Bain Backfire

Like other conservatives, the recent attacks on Mitt Romney’s record at Bain really get under my skin. They show incredible ignorance and inspire the class warfare more commonly furthered by liberals. Thankfully, it seems that after a weekend of surprise and confusion, Mitt Romney’s team has begun to effectively counter the argument, which he certainly would have faced later in the election, anyway. Additionally, the desperate, hopeless candidates who started these attacks are both retreating from their positions after uproar on the right and have lost big name supporters as a result. Newt Gingrich was even booed by the crowd at an event for undecided South Carolina voters hosted by Mike Huckabee yesterday.

Mitt Romney’s Bain detractors seem to take issue with the fact that Bain went into already struggling companies and laid off workers. What’s the issue with that? Someone in politics needs to have the audacity to stand up and say that eliminating jobs is part of a dynamic capitalist system. Jobs come and go, they’re not a guarantee. If they
were a guarantee, we’d look a lot more like Greece and Italy. Most of the companies that were taken over by Bain probably got to their distressed position because of either unnecessary or underperforming jobs. Their economic duress was a result of their inefficiencies. Bain’s role in the process is to sort out and correct those inefficiencies.

Venture capitalists, not “vulture capitalists” as Rick Perry alleged, are huge risk takers and play a vital role in the economy. And, yes, with high risk often comes high reward. That’s the nature of investing. Without proportionate reward for risk, we would all settle for mediocrity and America wouldn’t be the innovator of the world like it is today.

My question to Newt Gingrich and Rick Perry is: What do you see as a more viable alternative to those jobs being eliminated in the hope that the fortunes of the company would be turned around? It’s painfully easy to pick and choose disgruntled workers who were laid off from these underperforming companies and allow them to disparage the firm that went in and cleaned house. The problem is that these workers are unable to see past their own agreeably unfortunate situations and see the bigger picture of how their former employer fit into the big economic picture.

Anyone who plans on being qualified to be President of the United States needs to be able to rise above the weeds of individually unfortunate circumstances and stories and see the larger surrounding field that promises better results for everyone. Newt Gingrich and Rick Perry have proven that they lack that qualification.