Friday, June 1, 2012

Competence, not "fairness"

The Economist gets it precisely. Excerpt:

In that case, the election will revolve not around fairness, but competence. Mr Romney is fond of saying that Mr Obama has no idea how the economy works and how jobs are created. The way the Obama campaign talks about Bain Capital suggests that his criticism is correct. Mr Obama, as noted above, likes to insinuate that there is a conflict between pursuing profits and creating jobs. In the long run, however, in a competitive economy, that is nonsense. Only profitable firms can sustain any jobs, and the more profitable they are, the more money they have to invest in new ventures with new workers. Mr Obama is guilty not of rhetorical excess but of economic muddle. That is far more worrying.

4 comments:

  1. "Mr Obama, as noted above, likes to insinuate that there is a conflict between pursuing profits and creating jobs."

    If he has said that, then he's a fool, but that has nothing to do with Romney.


    Romney didn't create jobs, he was corporate raider. No different than Frank Lorenzo and all others who have followed in his very profitable footsteps.

    Like Lorenzo, Romney may have gotten his foot stuck in the door a couple of time, same as Lorenzo did when he ended up Continental Airlines. But running companies is not what they do to generate money.

    The problem is that Romney wasn't interested in profits which came from production of goods, but from selling off assets which would eventually wreck the company.

    His model was the exact opposite of building a successful company that in turn sustains employment for the workers.

    Romney took middle sized companies that produced hard goods and paid a living wage to local workers and destroyed them to make money. What he did is inexcusable.

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  2. You are an economic illiterate.

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  3. Hey, are all business consultants "corporate raiders", or just those who run for president on the Republican ticket? And while you're at it, define "corporate raider" for us, I for one am all ears.

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  4. Congrats go to Love the Girls. He's got them talking' points memorized.

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