Two writers have penned letters lamenting the total injustice created by Mitt Romney’s failure to swoop into Freeport and save the day for Sensata. They go on and on about Bain Capital’s greed and insensitivity, because Bain wants to make a profit with that company. They claim instead that Bain should sacrifice all, just to make sure those jobs stay in Freeport, and “real people” are not deprived of their livelihood.
Let’s look at the real picture. First, companies are not created to either prop up communities or create jobs. Companies are created to provide a product or service, and make a profit at it to compensate shareholders, without whom there would be no company in the first place. Community support and job creation are merely byproducts of that effort.
If those folks who wrote really want to chew on the people responsible for Sensata going overseas, they should focus on the Democrats in Washington who have enacted additional taxation and excessive regulations. Those twin devils suck the life from a company, and often they must move to survive. Add to that Illinois Democrats’ 54 percent increase in the corporate tax rate. That’s where the real blame lies, not with Bain Capital.
From the Aug. 15-21, 2012, issue