In a speech given at the Democratic National Convention, former CEO, co-founder, and current board member of Costco Wholesale Corporation Jim Sinegal stated that companies need, “a president who takes the long view and makes the tough decisions.” He went on to say, “That’s why I am here tonight supporting President Obama, a president making an economy built to last.”
Creating an environment to spur job creation has been a key issue in the campaign as the president’s supporters criticize Bain Capital Partners LLC, the private-equity firm founded by Republican presidential candidate Mitt Romney, for investing in companies that cut jobs or went bankrupt. Republicans have blamed Obama for an unemployment rate above 8 percent since 2009.
Sinegal’s comments came after Tom Stemberg, co-founder of retailer Staples Inc. (SPLS), lauded Romney last week at the Republican National Convention for helping start the largest U.S. office- supply chain when he was chief executive officer of Bain Capital. He also criticized an Obama administration “that can’t create any jobs.”
“When it comes to jobs, new businesses, and economic growth, they just don’t get it,” Stemberg said in a speech on Aug. 30. The White House is “demonizing” Romney and Bain Capital, the private-equity firm that was an early investor in Staples, he said.
Romney, who also served on Staples’ board, has said that he helped create more than 100,000 jobs while he worked at Bain Capital. Staples, founded in 1985, employs about 88,000 people today.
The Obama administration inherited an absolutely terrible economy, and has in fact created 4.5 million jobs–a statistic that would be as much as a million higher if it weren’t for Republican congressional obstructionist political tactics. Furthermore, while Romney may have created an environment that allowed for minor job creation as mentioned above, he–and Bain–are responsible for outsourcing and the destruction of American jobs as well.
Hear his speech for yourself here:
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