Taking Government Money

July 24, 2012 § Leave a comment

There has been an update on this story.

“I’m not going to turn a blind eye because the money came from the government. 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.”

  • Jack Gilchrist, star of a Romney attack ad against President Obama. His response when asked about the help his business received.
  • Source: ABC News
  • Context: On July 20, 2012, the Romney campaign released an attack ad using an out of context sound bite of President Obama saying “If you’ve got a business – you didn’t build that.”  Jack Gilchrist then appears, taking full credit for building his own business, and questions why the President “demonizes” people like him. However, Jack Gilchrist received millions of dollars in government funds and contracts. ABC News reports:

“…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.

  • The video providing the full context of Obama’s speech can be viewed here.

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