The ad’s narrator says that “Mitt Romney’s companies were pioneers in outsourcing U.S. jobs to low-wage countries,” showing an image of a recent Washington Post article on the subject. (Mr. Romney’s campaign has complained that the story was “100 percent wrong” but the Post has stood firm.)
Obama said. Current U.S. tax policy gives companies that create jobs overseas the capability to take deductions on expenses "when they do not pay any American taxes on their profits,"
Said Vice President Joe Biden today on the stump in Iowa, “Mitt Romney helped companies take work that was being done – or could have been done – in the United States, and had it done overseas.” The attack centers on Romney’s tenure as a corporate buyout specialist with Bain Capital, a private equity firm he founded and ran between 1984 and 1999.
“The president could not have been more emphatic about his vision for trying to eliminate the incentives for offshoring and increase incentives to create jobs here,” said Brian Deese, deputy director of Obama’s National Economic Council. “We have tried to use all the tools available to us to make creative administrative changes where we can to discourage offshoring.”
White House officials say Obama has been vigorous in trying to slow the flow of jobs but that major changes will require action by Congress, particularly to rewrite the rules that let American companies avoid and delay paying taxes on income earned overseas.
Obama's Council on Jobs and Competitiveness, 26 business leaders assembled by the president for job-spurring ideas, includes representatives of several companies that have used outsourcing, fueling job creation abroad and job losses in the U.S. Shipping work to low-cost overseas labor markets has been a trend in American manufacturing for decades.
“What Gov. Romney and his advisers don’t seem to understand is this,” Obama continued, “If you’re a worker whose job went overseas, you don’t need somebody trying to explain to you the difference between outsourcing and off-shoring. You need somebody who’s going to wake up every single day and fight for American jobs and investment here in the United States.”
Obama campaign spokeswoman Lis Smith said the president's record stands in "stark contrast" to Romney, who "personally profited from investments in companies that were pioneers in shipping American jobs to India and China. President Obama has fought continuously to end tax breaks for companies that ship jobs overseas, fostered incentives for companies to bring back jobs to America and doubled the rate of trade enforcement actions we've taken against China," she said.
“Pres. Obama knows America benefits from insourcing. Mitt Romney personally benefitted from companies that outsource,” Obama deputy campaign manager Stephanie Cutter.
The focus of our reporting was whether or not the Obama administration created as many jobs domestically as they promised they would — not on the question of whether there was "outsourcing" of jobs. I don't think we saw anything that indicated the Obama administration pushed jobs overseas. What we found is that a large portion of the money from that program was given to foreign-owned companies to build wind farms here in the United States. We found those projects did create jobs here in the United States in construction and operation of those windfarms, but in many instances, the farms used turbines that may have been manufactured overseas, said Russ Choma.