to offset these cuts. Fed. Reserve projects 2.4-2.7% growth after 2014; IMF projects 3.1% 2013-16) Dean Baker, Center for Economic & Policy Research: These changes are ‘not enough to keep spending within 20% of GDP.

LA Times: On Romney as candidate: “…for certain…it would cause drop off of enthusiasm.”

Tea Party: Doesn’t trust Romney because of RomneyCare he developed and introduced as Governor.