In strategic sourcing circles they refer to it as “offshoring” and Bain Capital invested in companies that specialized in it when Mitt Romney was its leader between 1983 and 1999, according to Tom Hamburger in Thursday’s Washington Post.
Bain didn’t simply indirectly help shift a few jobs overseas - it invested in companies whose sole reason for being was to reduce costs for its clients by shipping entire business operations abroad to countries like China, India, Mexico and South Korea.
Proponents of outsourcing argue that reduced costs from shifting jobs overseas allow U.S. businesses to remain competitive and deliver affordable products and services to the American consumer.
Then there is the trickle-down argument that profitable growth will (somehow) yield more stateside jobs. But there isn’t any evidence that savings derived from offshoring are translating into anything but higher corporate profits and more jobs for those living on foreign soil.
Yet, it isn’t like Romney has been taking a stand in favor of free trade. What makes his past as corporate raider/outsourcer even more appalling is the fact that he is suddenly running on a protectionist platform.
One wonders how many jobs Romney has already cost us.
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