Responding to the Obama campaign’s latest anti-Romney ad, “Steel,” which focuses on a steel company bought and closed under the management of Mitt Romney’s Bain Capital, The Atlantic‘s David A. Graham sees evidence that Team Obama is not only willingly redirecting the conversation toward the economy — after a week-long foray into same-sex marriage — but is doing so in an effort to cast Romney as the villain protagonist ofAmerica’s post-industrial story. Graham sees the commercial’s intended subtext to be: “Romney wants to make the election about the economy, but his vision is to lay off American workers and redistribute wealth upward.”
Graham’s right, but I think the ad’s criticism is even more sweeping. Not only is Romney’s vision questioned, but the entire model of American capitalism over the past quarter-century, manifested most obviously in the embrace of a finance rather than manufacturing-driven economy, is presented as an amoral mistake, achieved only through elites completely alienating themselves from the middle class (read: working class) experience. Coming on the heels of Obama’s embrace of same-sex marriage, a move that represents the future of the Democratic Party more than any event since Obama’s election, “Steel” is an encapsulation of the pitch Obama will make to what’s left of the New Deal coalition’s white working class. It’ll air in most of this cycle’s most-prized battleground states: Iowa, Virginia, Ohio, Pennsylvania and Colorado.
Successful financier and former White House advisor Steve Rattner has expressed his displeasure with “Steel,” accusing it of being “unfair.” In its own way, Rattner’s complaining also speaks to the transitional phase Democrats find themselves in; Rattner is no less a representative of modern Democrats than is “Steel,” and in truth he’s actually more representative of the President’s vision than is this attack ad. I suppose Democrats care more about the fate of working people than do the Republicans; a lot of Republicans genuinely believe that a vulgar free market absolutism, combined with good-old-fashioned and bare-knuckled union busting, will result in rising wages and more jobs for all. I don’t know why they believe, despite the evidence; but I don’t know why Orthodox Jews believe pork to be too dirty to eat — but on and on believing they still persist. At the least, Dems have the better track record as of late when it comes to putting folks to work, so let’s give them the benefit.
As Jonathan Chait notes — probably less ruefully than I might — none of this means Obama’s an heir to Walter Reuther. And this despite the fact that, according to polls, most voters wouldn’t mind some of the economic security (less-than-optimized profits be damned) of that earlier time,
Democrats are not proposing to roll back the staggering rise in income inequality, and they have no plan to restore [pre-Bain]–style capitalism. They do, however, believe that the diverging fortunes of the middle class and the ultra-rich offer more urgency to the case for a government that supports the unfortunate and extends opportunity to the middle class, and at the very least militates against the Republican plan to make the government far less redistributive. That is why Obama has, since December, been hammering home the theme of rising inequality, the role of government in mitigating it, and the ways the Republican program would exacerbate it.
…[T]his is a true political vulnerability for the Republican nominee. The transformation of American business is deeply unpopular. It has made working life less secure and has failed to deliver broad-based prosperity even while it has bestowed enormous riches on the most fortunate. The locus of public opinion on it in many crucial ways sits well to the left of what either party proposes. Many Americans want to go back to the days when corporations offered secure employment and generous benefits.
In a real act of chutzpah, Team Romney will attempt to use Obama’s less-than-total devotion to blue collar populism against him. Byron York of The Washington Examiner reports,
[L]ook for the Romney campaign and its surrogates to counterattack by focusing on an instance in which Barack Obama, in essence, took over a company and laid people off in an effort to save the larger enterprise.
That was, of course, the auto bailouts, and while Obama often cites his success in “saving” the car industry, few remember today how many (non-union) workers lost their jobs in the Obama administration’s handling of the matter. During the economic crisis, General Motors and Chrysler shut down more than 700 dealerships, resulting in the loss of tens of thousands of jobs. And the companies did it under pressure from Obama.…
The Obama administration argued that the loss of jobs was necessary to save far more (union) jobs at GM and Chrysler. Now, the Obama campaign will likely say the same thing. But in the auto bailouts, whatever else one thinks of them, Barack Obama pushed for downsizing and laying people off in a failing business he had taken over.
Of course, a key component of criticisms of Bain — at least in individual cases, like the one depicted by the “Steel” ad — is that it took over what were healthy companies, loaded them up with debt, and then blew ‘em apart and sold off the pieces. York is trying to push the misleading impression of Romney as fixer-upper, which despite being untrue (for good or ill, Romney’s job was to make money for investors, not to destroy companies, nor to save them) has patent advantages as a campaign pitch.
But, again, Obama’s appeal only goes as far as the repulsive powers of the Republican Party can take him. Fundamentally, Obama’s not a guy who’s going to have much ill will towards “private equity” types like Romney. Especially not those he counts among his donors! What we’re left to wonder about the kind of voters targeted by “Steel,” and being jockeyed over by both campaigns, is whether they’ll care enough about Romney’s past to vote against him or whether they’ll ignore Romney and vote against Obama’s economy instead.
As far as these folks are concerned, one thing’s certain: They’ll have no one to vote for; only against.
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