The War over Class War

From the Economist.com: 

Economic misunderstanding, not overblown rhetoric, is the real problem with the president

... 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.

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Link: http://www.economist.com/node/21556243