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Obama Chides Romney on Outsourcing

HeadlineJul 16, 2012

President Obama brought his re-election effort to the battleground state of Virginia over the weekend with a series of events. During his public remarks, Obama continued to focus on Romney’s record at the helm of the private equity firm Bain Capital.

President Obama: “Now, Mr. Romney’s got a different idea. You know, he invested in companies that have been called pioneers of outsourcing. I don’t want to pioneer in outsourcing. I want some insourcing. I want to bring companies back.”

Romney has faced new scrutiny following last week’s revelation he remained Bain’s top executive three years longer than he has previously disclosed. Romney had maintained he left Bain in 1999 to run the Winter Olympics in Utah, but financial disclosures showed he remained in control of Bain and earned a salary through 2002. The three-year period in question saw Bain shuttering a number of U.S. companies, leading to layoffs and the outsourcing of U.S. jobs. On Sunday, senior Romney adviser Ed Gillespie said Romney had “retroactively” retired from Bain in 2002 but had effectively stepped down three years earlier. Gillespie also defended Romney’s record on outsourcing U.S. jobs.

Ed Gillespie: “What he believes is that American companies and private shareholders and CEOs should be free in our economy to make decisions. What we need to do as a policy is to make policies that make those decisions easier to say, ’I’m going to invest here in the United States, I’m not going to move my jobs overseas.’ The Obama policies are forcing jobs overseas.”

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