Saturday, May 26, 2012

Obama rips Romney in Des Moines: 'I don't know whose record he twisted the most — mine or his'

While acknowleging that private capital firms are an important part of the economy, the President, during a campaign stop in Des Moines, noted that job creation is not the raison d'etre for such companies.
“The people who work in these firms will tell you that’s not their goal,” Obama said, explaining that the goal for private equity companies, such as Bain Capital, the company Romney cofounded, is “maximizing short-term gains for your investors.”
     “There may be value for that type of experience but it’s not in the White House,” the president said, where the goal is “strong and sustainable, broad-based growth [not short-term profits].”
Obama added that he said he wants to reform the tax code, as well as Medicare, which he does not plan to privatize, but make more cost-effective by "reducing the actual costs of health care.”
     By most metrics, Medicare is already more efficient than private, for-profit health care.

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