Romney’s Whopper on Job Creation at Bain

<a href="http://motherjones.com/mojo/2011/11/www.flickr.com/photos/mittromney/6288854997/sizes/z/in/photostream">Mitt Romney</a>/Flickr

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At Saturday’s GOP presidential debate, Mitt Romney, questioned about his record at Bain Capital, doubled-down on the claim that the firm created 100,000 net jobs. “In the business I had, we invested in over 100 different businesses and net-net, taking out the ones where we lost jobs and those that we added, those businesses have now added over 100,000 jobs,” he told George Stephanopolous. It’s an impressive figure, but one that turns out to have little basis in reality. Factcheck.org considered the evidence on Thursday:

When we asked the Romney camp for support, spokesman Eric Fehrnstrom sent us a list of jobs added at three companies in which Bain had invested, saying that these three examples alone created over 100,000 jobs: Staples, which had 89,000 employees as of Dec. 31, 2010; The Sports Authority, which had 15,000 employees as of July 2011; and Domino’s, which has added 7,900 jobs since 1999.

That’s hardly a rigorous analysis of jobs gained and lost at companies Bain backed. And does Romney deserve credit for all of those jobs? Bain was but one of several investors in The Sports Authority, which was launched with the monetary help of William Blair Venture Partners, Phillips-Smith and Marquette Venture Partners. Not to mention the work of founding executives at the company, such as CEO Jack A. Smith.

Plus, Kmart owned the company for about five years starting in 1990. Does Kmart get credit for whatever job growth occurred then? In 2006, the private equity firm Leonard Green & Partners acquired Sports Authority. Does Bain, and Romney, still get credit for jobs created after the company is bought or sold years later?

And so on. The bottom line is that the 100,000 figure was not actually calculated; it was just a composite of a couple of data points, and there’s no evidence that it’s actually a “net” figure, according to Romney’s own campaign. When challenged on the accuracy of his figures by Stephanopolous, Romney told the audience they should just trust him: “I’m a good enough numbers guy to make sure I got both sides of that.”

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You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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