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Blue Belle

(5,912 posts)
Tue Sep 18, 2012, 02:13 PM Sep 2012

"I inherited nothing," Mitt Romney declares ...

Source: Salon.com
By Alex Pareene

Mitt Romney, self-made man

This is very silly and if Romney actually believes this about himself he’s much more delusional than I thought he was.

It’s technically true that Romney “inherited nothing” when his father died, as various conservatives shouted at me on Twitter last night. He “inherited nothing” because by the time his father died, in 1995, Mitt Romney was already a very wealthy man, thanks in large part to the many advantages he enjoyed as the son of a prominent politician and corporate executive. Romney could afford, at that point in his life, to give away his father’s estate. (To charities and, notably, to his children — both common means of avoiding the brunt of the estate tax.) He gave his father’s estate away because he’d already enjoyed its many advantages.

Mitt Romney attended maybe the most prestigious private high school in the midwestern United States. He was not a scholarship student. His father was an automotive company executive and eventually the governor of Michigan, and, by the early 1960s, a millionaire. (And one who had legitimately started from practically nothing.)

If a theoretical non-rich Mitt Romney had gone to college (57 percent of male high school graduates enrolled in college in 1965), a prestigious private school like Stanford might’ve been out of reach. When Mitt Romney attended Stanford, tuition was $1,575 a year, which is more than $11,000 in today’s dollars, and this was just at the cusp of the age of financial aid. (If Romney were black, going to college in 1965 would’ve been significantly less likely.) And if theoretical working-class Romney had managed to bootstrap himself into a good school, it would’ve almost certainly been with the assistance of the federal government, in the form of the National Defense Education Act or the Higher Education Act of 1965 (the year Romney enrolled in Stanford).

Romney spent only a year at Standard, and finished his degree at the less prestigious Brigham Young, at which point Romney was accepted into Harvard Law and then the very exclusive joint law/business degree program. When that happened, his father, by the way, was a cabinet secretary. I’m just saying.

And of course while Romney was getting his degree, he didn’t have to do anything rash like “go into debt” or “work,” because, as Ann Romney helpfully explained in 1994, the young couple survived by selling stock Romney received from his father. At BYU: “Neither one of us had a job, because Mitt had enough of an investment from stock that we could sell off a little at a time.” At Harvard, Ann was able to stay home with their children despite neither parent having a job, because “we had no income except the stock we were chipping away at.”

So, yes, self-made man, no inheritance, only silver spoon was the good old red, white and blue. It’s understandable that rich men enjoy the delusion that their own inherit virtue and work ethic are solely responsible for their success, but in men like Mitt Romney, it’s a particularly bizarre delusion.


Read the article in its entirety:
http://www.salon.com/2012/09/18/mitt_romney_self_made_man/


Yeah... he built that...
8 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
"I inherited nothing," Mitt Romney declares ... (Original Post) Blue Belle Sep 2012 OP
He had it good growing up and into adulthood and he doesn't even know it livetohike Sep 2012 #1
he was smart to dodge the draft by going to France. Otherwise I would have expected this for him... corkhead Sep 2012 #2
it's an absolute lie... luvspeas Sep 2012 #3
Exactly. Just as Mitt has given his kids $100,000,000 tax free nichomachus Sep 2012 #5
It is tough to win the sperm and egg lottery Angry Dragon Sep 2012 #4
His name alone moondust Sep 2012 #6
He inherited Daddy's Rolodex Canuckistanian Sep 2012 #7
don't forget the trust funds set up to avoid inheritance tax. hollysmom Sep 2012 #8

luvspeas

(1,883 posts)
3. it's an absolute lie...
Tue Sep 18, 2012, 02:21 PM
Sep 2012

It's very common for rich people to start shaving off their wealth to children, grandchildren and other heirs to avoid them having to pay estate tax. He gave away every penny, my ass. I 'll wager that there wasn't very much to give away by the time he died. If there was a place to hide that money, you can bet your ass he did.

nichomachus

(12,754 posts)
5. Exactly. Just as Mitt has given his kids $100,000,000 tax free
Tue Sep 18, 2012, 02:34 PM
Sep 2012

Then, they'll be able to cash it in at a 15 percent rate and claim that they didn't "inherit" anything.

moondust

(19,993 posts)
6. His name alone
Tue Sep 18, 2012, 02:45 PM
Sep 2012

opened all the right doors.

That may indeed be the reason Bain kept his name on their documents after Romney supposedly left: they continued selling the name. Name is everything in a culture preoccupied with fame and name recognition.

Canuckistanian

(42,290 posts)
7. He inherited Daddy's Rolodex
Tue Sep 18, 2012, 03:08 PM
Sep 2012

All those connections were a power unto itself. They magically open doors that you and I wouldn't dream of.

It was HIGHLY unlikely he would have failed at anything.

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