Entries in Op-ed (3)


Romney Defends ‘Managed Bankruptcy’ for Auto Firms in Op-Ed

Ethan Miller/Getty Images(PHOENIX) -- Mitt Romney renewed his criticism of President Obama’s auto bailout in an op-ed Tuesday, defending his often-criticized stance that “managed bankruptcy” would have been a better way to rescue the failing corporations.

Penning the op-ed in the Detroit News, Romney accuses Obama of engaging in “crony capitalism” as he “rewarded union bosses” when he orchestrated an $85 billion bailout for the auto industry in 2009.

“A labor union that had contributed millions to Democrats and his election campaign was granted an ownership share of Chrysler and a major stake in GM, two flagships of the industry,” Romney writes.  “The U.S. Department of Treasury – American taxpayers – was asked to become a majority stockholder of GM.  And a politically connected and ethically challenged Obama-campaign contributor, the financier Steven Rattner, was asked to preside over all this as auto czar.

“This was crony capitalism on a grand scale,” Romney writes.  “The president tells us that without his intervention things in Detroit would be worse.  I believe that without his intervention things there would be better.”

Romney goes on to suggest that the administration should “act now to divest itself of its ownership position in GM.”

“The shares need to be sold in a responsible fashion and the proceeds turned over to the nation’s taxpayers,” he says.

Having long argued that letting the auto companies go through a “managed bankruptcy” would have resulted in a faster turnaround, Romney used Tuesday’s op-ed to defend his position, which was first explained in a 2008 New York Times op-ed titled “Let Detroit Go Bankrupt.”

“Managed bankruptcy may sound like a death knell,” he writes Tuesday.  “But in fact, it is a way for a troubled company to restructure itself rapidly, entering and leaving the courtroom sometimes in weeks or months instead of years, and then returning to profitable operation."

“In the case of Chrysler and GM, that was precisely what the companies needed. Both were saddled with an accumulation of labor, pension, and real estate costs that made them unsustainable,” Romney writes.

Tuesday’s op-ed comes two weeks before the Michigan primary, a contest that some see as a must-win for the former Massachusetts governor. 

Born in Detroit and raised in the suburb of Bloomfield Hills by father Gov. George Romney, Romney mentions his Michigan roots throughout the piece, dubbing himself a “son of Detroit.”

“The dream of the Motor City is and always has been one of ideas, innovation, enterprise, and opportunity,” Romney writes.  “And with a Detroiter in the White House, that dream can be realized once again.”

Romney is scheduled to campaign in Michigan Wednesday and Thursday and will give a speech at Ford Field next week.  His wife, Ann Romney, will also campaign in Michigan on her own in the weeks leading up to the Feb. 28 primary.

Copyright 2012 ABC News Radio


Tim Pawlenty: Obama’s Giving ‘Veto Power’ to Unions

Tom Williams/Roll Call/Getty Images(NEW YORK) -- In an op-ed article for the National Review Thursday, former Minnesota Gov. Tim Pawlenty attacked President Obama for stifling job growth and maintaining too chummy of a relationship with unions, saying he's going as far as giving unions a “veto power.”

“President Obama says he wants to ‘win the future,’ but his labor policies are losing new jobs,” Pawlenty wrote.  “Instead of prioritizing jobs and growing the American economy for all hard-working Americans, the Obama administration is now dictating where companies are allowed to create new jobs.”

Pawlenty’s jabs came a week after the National Labor Relations Board filed a lawsuit aiming to stop Boeing from opening an airplane production plant in South Carolina, a non-union state.  The NLRB argued Boeing is opening a plant in South Carolina in retaliation to a unionized workers’ strike in Washington state.

But Pawlenty took that as an assault on job creation and the decisions of businesses and the American people.

“Last week, the Obama administration filed a lawsuit to prevent a company, Boeing, from creating new jobs in one state rather than another," Pawlenty wrote. "This is another outrageous overreach by the federal government. Not only do we now have a law forcing people to buy a good or service (i.e. health care), the federal government is now dictating where companies can and can’t do business!”

Pawlenty accused Obama of giving “veto power” to unions and stripping jobs away from South Carolina workers.

“He is giving Big Labor veto power over where American companies can and cannot build their production facilities, and South Carolina doesn’t make the cut for an investment that would provide new jobs and American products to be shipped around the world,” he wrote.

Earlier this week, South Carolina Gov. Nikki Haley called on Republican presidential candidates to voice their opinion on the Boeing labor dispute as the presidential hopefuls head into next week’s debate.

South Carolina is slated to host the first Republican presidential debate on May 5, and the Palmetto State is typically the first southern state to hold its primary.

Copyright 2011 ABC News Radio


Obama to Sign Executive Order Against 'Dumb' Government Regulations

Photo Courtesy - Saul Loeb/AFP/Getty Images(WASHINGTON) -- President Obama will sign an executive order Tuesday to make clear that the operating principle of the U.S. government is to strike the right balance with regulations, neither "placing unreasonable burdens on business -- burdens that have stifled innovation and have had a chilling effect on growth and jobs" nor failing to "protect the public interest."

The president made the announcement in an op-ed in the conservative opinion pages of The Wall Street Journal, signaling his latest push towards the political center.

The administration, the president writes, is "making it our mission to root out regulations that conflict, that are not worth the cost, or that are just plain dumb."

The executive order "requires that federal agencies ensure that regulations protect our safety, health and environment while promoting economic growth.  And it orders a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive.  It's a review that will help bring order to regulations that have become a patchwork of overlapping rules, the result of tinkering by administrations and legislators of both parties and the influence of special interests in Washington over decades."

Copyright 2011 ABC News Radio

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