The 2014 '30 Under 30'

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Who Would You Trust as Your Financial Advisor: Mitt Romney or Barack Obama?

As the November elections draw near, voters should ask themselves this important question: Who would I trust as my personal financial advisor: Mitt Romney or Barack Obama?

It is a simple, yet definitive question that addresses the single biggest issue on most voters’ minds: the economy.  And not the economy from a 10,000 feet up view of GDP, unemployment, and manufacturing figures… the economy as in “What’s in my bank account? Why am I still unable to find a job?  Can I afford my kid’s education?”

The fact is, Mitt Romney and Barack Obama have two very different approaches and track records when it comes to financial planning.

Mitt Romney got his start in life in business.  Barack Obama got his start in life as a community organizer.  By the time Romney was 30 years old, he was working at a management consulting business, financially advising businesses to become more efficient and profitable.  At 30 years old, Obama was steeped in Left-leaning academia as a visiting professor at the University of Chicago.

Before running for office, Mitt Romney would go on to co-found one of the nation’s most successful private equity firms – a business that literally exists to buy flailing businesses and financially plan them into profitability. During his time at Bain Capital, the firm would purchase or invest in more than 100 businesses, creating tens of thousands of jobs at companies like Staples, Sports Authority, and Steel Dynamics alone.

In 1999 Romney would take a leave of absence from Bain Capital to accept a position heading up the 2002 Winter Olympics in Salt Lake City, Utah.  Crippled by scandals, mismanagement and a $379 million dollar revenue shortfall, Romney would accomplish the unthinkable, restoring both the honor and integrity to the games, and turning a budget shortfall into $100 million in profits. It was a feat of financial advising the Olympics had never seen.

Meanwhile, President Obama would spend his formidable years as a community organizer, professor, civil rights attorney, and state senator, embroiled in the political machinery of Illinois. Noble professions perhaps, but not exactly the ideal training or experience for the man who would eventually be tasked with turning around our nation’s crippled economy.

Once in high public office, both men would show their true colors in management, leadership, and financial prudence.

As Governor of Massachusetts, Romney balanced the budget every year and turned a $3 billion budget shortfall into an estimated $1 billion surplus by 2006. President Obama took a different course. In the first three years of his administration, deficits have averaged $1.3 trillion each year.  According to the Weekly Standard, deficit spending during Obama’s four years in the White House (based on his own figures) will be an estimated $5.170 trillion.

The same contrast has played itself out with both candidates’ job records. Mitt Romney ended his term in office with 4.7 percent unemployment in the state of Massachusetts while unemployment under Obama currently hovers at 8.1 percent nationwide. 

The story of each candidate’s ability to display leadership and prudent financial planning tells itself.  So the question remains: Which candidate would you choose to be your Financial-Advisor-In-Chief?

 

Comments

Comments

  1. chas holman says:

    “Who Would You Trust as Your Financial Advisor: Mitt Romney or Barack Obama?”

    Well, seeing how Mr Romney always seems to profit greatly, but often from buying, breaking up and selling off what were supposed to be viable business’s.

    I’d chose Obama.. my portfollio might not grow as fast as I would desire, but he doesn’t seem to have a penchant from personally profiting from others demise. With the Governor, I fear he would drive up one day in a shiny new sports car and tell me I was broke and he can’t tell me where the money went. No reason to get specific.

    1. E A says:

      No, Romney didn’t break up anything. He consulted with the businesses that contracted him to help and together they came to an agreement as to how to make the business profitable again TOGETHER. It was a consensual business agreement. These are services for which a mutually agreed fee was voluntarily paid.

      Obama would take your money and redistribute it to the rest of America. If that is a good financial deal to you maybe you would be better off leaving your comments to yourself so the rest of the world can’t read them.

  2. Tim Lewis says:

    I totally and fully trust Mr. Mitt Romney. Because of his PROFITABLE record as Governor.

  3. E A says:

    No, Romney didn’t break up anything. He was hired voluntarily by companies who voluntarily paid him to help turn their businesses around.

    You obviously pay more attention to false ideologies than to facts. It’s not working out very well for you since you think it is okay for Obama to take your portfolio and redistribute your money to the rest of America. Good luck with that!

  4. Bernard de Vallette says:

    Holman,

    Romney has created and grown business when necessary, and broken them up in some instances. It is all part of the natural life-cycle of creative destruction. On the other hand, professional ideologue Obama has no clue about how a business work. He would bankrupt Coca Cola.

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