Wednesday, July 18, 2012

Romney should go on the attack with Bain's record

The WSJ argues that Mitt Romney should be doing more to defend Bain and private equity. There is quite a lot of good that such companies do.
Overall, Bain capitalism means more successes than failures, and many more jobs. In March of this year, the managing directors of Bain Capital wrote to their investors and reported that, over the firm's 28 years, companies backed by Bain have grown their revenues more than twice as fast "as both the S&P and the U.S. economy."

The managers went on to note that after Bain invested, companies have grown their revenues by more than $105 billion globally, including $80 billion in the United States. Bain-backed companies, they added, have opened more than 5,000 stores and facilities during their ownership.

Mr. Romney may have thought that debating Bain was a distraction from focusing on the failed Obama economy. But with Mr. Obama using Bain as his main argument against Mr. Romney's record as a job creator, the Republican has no choice but to fight back or he'll lose the election. Americans will choose Bain capitalism over Solyndra crony capitalism, if Mr. Romney makes the case.
I would think that this could be a slam dunk for Romney. Add in the contrast to an Obama presidency that has unilaterally gutted the work requirements for welfare and this is an argument worth having and records worth contrasting.

UPDATE: John Kass has a moving tribute to his father, an immigrant who apparently didn't build his small supermarket business on his own.
When President Barack Obama hauled off and slapped American small-business owners in the mouth the other day, I wanted to dream of my father.

But I didn't have to close my eyes to see my dad. I could do it with my eyes open.

All I had to do was think of the driveway of our home, and my dad's car gone before dawn, that old white Chrysler with a push-button transmission. It always started, but there was a hole in the floor and his feet got wet in the rain. So he patched it with concrete mix and kept on driving it to the little supermarket he ran with my Uncle George.

He'd return home long after dark, physically and mentally exhausted, take a plate of food, talk with us for a few minutes, then flop in that big chair in front of the TV. Even before his cigarette was out, he'd begin to snore.

The next day he'd wake up and do it again. Day after day, decade after decade. Weekdays and weekends, no vacations, no time to see our games, no money for extras, not even forMcDonald's. My dad and Uncle George, and my mom and my late Aunt Mary, killing themselves in their small supermarket on the South Side of Chicago.

There was no federal bailout money for us. No Republican corporate welfare. No Democratic handouts. No bipartisan lobbyists working the angles. No Tony Rezkos. No offshore accounts. No Obama bucks.

Just two immigrant brothers and their families risking everything, balancing on the economic high wire, building a business in America. They sacrificed, paid their bills, counted pennies to pay rent and purchase health care and food and not much else. And for their troubles they were muscled by the politicos, by the city inspectors and the chiselers and the weasels, all those smiling extortionists who held the government hammer over all of our heads.
Read the rest. Quite a hit on Obama's vision of how businesses are built in this country.

Scott Johnson looks to what the Founders would have said on this subject.