Originally posted on Business & Money:
“I can’t think of another presidential candidate in history who has ever tried to win the presidency by running against capitalism.” So said Rush Limbaugh of President Obama last week. Asked for a response during a Fox News interview, Governor Mitt Romney said, “There’s no question but that [Obama is] attacking capitalism.” Romney has also described the Obama presidency as a “debt-and-spending inferno.”
This is overheated election-year nonsense. President Obama is pushing back at the Romney claim that leadership at private-equity firm Bain Capital has taught him how jobs are created, and that a President’s stewardship of the economy consists mainly of maximizing profits for investors. But he is not arguing against capitalism.
Nevertheless, many Americans — and not just hardcore conservatives — believe that this President does indeed reject capitalism. And what’s ironic is that Obama himself is largely to blame: the President is not hiding a hatred for capitalism, but he is hiding what is surely a deep respect for its paramount importance.