A Financier in Chief
Although Romney is unlikely to admit it on the campaign trail, his much-vaunted private sector success was based in significant part on the savings of public sector workers. Romney constantly derides big government, but government is made up of individuals, whose pension funds helped make him and Bain unimaginably rich. There is no doubt that these pension funds sought the higher returns offered by private equity investing. But as the private equity business grew, the public pension funds and other capital providers have gotten the short end of the stick. They have not completely shared in the value of the franchise that is created in part by their investment in the industry. It seems odd to hear Romney criticize big government without any acknowledgment that he has made much of his fortune managing the retirement funds of many public employees.
Mitt Romney argues that his time at Bain has real significance in terms of his qualifications for the presidency… But voters need to consider whether the time he spent in single-minded pursuit of profit as a financial intermediary has prepared him to tackle the complex problems facing America, which can’t be reduced to a financial model.
If anyone actually thinks business experience makes a president a master at economics, just remember this: George W. Bush was the first president in history to have an MBA from Harvard, and both the American and the global economy are still recovering from the damage he caused.