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January 18, 2012
The Politics of "Job Cremation"
Last week Nate Silver weighed in on the question over whether the current attack on Romney’s Bain Capital history will exhaust itself by the general election. Some speculate that by tarring him as a “Vulture Capitalist,” Gingrich, Perry and others are actually doing him a favor—in essence, inoculating him against the same charge when Obama makes it. The argument goes that, aired now, the attack becomes old news later on; moreover, Romney now has six months or more to practice his response.
Could be, but Silver doesn’t think so—and neither do I.
Silver's first and most significant point is that the charge has the potential of undermining Romney’s “brand” as a job creator—the professional identity that functions as the fundamental argument for his candidacy:
Mr. Romney has made his private-sector experience a major theme of his campaign, using it to form a contrast to the “career politicians” he is running against in the primary as well as to Mr. Obama. “I think to create jobs it helps to have had a job,” Mr. Romney has said repeatedly. He has argued for less government regulation of private enterprise, and has said he would repeal new regulations on financial companies.It would be one thing if the substance of the attacks on Mr. Romney had to do with an ethical problem at Bain Capital or some type of personal association. This is not to say that voters would have no right to consider the issue, but it would be somewhat peripheral to the core economic message of Mr. Romney’s campaign.
But these attacks take a different tack. They are a critique of Bain Capital’s business model and, by extension, a critique of a certain form of free-market activity that Mr. Romney and other Republicans advocate.
Ads like “When Mitt Romney Came to Town,” the 28-minute commercial put out by a “super PAC” that backs Newt Gingrich, adopt what appears to be a documentary style, but they present a one-sided view of the role played by private equity companies like Bain Capital, characterizing them as greedy and as lining the pockets of the wealthy at the expense of the working class. Were it not for the couple of clips of Mr. Romney speaking French, one would be shocked to learn that the ads had been produced by Republicans, rather than by a liberal filmmaker.
Arguments over job creation are going to be central to this year’s general election. It will be harder for Mr. Romney to defend his laissez-faire positions if Democrats can roll out clips of Republican partisans attacking him. Already, Gov. Rick Perry of Texas, the former head of the Republican Governors Association, has described Mr. Romney as a “vulture capitalist.” Newt Gingrich, the former speaker of the House, has said that Bain Capital has an “indefensible” business model.
It will not be above Mr. Obama’s campaign to simply replay clips of Mr. Gingrich and Mr. Perry making these remarks. Successful presidential campaigns have used such a tactic before. In 1980, for instance, Ronald Reagan’s campaign released a commercial that consisted of nothing more than a 25-second clip of a Ted Kennedy speech, in which Mr. Kennedy scolded the incumbent Democratic president, Jimmy Carter, on the Iranian hostage crisis and the country’s high inflation rates.
If the campaign is “merely” about job-creation competency, than Silver is, at least potentially, correct. But if liberals succeed in making the election a referendum on laissez-faire capitalism, if Obama makes the argument for the kind of mixed economy we’ve had for the last eighty years (an argument that has actually never been made in an election), and if Romney becomes the poster boy for the sort of rigid, draconian, “Austrian” economics that conservatives have championed since 1980, then Silver has actually understated the case and the Bain brand could be lethal.
Personalized attacks of this sort succeed when they resonate with a larger narrative. And if that larger narrative becomes, in effect, the organizing principle of the entire election, then such charges become self-validating. It will come down to whether or not liberals will be able to pin the global economic downturn, radical—and worsening—inequality, and the sluggish recovery on Austrian economics, and by extension, Romney’s often predatory business practices legitimized by that theory.
Few will be moved by claims of business expertise when one's business is, as the DNC puts it, "job cremation."
Posted by stevemack at January 18, 2012 09:41 AM
