Via Andrew Sullivan, we have this interesting essay, by Jacob Weisberg, discussing why Mitt Romney is struggling to defend his history at Bain Capital. The whole essay is worth reading, but I especially liked this part:
Romney’s Bain career is a story about rising inequality. It’s telling that George Romney, Mitt’s father, made around $200,000 through most of the years he ran American Motors Corporation. Doing work that clearly created jobs, the elder Romney paid an effective tax rate that averaged 37 percent. His son made vastly more running a corporate chop shop in an industry that does not appear to create jobs overall. In 2010, Mitt Romney paid an effective tax rate of 13.9 percent on $21.7 million in investment income—around 14 times as much as his father in inflation-adjusted terms. This difference encapsulates the change from corporate titans who lived in the same world as the people who worked for them, in an America with real social mobility, to a financial overclass that makes its own separate rules and has choked off social mobility. The elder Romney wasn’t embarrassed to explain what he’d done as a businessman or to release his tax returns.
The trouble is that the change Weisberg describes was and continues to be facilitated largely by the loyalty of white middle-class voters to the Republican Party. The people most hurt by the right-wing policies exploited by Romney and his ilk are precisely the ones cheering most loudly as it happens.