If the keynote of Obama’s Administration has been public investment—whether in infrastructure, education, or health—the keynote of Romney’s candidacy has been private equity, a realm in which efficiency and profitability are the supreme values. As a business model, private equity has had a mixed record. As a political template, it is stunted in the extreme. Private equity is concerned with rewarding winners and punishing losers. But a democracy cannot lay off its failing citizens. It cannot be content to leave any of its citizens behind—and certainly not the forty-seven per cent whom Romney wishes to fire from the polity.
Private equity has served Romney well—he is said to be worth a quarter of a billion dollars. Wealth is hardly unique in a national candidate or in a President, but, unlike Franklin Roosevelt—or Teddy Roosevelt or John Kennedy—Romney seems to be keenly loyal to the perquisites and the presumptions of his class, the privileged cadre of Americans who, like him, pay extraordinarily low tax rates, with deductions for corporate jets. They seem content with a system in which a quarter of all earnings and forty per cent of all wealth go to one per cent of the population. Romney is among those who see business success as a sure sign of moral virtue.
The rest of us will have to take his word for it. Romney, breaking with custom, has declined to release more than two years of income-tax returns—a refusal of transparency that he has not afforded his own Vice-Presidential nominee. Even without those returns, we know that he has taken advantage of the tax code’s gray areas, including the use of offshore accounts in the Cayman Islands. For all his undoubted patriotism, he evidently believes that money belongs to an empyrean far beyond such territorial attachments.
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