I’m sorry I’m late to this party. However I’ve been involved in other things over the past several days and I know much of this has already been blogged about, tweeted about and it’s even starting to get coverage in mainstream media. So slash my pay for being late on this rant and for the lousy pun in the title, but here goes.
Sensata Technologies ( http://www.sensata.com/ ) is a company that works on electronic sensors and controls. They are international, with some manufacturing plants in the United States. One of their plants is in Illinois and works on Automobile parts. This plant is controlled by Bain Capital. Even though the decision to move their jobs overseas was made after Mitt Romney “left the company” he stands to gain financially over the decision to ship 170 American Jobs to China effective November 5, 2012 (one day prior to the election).
According to The New York Times, Romney stands to profit off of the Sensata outsourcing:
“In addition, Mr. Romney’s generous retirement agreement ensures that he continues to profit from the deals and decisions that Bain makes. He owns about $8 million worth of Bain funds that hold 51 percent of Sensata’s shares. If Sensata saves money by closing the Freeport plant, that could add money to Mr. Romney’s trust accounts, now or after the election.”
Now what is interesting about this situation is Mitt Romney’s Foreign Policy Talking point that the Obama administration has been too weak on China and that he’s going to be tough on them. However, how then does he explain saying and doing nothing about Bain’s decision to move the Sensata Jobs from Freeport to China?
Obviously Mitt would still have some pull with Bain considering the stock he owns and his influence over those who “make the decisions.” Further, if Mitt agrees that we need to build jobs in this country, he would work to keep jobs here. Bain will be using the same tax write off regarding sending jobs overseas that Mitt denied any knowledge of during his debate. You would think he knows about it now.
Maybe Mitt is upset that Sensata is doing well due to Obama’s Auto Bail Out that saved the auto industry. But then again, according the Mitt, Obama was doing what he himself advocated, so that couldn’t be the answer.
Jobs going overseas has been supported and advocated by members of Congress ever since corporations starting sending their lobbyists to Congress to get these laws enacted. Labor costs in this country does tend to be higher than countries like China and India. So for international corporations to make the most profit they can, it make sense to ship the jobs overseas.
Now on the other side of the equation, these same lobbyists have a plan from those who pay them to keep jobs here. It’s simple, elimination of minimum wage and employee benefits created over generations since The Great Depression. Pay slave wages here, wages even lower than they do in China and India, you can bring the jobs back here and still have ballooning profits. Only problem is you won’t have a middle-class here to buy the products being created by the slave labor here. But that’s not really a problem since the multi-national corporations are actually gearing their sales to the new middle-class being developed elsewhere in the world because those workers are now getting paid more as they unionize and have more money to spend. The pendulum swings, but the rich continue to get richer.
The coverage of Sensata has been almost non-existent in this country. It’s been mostly a thing of YouTube and social media. Daily Kos has been covering it fairly well.
What I like about this final entry is that they acknowledge that the story floating around about the American Flag being taken down was not quite accurate.
It’s good to see people correcting themselves and apologizing for it. It tells me they can be trusted to monitor themselves unlike those on the Right. I had heard the Flag Story over the weekend and was incensed, though it did seem rather melodramatic. But that has been cleared up and the basics of the story remain unchallenged. American workers, in order to assist Bain’s profit margin for Sensata, are training their replacements in China and will lose their jobs when finished. Bain and Mitt Romney come out financially ahead and the American workers suffer. All the while, Mitt complains about China and promises to be tough on them.
Our national economy cannot improve its way out of this deep, Republican created recession unless we start building our middle-class back up to where it was prior to the Bush Administration, even prior to the Reagan Administration when the battle against them truly started. We need to hire back the public service jobs (teachers, first responders, etc) that Mitt Romney said we had too many of. We need not only to force companies to bring manufacturing and other jobs back to this country by overturning the laws that allow them tax credits (that has been blocked by GOP House members), we need to increase the minimum wage across the country. The more money the more people have, the better the overall economy. Henry Ford knew this and he was no bleeding heart liberal. Further, those areas with the higher minimum wages are doing economically better than the rest of the country.
Raising the Minimum Wage:
Our economy moved from manufacturing to consumer based because we had a strong middle-class consumer base that had the financial ability to buy the things not only manufactured here, but elsewhere. 30 years of Reaganomics, Supply Side, Trickle-Down, Voodoo Economics has destroyed that middle-class base. With the shipping of manufacturing jobs overseas the problem has grown exponentially. Without good paying jobs, we have no economy, no recovery. It takes more than tough talk against those you sleep with Mitt Romney. It takes actual plans to bring back jobs, including public sector jobs to rebuild our economy. It worked for FDR, Truman, Eisenhower, Kennedy, Johnson, Nixon, and even Ronald Reagan. All these presidents did this, and three of them were Republicans, even that Reagan guy.
Sensata is the tipping point and the represents the truth about Mitt Romney’s economic plans for this country. He is in it only for himself and his cronies. He wants to increase his wealth and influence and gives little about the Americans he says he wants to help. Video of him and the 47% comments as well as saying “Corporations are People my friends” demonstrates exactly who this man is. He doesn’t care for the American Worker, he just wants their votes. Don’t let him have them.
Thom Hartmann talks about Sensata:
Romney’s Bain Selling Out American Workers to China:
Mitt Romney and what he truly feels about the 47%: