Obama said that Romney invested in companies that were “pioneers” of outsourcing.
Here, Obama is referencing an article in The Washington Post that has been frequently exploited by his campaign. The article used the word “pioneers” but it does not say that transfers of U.S. jobs took place while Romney ran the private equity firm Bain Capital.
Instead, the article says that Bain was prescient in identifying an emerging business trend — the movement of back-office, customer service and other functions out of companies that were willing to let third parties handle that business. Several of the companies mentioned in the article grew into major international players in the outsourcing offshoring field.
One of the president’s campaign ads attacking Romney on outsourcing earned Four Pinocchios.
Obama never mentions another Washington Post article, one that detailed how he has not been able to fulfill many of his campaign promises in 2008 to stem the outflow of American jobs to other countries.