The Romney campaign has been making much out of an out-of-context President Obama quote.They suggested that the president was telling business owners that they didn’t create their own business, taking the “If you’ve got a business – you didn’t build that” remark out of context.
In a campaign ad, the Romney campaign spliced out the “roads and bridges” which is what the president was referring to as “that” when he said “you didn’t build that.”
In the TV ad, Romney features an offended New Hampshire businessman, saying, “My father’s hands didn’t build this company? My hands didn’t build this company? My son’s hands aren’t building this company?”
In 1999 the business in question, Gilchrist Metal, “received $800,000 in tax-exempt revenue bonds issued by the New Hampshire Business Finance Authority ‘to set up a second manufacturing plant and purchase equipment to produce high definition television broadcasting equipment’…” In addition, in 2011, Gilchrist Metal “received two U.S. Navy sub-contracts totaling about $83,000 and a smaller, $5,600 Coast Guard contract in 2008.
The businessman, Jack Gilchrist, also acknowledged that in the 1980s the company received a U.S. Small Business Administration loan totaling “somewhere south of” $500,000, and matching funds from the federally-funded New England Trade Adjustment Assistance Center.
“I’m not going to turn a blind eye because the money came from the government,” Gilchrest said. “As far as I’m concerned, I’m getting some of my tax money back. I’m not stupid, I’m not going to say ‘no.’ Shame on me if I didn’t use what’s available.” by Jake Tapper