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October 22, 2012

A Tale of Two Pensions

Remember the pension exchange during the second debate? Mitt Romney pointed out that Obama's pension fund invested in Chinese firms and had in offshore trusts in the Cayman Islands. Turns out Romney was right:

The former Republican governor of Massachusetts acknowledged that a blind trust that manages his assets has investments in China. But Romney said he was not alone.

“Mr. President, have you looked at your pension?” Romney asked not once, but three times. Obama finally replied: “I don't look at my pension. It's not as big as yours, so it doesn't take as long.”

That got a big laugh from the audience, the tension was defused, and many viewers of Tuesday night’s face-off might not have caught Romney’s next point: “Look at your pension. You also have investments in Chinese companies. You also have investments outside the United States. You also have investments through a Cayman's trust.”

As Politics Now reported Wednesday, Obama’s financial disclosure form shows he has an investment of between $50,001 and $100,000 in the Illinois state retirement system, dating from his years as a state legislator. The system has funds invested overseas, as is typical for such retirement systems. The Illinois system also has committed $30 million to a private equity fund based in the Cayman Islands.

The Obama campaign had previously attacked Romney for investments in the Cayman Islands, saying they were a tax dodge.

That's not the only thing Romney was right about, though:

President Obama's pension is larger than Romney's -- and the other big difference? Taxpayers aren't subsidizing Romney's retirement. We will, however, have the dubious pleasure of funding Obama's.

The whole episode encapsulates the disgraceful narrative of Obama's 2012 campaign: Applauded by the "unbiasaed" press, Obama launches an attack based on envy and resentment that's ultimately wrong on the facts . . . wherein it turns out that Obama, supposed "man of the people," is actually going to enjoy a $6 million pension provided courtesy of the American taxpayer. Romney, the "rich" guy we're all supposed to hate, may have a very comfortable retirement -- but all the money he spends will be what he himself earned in the private sector, as he didn't even accept a government salary when he served as governor of Massachusetts.

Posted by Cassandra at October 22, 2012 07:02 AM

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Talk about a 'blind trust,' Mr. POTUS!

Posted by: PUffOnMeds at October 22, 2012 10:36 AM