During this presidential campaign, Barack Obama attacked Mitt Romney for causing the loss of jobs at the American Pad and Paper Company. Most Americans only have heard that Romney closed AMPAD down which cost the jobs of 250 people.
But did you know that when Bain Capital purchased AMPAD in 1992, the paper company was $5 million down and had $35 million in debt owed to banks. Under Romney’s leadership, AMPAD started to recover and had its best year financially in 1996. In 1997, AMPAD bought Shade Allied, a printer-paper company that specialized in the old perforated edged continuous computer paper. They invested heavily in this company and not long after the dot matrix or pin printers started to become obsolete and the AMPADS business began to suffer. In 1999, Mitt Romney left Bain’s leadership to head the Salt Lake City Olympic Organizing Committee. In 2000, AMPAD declared bankruptcy and 250 people lost their jobs.
But let’s take a look at what is happening today as a direct result of Barack Obama and his policies. Under his leadership, the coal industry has been under attack. Obama has made it known that he wants to force America to run on green energy and part of that forced plan is to make life difficult for the coal industry. They have created new regulations on the coal companies that is costing them more and making it harder to turn a profit, which is exactly what Obama intended to do.
The result is that several coal companies are having to lay off workers. Pennsylvania’s PBS Coals Inc. and RoxCoal Inc. just released a statement that they are laying off 225 employees. The miners being laid off work in both the surface and deep coal mines.
Lynn Shanks, President and CEO of PBS Coals released the statement saying:
“Both the foreign and domestic coal markets remain soft due to weak economic growth and activity. Additionally, the escalating costs and uncertainty generated by recently advanced EPA regulations and interpretations have created a challenging business climate for the entire coal industry.”
The Murray Energy Corp. in Alledonia, Ohio, also announced that they are laying off 29 miners at the Ohio Valley Coal Company’s Powhatan No 6 Mine. These 29 miners are also union members and from the indications of mine management, may only be the first in a series of job losses to come.
Ronald Koontz, General Manager of the mine said:
“The failed energy policies of the Obama administration and the ‘war on coal’ that the president and his Democrat supporters have unleashed are the direct causes of this layoff. Unfortunately, for us, this is just the beginning [of] the work force reductions.”
“We are deeply disappointed and saddened that we had to take this action, but the excessive and unnecessary actions of the Obama administration have disrupted our mining operations and taken away much of the market for our coal. In turn, this will drive up electricity costs for everyone and increase the cost of goods for American citizens.”
So let’s tally up the score here. AMPAD got caught in an industry change that devastated their business and ended up filing bankruptcy a year after Romney left control of Bain. The result was the loss of 250 jobs, that appears to be more due to a change in technology than anything else.
Then we have the coal industry. Barack Obama has publicly declared war on the coal industry in favor of green energy. Under his direct leadership, new regulations have been placed on the coal industry making it harder and more expensive to operate. The direct result of Obama’s policies is the layoffs of 254 miners with the looming possibility of many more to come.
And if we want to add in the 1000 jobs lost in the green energy policies of the president, his total skyrockets to five times more lost jobs than he has been attacking Mitt Romney for. Oh Mr. President, beware when attacking someone else’s record when your own is much worse.