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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(1174 comments)posted 2 years, 4 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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2natureman(66 comments)posted 2 years, 4 months ago

Obam/Biden all the way. Anyone who votes for Romney deserves what they get.

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3theotherside(333 comments)posted 2 years, 4 months ago

Biden has thrown down the gauntlet. Romney needs to respond to the charges Biden brought today. Simple really. Obama-Biden support tax breaks for companies who invest in factories and businesses in the US. What does Romney think? Obama-Biden support tax penalties for companies who outsource overseas and take away American jobs. What does Romney think? Obama-Biden support lowering the corporate tax rate 20%. What does Romney think? Romney needs to answer these questions. As far as the hyperbole on this site, drop the insults and get serious folks. Will you vote for or against your own interests?

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4yng00128(67 comments)posted 2 years, 4 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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5Knightcap(699 comments)posted 2 years, 4 months ago

Someone needed to put a tent over that circus!

How can anyone in their right mind vote for Obama after he has spent more taxpayers money than the last 40 presidents.

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6AtownAugie(697 comments)posted 2 years, 4 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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7walter_sobchak(1910 comments)posted 2 years, 4 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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8theotherside(333 comments)posted 2 years, 4 months ago

So where would GM and Chrysler be without the bailout? Better to have them they way they are now then not at all don't you think? And that's what would have happened. Liquidated sell off of assets and no further existence. Further economic hardship. Particularly for this area. Thank God Romney wasn't in office for that decision. I'll say it again. The republicans have to answer to Biden's charges.

And Walter, that was funny, I have to say.

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9commoncitizen(961 comments)posted 2 years, 4 months ago

otherside, how maney plant does GM have OUTSIDE of this country? Didn't the "bailout" subsidize these "foreign" plants?

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10commoncitizen(961 comments)posted 2 years, 4 months ago

Is M7 a union shop? It must be or Biden wouldn't have gone there.

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11theotherside(333 comments)posted 2 years, 4 months ago

commoncitizen, does it matter? All the more reason to pass Obama's plan to reward companies with tax incentives to bring jobs and plants back into the US. Maybe GM will do that. If GM or Chrysler had gone bankrupt, we wouldn't even be having this conversation. Since the bailout, we can now talk about making them greater companies instead. That's good for the US and the entire world isn't it?

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12NachoCheese(163 comments)posted 2 years, 4 months ago

Wow, look at that picture - two failures on the same stage at the same time, preaching to a bunch of union hacks in Youngstown... only in Youngstown. God help us if these people somehow manage to retain their destructive grip on our country.

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13choicelady(15 comments)posted 2 years, 4 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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14choicelady(15 comments)posted 2 years, 4 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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15salem26(13 comments)posted 2 years, 4 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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16AtownAugie(697 comments)posted 2 years, 4 months ago

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

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17natureman(66 comments)posted 2 years, 4 months ago

People need to quit being so intolerant of unions. This country owes a great debt to what the unions have achieved for the American worker. Also, I feel it is very disrespectful the way that people talk about President Obama and Vice-President Biden. Do you think Mr. Romney is going to do anything for the average American? Many of our current problems are a result of the Bush administration. Why can't we quit being so negative? I don't see any Republicans rushing to help this valley. And furthermore,members of both parties should work together once elected.

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18AtownAugie(697 comments)posted 2 years, 4 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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19markiemark(11 comments)posted 2 years, 4 months ago

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

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20sameolhub(55 comments)posted 2 years, 4 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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21Tomcat(202 comments)posted 2 years, 4 months ago

Hey all you union GM lovers, check out what's really going on with GM. It's not Gov't motors - it's China Motors...So much for your Pres and stupid unions.....I dare you to watch this.


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22Tomcat(202 comments)posted 2 years, 4 months ago

Holy smokes, the lefties have lost it!!! Yes, Liberalism is a mental disorder for sure. Wonder where they went to school. Bet none of them watched that video about GM being China Motors that I posted up there. They should be mad at GM, not me being the messenger, but there ya go!!!

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23slappysmith(55 comments)posted 2 years, 3 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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24southsidedave(4780 comments)posted 2 years, 3 months ago

politics as usual

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