Matt Taibbi and the Huffington Post’s Ahmed Shihab-Eldin had a great discussion about Mitt Romney’s naked hypocrisy when it comes to the national debt. Taibbi pointed out that Romney’s entire career was built around loading companies up with debt then extracting as much value out of them as possible with no concern for their long term well being – the opposite philosophy he is espousing for political office. Check out the highlights of the conversation:
Romney preaches minimal spending and debt for government not because he genuinely believes in it, but because he wants to eradicate government programs that help people he doesn’t care about (the 47% he discussed in front of his rich friends last year). The relentless focus on government spending and debt isn’t born out of a real desire to ensure the survival of future generations as he so often claims on the campaign trail, it is born out of desire to ensure government works for people like himself – the rich and powerful. It should come as no surprise that Romney backed the Wall St bailout in 2008 – after all, his friends livelihoods were on the line. Of course Romney did not extend that empathy towards the automobile industry, a largely blue collar industry that he would not have regarded as equal in social value, and has had no time for welfare programs vital to the survival of the poor.
Romney understands the power of debt and how to use it – he made millions out of it in asset management and understood that for the economy to survive, it was vital to take on more debt in order to sustain the financial system. In Romney’s world, debt is good when rich people make money, but not when the poor stand to gain from it. And how does Romney deal with this seemingly obvious contradiction? Pretty easily – he lies about it.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.