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 is not a distraction," President Obama said of Mitt Romney's record at Bain Capital. "This is what this campaign is going to be about."
(Image credit: Getty Images)

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.

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