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Vice President Joe Biden on stage at M7

Published: Wed, May 16, 2012 @ 12:05 p.m.

Prior to today's speech, the Obama for America campaign released excerpts of Vice President Joe Biden's remarks expected to be delivered in Youngstown today:

Folks, this election is going to create a stark and fundamental choice between two different economic philosophies.

There’s Obama Economics, which values the role of workers in the success of a business, and values the middle class in the success of the economy. A philosophy that believes everyone deserves a fair shot and a fair shake, and everybody should play by the same rules.

And then there’s Romney Economics, which says as long as the government helps the guys at the very top do well, workers and small businesses and communities can be left to fend for themselves.

Nobody knows better than the people of the Valley the consequences of that kind of philosophy.

You’ve been through hell and back.

Outsourcing. Padlocked plants.

How many times have you opened your newspaper to find out another factory was closing down? And you probably knew someone who worked there too. Or maybe it was you.

When you’ve grown up in a community that’s gone through this kind of thing, you know. It leaves a bitter taste in your mouth.

And when someone says, it’s going to get better, well, you’ve heard that before.

But folks, as you've begun to see in the Valley, things really are starting to come back. There are signs of hope in the heartland.

Jobs are starting to come back. And the ones that are coming back are the kind you can build a middle class life on. Manufacturing jobs.

We want to make it easier for American companies to stay in America, come back to America, invest in America, create jobs in America.

That's why we’re prepared to lower the corporate tax rate by 20 percent. That’s why we want to end -- and end now -- the practice of companies getting tax breaks for dismantling a factory and shipping it abroad.

We want tax credits for companies that dismantle factories abroad and bring them home.

What does Governor Romney want?

He wants a new tax system that says American companies that move factories overseas don’t have to pay any U.S. taxes on those factories. That’s a huge incentive to move offshore. That’s Romney Economics.

What does Governor Romney believe?

When China dumped all these cheap tires here, and we fought back and we won, Romney called it “protectionism.” Said by standing up to China, we would somehow hurt American workers. That’s Romney Economics.

He thinks that because he spent his career as a “businessman,” he has the experience to run the economy.

So let’s take a look at a couple of things he did.

He’s raised it. So let’s take a real hard look at it.

In the 1990s, there was a steel mill in Kansas City, Missouri. It had been in business since 1888. Then Romney and his partners bought the company. Eight years later it went bankrupt.

After a couple of years, because of the way things were being run, the employees went on strike and negotiated an agreement whereby, if anything happened to the company, they would still get their health care and their pensions.

In the meantime, Romney’s management team added debt on the company. When they bought the company it had only $13 million of debt. By the time it filed for bankruptcy, its debt had increased 40 fold to over $533 million.

Even the CEO of the company said it was far too much debt for a company of that size.

I don’t have to tell you in Ohio that in the late 1990s, the steel industry hit tough times. With high payments to make on all that debt, the company couldn’t weather the storm.

And when the company finally filed for bankruptcy, they reneged on their contract with the workers. No health care, lower pensions. Everyone lost their jobs.

But not everyone got hurt. The top 30 executives walked away with $9 million. And Romney and his partners walked away with at least $12 million.

Romney made sure the guys on top got to play by a separate set of rules, he ran massive debts, and the middle class lost. And folks, he thinks this experience will help our economy?

Where I come from, past is prologue.

So what do you think he’ll do as President?


1AnotherAverageCitizen(1194 comments)posted 4 years, 2 months ago

Mr Biden,

I am afraid to think what Flip Romney will do to this country. This country prospered under Clinton. Then Bush Inc. took over, and well, we see what happened then.

OBAMA BIDEN 4 more years.

Thank You.

Another Average Citizen

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2redeye1(5679 comments)posted 4 years, 2 months ago

ACC I'm willing to bet that you are a union member who can't think for himself. If you could please tell me what this two fools in the WH has done to make this a better country. Oh wait they saved the auto industry NOT It was Bush who gave them th fiirst loan . Not BO. If these two are reelected you will see the biggest job loses this country has ever seen . They want to give all the taxpayers money to failing green energy companies without any regards to wheter they will succeed or not. If you really like this country, you will start thinking on your own.and quit listening the unions BS

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3yng00128(67 comments)posted 4 years, 2 months ago

the economy is getting better, more jobs , less unemployment, stock market doing great, terrorists being killed, out of iraq,......This "muslim president" is doing ok I think. Vote Muslim in 2012.....The only muslim that I know that drinks beer and is for gay marriage.

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4AtownAugie(893 comments)posted 4 years, 2 months ago

Since the jobs data prove otherwise, Mr Biden is engaging in "Oh, I wish it were so!" rather than reality. (Enjoy your retirement in Delaware starting January 21, 2013, Joe.)

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5walter_sobchak(2728 comments)posted 4 years, 2 months ago

I'm glad to see that Ted Strickland has found gainful employment as a realtor for Century 21 Realty.

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6rocky14(839 comments)posted 4 years, 2 months ago

4 more years

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7paulydel(1607 comments)posted 4 years, 2 months ago

Obuma is not for cutting corperate taxes. He wants them to pay more. Other than high gas prices thats why companies are not making any major purchases. Obuma and Biden are trying to take credit for what parivate citizens are doing and thats drilling. Some of you are ignorent of the facts. How can you back a liar and a guy that wants nothing more than to waste our hard earned money on vacations. the office of the President has been nothing but a four year vacation for these imposters.

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8choicelady(15 comments)posted 4 years, 2 months ago

What this administration has given Y'town is the first actual package of tax investments in RUNNING manufacturing, not shutting it down. Those tax cuts are for this size manufacturing base rather than Wall Street paper trading that has had all the tax advantages. Of course they should pay more. It's small and middle sized manufacturing that needs the credits for ADDING equipment and hiring people - and they GOT it over the past two years. They also got significant tax credits for health care - more than anyone has given before. They can afford to hire people and make sure they have health benefits. Anyone who thinks otherwise is not paying attention. Y'town and the Valley cannot afford another president who caters to paper traders - the people who killed this area. This administration is on your side and has been all along. It's not YOU he wants to tax - it's those who stole your jobs and put money in their pocket leaving you to clean up the mess. All of us got tax CUTS - cuts opposed by the GOP - on our income and payroll deductions. And businesses are starting to hire because of theirs. Wake up and stop listening to ideology - trickle down is just another name for drooling on us, and we've had that for decades. Stick with the one who puts money on the line for us. It matters.

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9choicelady(15 comments)posted 4 years, 2 months ago

BTW - When Bush came into office, we had a surplus. Bush larded up over 66 percent of the debt we now have. Obama has not spent ANYTHING like Bush, and the money invested in GM and Chrysler has made AMERICAN jobs - productive money, not wasted on giving MORE tax cuts to Wall Street paper shufflers. Not to YOU - to them and only them. And you might like to know - we had a budget surplus this first quarter. So all of you determined to believe that this president is no good? You're swallowing the Kool Aid and paying NO attention to facts or to who's got your back. It's Obama who cares about Y'town. NOT Mitt who "loves firing people" and that's people just like YOU.

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10salem26(13 comments)posted 4 years, 2 months ago

Choice lady -
"Y'town and the Valley cannot afford another president who caters to paper traders - the people who killed this area. "

Unions, the EPA, and the Dems who have run the local government for the past 50 years killed the manufacturing jobs in this area. These are all groups the current President fully supports.

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11AtownAugie(893 comments)posted 4 years, 2 months ago

Didya notice the fly that landed on Biden's head? "How appropriate" comes to mind. http://campaign2012.washingtonexamine....

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12AtownAugie(893 comments)posted 4 years, 2 months ago

@natureman: Does it seem a bit odd to have these two sentences side-by-side? "Many of our current problems are a result of the Bush administration. Why can't we quit being so negative?" Just sayin' ....

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13markiemark(11 comments)posted 4 years, 2 months ago

romney....lol....you have got to be kidding...but knowing you gop haters...your not...

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14sameolhub(56 comments)posted 4 years, 2 months ago

You dumocrats are truly moronic. All O'bama does is lie and preach class warfare. Look around your beautiful dumocratically controlled town, do you like what you see?

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15jojuggie(1728 comments)posted 4 years, 2 months ago

Hey Choice Lady, the reason that the Clinton adm. had surplus was the 104th, 105th, and the 106th Congress from 1995 until 2001, the last 6 years of the Clinton adm., was a Republican Congress. Infact, the 104th Congress from Jan 3, 1995, until Jan 3, 1997 was the first all Republican Congress in 50 years. Because of all of the Republicans during the last 6 years of the Clinton adm, Clinton became a moderate, unlike Obummer, and the country prospered.
Get a Republican in office and the country will again prosper.
Remember, during the first two years of the Obummer adm, Obummer had an all Democrat Congress - that's when all of the trouble started.
The last two years of the Bush adm Pelosi & Reid took over.
You Ytown people wake up.
By the way, when was the last time 3 great cities like Detroit, Cleveland, & Youngstown, last, had a Republican mayor?

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16taxme(361 comments)posted 4 years, 2 months ago

President Harry Truman in 1948: "The Republicans … will try
to make people believe that everything the Government has done for the country
is socialism. They will go to the people and say: "Did you see that social
security check you received the other day—you thought that was good for you,
didn't you? That's just too bad! That's nothing in the world but socialism. Did
you see that new flood control dam the Government is building over there for the
protection of your property? Sorry—that's awful socialism! That new hospital
that they are building is socialism. Price supports, more socialism for the
farmers! Minimum wage laws? Socialism for labor! Socialism is bad for you, my
friend. Everybody knows that. And here you are, with your new car, and your
home, and better opportunities for the kids, and a television set—you are just
surrounded by socialism! Now the Republicans say, 'That's a terrible thing, my
friend, and the only way out of this sinkhole of socialism is to
vote for the
Republican ticket." And that was 64 Years Ago!!!, the republicanCrimeCartel is still doing the same exploitation of people THEY ARE NOTORIUS FOR.

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17jojuggie(1728 comments)posted 4 years, 2 months ago

I don't believe anyone wants to see Lordstown closed.
I will say unions are not what used to be.
In the 40's & 50's unions fought for their members tooth & nail. Today many of the unions march with Communists, Anarchists, & Socialists, as witness what unions like SEIU are doing by backing OWS. Many of the unions, today, are nothing but troublemakers. Their members mean nothing to them. It's the members dues that are important.
Just look what Federal employees are being paid & include their benefits compared to industry. Look what is happening to the postoffice. Look what is happening to the state of California. Some lifeguards are being paid up to $125,000. That whole state has been run by Democrats for years.
Austerity is coming & I hope it doesn't take on the look of Greece.

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18jojuggie(1728 comments)posted 4 years, 2 months ago

Hey FLHT, go to the SEIU website - there you will find that they have a plan to destroy JP Morgan and also a plan to destabilize the USA.
There is much evidence they are behind OWS.
You won't hear this on MSNBC.
Women healthcare employees. They sure have them, but their dues are what's important to SEIU.

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19jojuggie(1728 comments)posted 4 years, 2 months ago

Try this - Former SEIU official reveals secret plan to destroy JP Morgan

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20taxme(361 comments)posted 4 years, 2 months ago

The Right wingers are really out there arn't they! Slowly they will take all the middle class rights away and blame it in dems.

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21slappysmith(55 comments)posted 4 years, 2 months ago

y-town right wingers are great at pointing fingers and placing blame but offer no answers, just like the party they mindlessly follow

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22southsidedave(5199 comments)posted 4 years, 2 months ago

politics as usual

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