ROMNEY TOUTS "PRIVATE-SECTOR" SUCCESS OF COMPANY THAT GOT MILLIONS IN GOVERNMENT SUBSIDIES
Mitt Romney is running a new ad about he and his "private-sector leadership team" helped make a company called Steel Dynamics a success. Elsewhere in the ad, the success of Steel Dynamics is called a "perfect entrepreneurial story."
Capitalism! Pure capitalism!
Except that the full truth, as the L.A. Times reported in January, is somewhat different:
What Romney doesn't mention is that Steel Dynamics also received generous tax breaks and other subsidies provided by the state of Indiana and the residents of DeKalb County, where the company's first mill was built....
The county promised $23.4 million in property tax abatements and tax increment finance bonds, as well as a new income tax to generate economic development funds. The latter was required by the state, which shelled out another $13.6 million in tax credits, energy grants, workforce training and funds for roads.
A new quarter-percent tax on DeKalb County residents financed infrastructure improvements such as roads and railroad exchanges that benefited Steel Dynamics, Bercaw said. The county also created a new redevelopment commission and redevelopment authority to oversee the activity....
In the story, a Cato Institute spokesman calls this "corporate welfare"; a local Republican activist calls it "pro-business welfare" and an example of "the liberal socialist mind-set."
Frankly, it's the way we do business in America, for better or worse. But Romney and every other Republican in America will tell you that when Democrats do it, it's treasonous, un-American socialism. And they'll tell you that what they stand for is pure free enterprise.
Needless to say, they're lying.