Mitt Romney has written an editorial titled What I learned at Bain Capital. It is subtitled 'My business experience taught me how to help companies grow -- and what to do when trouble arises. When you see a problem, run toward it before the problem gets worse.'
Appearing in Friday's Wall Street Journal, here's Mr. Romney's complete editorial:
"The back-to-school season is here, and as parents take their children to shop
for school supplies, I suspect that many of them will be visiting a Staples
store. I'm very familiar with those stores because Staples is one of many
businesses we helped create and expand at Bain Capital, a firm that my
colleagues and I built. The firm succeeded by growing and fixing companies.
The lessons I learned over my 15 years at Bain Capital were valuable in
helping me turn around the 2002 Winter Olympics in Salt Lake City. They also
helped me as governor of Massachusetts to turn a budget deficit into a surplus
and reduce our unemployment rate to 4.7%. The lessons from that time would help
me as president to fix our economy, create jobs and get things done in
A broad message emerges from my Bain Capital days: A good idea is not enough
for a business to succeed. It requires a talented team, a good business plan and
capital to execute it. That was true of companies we helped start, like Staples
and the Bright Horizons child-care provider, and several of the struggling
companies we helped turn around, like the Brookstone retailer and the
contact-lens maker Wesley Jessen.
My presidency would make it easier for entrepreneurs and small businesses to
get the investment dollars they need to grow, by reducing and simplifying taxes;
replacing Obamacare with real health-care reform that contains costs and
improves care; and by stemming the flood of new regulations that are tying small
businesses in knots.
My business experience confirmed my belief in empowering people. For example,
at Bain Capital we bought Accuride, a company that made truck rims and wheels,
because we saw untapped potential there. We instituted performance bonuses for
the management team, which had a dramatic impact. The managers made the plants
more productive, and the company started growing, adding 300 jobs while Bain was
involved. My faith in people, not government, is at the foundation of my plan to
strengthen America's middle class.
I also saw firsthand through these investments how energy costs impact the
ability of a business to grow. Today, energy costs are weighing on job creators
across America because President Obama has limited energy exploration and
restricted development in ways that sap economic performance, curtail growth,
and kill jobs. I will take a sensible approach to tapping our energy resources,
which will both create jobs and make energy more affordable for every sector of
In the 1990s, when the "old-technology" steel industry in the U.S. was
failing, Bain Capital helped build a new steel company, Steel Dynamics, which
has grown into one of the largest steel producers in America today, holding its
own against Chinese producers. The key to its success? State-of-the-art new
Here are two lessons from the Steel Dynamics story: First, innovation is
essential to the competitiveness of U.S. manufacturing. We are the most
innovative, entrepreneurial nation in the world. To maintain that lead, we must
give people the skills to succeed. My plan for a stronger middle class includes
policies to give every family access to great schools and quality teachers, to
improve access to higher education, and to attract and retain the best talent
from around the world.
The second lesson is that we must have a level playing field in international
trade. As president, I will challenge unfair trade practices that are harming
Running a business also brings lessons in tackling challenges. I was on the
board of a medical diagnostic-laboratory company, Damon, when a competitor
announced that it had settled with the government over a charge of fraudulent
Medicare billing. I and fellow Damon outside board members joined together and
immediately hired an independent law firm to examine Damon's own practices.
The investigation revealed a need to make some changes, which we did. The
company, along with several other clinical-laboratory companies, ended up being
fined for billing practices. And a Damon manager who was responsible for the
fraud went to jail. The experience taught me that when you see a problem, run
toward it or it will only get worse.
That will be my approach to our federal budget problem. I am committed to
capping federal spending below 20% of GDP and reducing nondefense discretionary
spending by 5%. This will surely result in much wailing and gnashing of teeth in
Washington. But a failure of leadership has created our debt crisis, and ducking
responsibility will only cripple the economy and smother opportunity for our
children and grandchildren.
I'm not sure Bain Capital could have grown or turned around some of the
companies we invested in had we faced today's anti-business environment. Andy
Puzder, the chief executive of CKE Restaurants Inc., which employs about 21,000
people at Carl's Jr. and Hardee's restaurants, has said that the "current
unfriendly economic environment perhaps best explains why American companies are
sitting on over $2 trillion which they could invest."
President Obama has piled on excessive regulations, proposed massive tax
increases, added more than $5 trillion in federal debt, and failed to address
the coming fiscal cliff—all of which is miring our nation in sluggish growth and
I know what it takes to turn around difficult situations. And I will put that
experience to work, to get our economy back on track, create jobs, strengthen
the middle class and lay the groundwork for America's increased competitiveness
in the world.
Mr. Romney is the Republican Party candidate for president.