Campfire Blog

President Rails Against Job Creators

The only jobs Obama has actually created usually include the word “czar” in the title.

Yesterday, President Obama raised money from private equity businessmen—even though one of his chief attacks on Mitt Romney has been the Republican’s career in private equity.

Private equity firms try to make businesses more well-run, and thus more profitable. It’s a good thing for businesses to be efficient. But those who only dwell in the land of Government don’t understand efficiency. They don’t need to be efficient, because they can just keep taxing people who don’t have a choice but to pay up (unless they take drastic measures like the co-founder of Facebook who, in advance of the company’s initial public stock offering, has exchanged his U.S. citizenship for that of Singapore, due to the crazy American taxes he would face. Last year, a record number of Americans took this almost unthinkable action).

President Obama has accused Gov. Romney of being “quick to reap profits for himself and his investors at the expense of workers and communities.”

There’s always going to be some creative destruction in capitalism. It can be painful at times but it usually ends up making everyone better off. There are some poorly run companies that just can’t go on; in their place, hard-working entrepreneurs create something better, making consumers happy and creating more jobs.

This is what Romney did. Sure, some of the companies his firm Bain Capital bought had to be shut down. But most of them thrived. Here are just a few: Staples, Domino’s, Brookstone, and the Sports Authority. Romney has actually created jobs; the only jobs Obama has really created usually include the word “czar” in the title.

But all of his criticism of capitalism doesn’t stop the president from taking money from the capitalists.

Read more at the Weekly Standard (less than a page/345 words).

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