Will Obama's attacks on Bain Capital backfire?
The president is taking a lot of heat for his campaign's assault on the private equity firm founded by Mitt Romney, and even some Democratic allies are uneasy
This week, President Obama doubled down on his criticism of Bain Capital, the private equity fund formerly headed by Mitt Romney, saying the firm is fair game because Romney touts his stewardship there as a central credential for the White House. "This is not a distraction," Obama said. "This is what this campaign is going to be about." Prominent Obama allies — including Newark Mayor Cory Booker and auto bailout czar Steven Rattner — have criticized the line of attack, which comes in the form of two hard-hitting ads featuring companies that failed under Bain's ownership. Indeed, Obama is facing a "mutiny" from Democrats, says Politico, many of whom are concerned that Obama will suffer for maligning the rough-and-tumble world of capitalism. Will the Bain attacks backfire?
Yes. The attacks pit Obama against capitalism: "Forty years ago, corporate America was bloated, sluggish, and losing ground" to international competitors, says David Brooks at The New York Times. Firms like Bain launched a turnaround that led American businesses to become "leaner, quicker, and more efficient," even if the process was "brutal and involved streamlining and layoffs." Obama's misleading attacks on Bain bafflingly argue that this transformation was not beneficial, and problematically place Obama firmly in the "ancient past." Democrats are right to worry.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
No. Hitting Bain resonates with voters: The campaign against Bain "opens Obama to the charge that he is waging an attack on 'free enterprise,'" but other candidates have done just fine targeting Romney's corporate record, says Jamelle Bouie at The Washington Post. Newt Gingrich excoriated Bain for making profits even when the businesses it owned went under, and that resonated with voters "who don't begrudge the wealthy but are angered that someone could take huge risks, fail, and walk away with profit." That's the type of rigged capitalism that fuels popular animosity toward unsuccessful CEOs who earn multi-million-dollar bonuses, and Wall Street firms that received huge bailouts after making risky bets.
"What the Obama campaign can learn from Newt Gingrich"
Plus, Obama is smartly avoiding his own record: Obama's attacks on Bain might be a "shameless exaggeration," but they're also a "brilliant political pivot," says Peter Morici at Fox News. "Instead of running on his record," which is hampered by the lackluster economy, Obama is "making character the issue," drawing a brilliant contrast between "his public career and Mr. Romney's private pursuit of profit," which allows him to characterize Romney as "buying, borrowing, and burying jobs to get rich." And every time the discussion turns to Bain, Romney cannot lay out his own vision for creating jobs as president.
"Forget Cory Booker, Obama's Bain Capital ad was a brilliant pivot"
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
'The House under GOP rule has become a hostile workplace'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
The Shohei Ohtani gambling scandal is about more than bad bets
In The Spotlight The firestorm surrounding one of baseball's biggest stars threatens to upend a generational legacy and professional sports at large
By Rafi Schwartz, The Week US Published
-
Feds raid Diddy homes in alleged sex trafficking case
Speed Read Homeland Security raided the properties of hip hop mogul Sean "Diddy" Combs
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published
-
Xi-Biden meeting: what's in it for both leaders?
Today's Big Question Two superpowers seek to stabilise relations amid global turmoil but core issues of security, trade and Taiwan remain
By Harriet Marsden, The Week UK Published
-
Will North Korea take advantage of Israel-Hamas conflict?
Today's Big Question Pyongyang's ties with Russia are 'growing and dangerous' amid reports it sent weapons to Gaza
By Harriet Marsden, The Week UK Published