Romney and Bain: Actual 'Entitlement Society' in Action
But if you take Romney's own life as representing his governing philosophy, he has the dichotomy backward. Romney is the one who has taken advantage of government entitlements -- those that flow to the wealthy. And his interest in opportunity lies with rich investors who exploit government rules, often to the detriment of
For starters, let's tick off some of Romney's favorite government entitlements:
-- Special tax rules allow him to pay federal income taxes of just 15 percent on his millions in "carried interest" profits, capital gains and dividends, when the rest of us pay a rate of up to 35 percent on income from work.
-- Romney's firm also benefited from government largess in the form of job creation tax breaks. Only a year before Dade Behring, a Bain company, closed its operations in
-- But there is no big government entitlement as magical or beloved by Romney and Bain than the get-out-of-debt-free card bestowed by federal bankruptcy court.
Dade Behring went bankrupt, leaving behind empty-handed
That's called winning for losing, a game perfected by top 1 percenters.
For a closer look at one destructive bankruptcy, read "Romney Economics:
Gerard documents the way that Bain left
As Gerard points out, 11 years after Ampad filed for bankruptcy, the company's nearly 1,300 unsecured creditors finally got a pittance of what was owed:
Romney desperately wants to convince the public that Bain operated in the best interests of
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Romney and Bain: Actual 'Entitlement Society' in Action | Politics
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