The latest line of attack by Barack Obama against Mitt Romney is to make Romney look like the inventor of out-sourcing U.S. jobs overseas during his time at Bain Capital. To a small degree, some jobs were out-sourced to places like India by companies which Bain invested in. But it was not unusual during the 1990s for U.S. companies to establish customer service phone banks in India. At the time, such jobs were unpopular here in America and filling staffing requirements was difficult. But today, the person who is most responsible for jobs leaving the United States is none other than Barack Hussein Obama. The increased government regulations and Socialist policies are forcing U.S. firms and investors to leave. If that were not bad enough, Obama is actually using taxpayer money to create jobs overseas instead of here in America. Let us look at a few examples.
The Brazilian oil giant, PetroBras, is perhaps the best example of how Obama is using U.S. funds to help drive high-paying jobs off-shore. Petrobras is the world′s 8th largest corporation. Obama-buddy, George Soros, has had a stake in it and in 2010, some $2 Billion dollars was lent via the U.S. Export Bank to further develop off-shore oil drilling off the coast of Brazil. At the same time, Obama banned all new drilling in the Gulf of Mexico and was fighting hard to prevent drilling along both U.S. coastlines as in Federally-owned lands. Obama has stated publicly, during a state visit to Brazil, that he wants America to be a customer of Brazilian oil, rather than develop domestic oil production.
It is estimated that Obama has cost America some 300,000 jobs, all high-paying ones, just in the oil industry. Add to that the continuing high cost of gasoline, still nearly double that when Bush was president, and we can calculate that Obama is causing some $150 Billion to $200 Billion dollars per year being spent overseas that could be spent here instead. The rule of thumb in venture capital is that for every $20,000 invested privately in the free market creates one new job. As we have seen with the Obama stimulus package, the average cost of a government-created job is about $400,000. For Obama′s green energy jobs, the number exceeds $1 Million dollars per job.
Speaking of ′green jobs′, another example of Obama out-sourcing U.S. jobs is Evergreen Solar, a Massachusetts based company which received federal taxpayers money, as well as money and tax breaks from Massachusetts Democrat governor and Obama supporter, Duvall Patrick. In March of this year, the company announced that it is closing its plant in the United States and moving production to China. Another company, Fisker Motors, received U.S. federal money from Obama to build electric cars. But the Finland-based company never did get its plant here in the U.S. off the ground despite getting some $529 Million in federal loans. Now, its going out of business.
Worse yet, Obama is out-sourcing America by continuing to pile on the debt, mostly by borrowing from China. If we total up the some $5 Trillion dollars Obama has added to the National Debt, had that money been accessed by private enterprise, we should have created some 25 Million new jobs here in America. But instead, barely 4 Million private sector jobs have been created during the past three and a half years of the Obama regime. Well below even the rate needed to keep up with population growth.
So while Barack Obama and his campaign may try tagging Mitt Romney as out-sourcing jobs, the biggest number they might attach to Romney′s days at Bain Capital is about 100,000 jobs. Barack Hussein Obama has cost the United States three times that just in the oil industry alone thanks to his lack of a rational energy policy. But when we really start to add up the impact of Obama on the U.S. economy, the cost in jobs is far higher, perhaps 21 Million jobs lost. Even countries like Mexico, teetering on the brink of chaos, have higher growth rates than we do. All thanks to the destroyer of American jobs, Barack Hussein Obama.