The Romney/Bain formula works because it starts from a different point and produces a different result. Bain risks private capital on private ventures to create private jobs and private wealth. In contrast, the Obama/Solyndra formula risks public money on private ventures and creates no private jobs or (non-union) wealth. And despite the recession, Bain-esque opportunities presently exist in America, for example the private sector oil and gas boom that President Obama is simultaneously taking credit for while attempting to derail.
Beyond Solyndra, President Obama’s energy policy is characteristic of his failure-first approach. For instance, he has thwarted the Keystone Pipeline (which would create thousands of good oil jobs) and praised the virtues of algae (which promises no sure jobs) while attempting to take credit for the private sector oil boom occurring in places like North Dakota. This oil shale-rich state boasts the nation’s lowest unemployment rate (3%) as a result of its booming oil industry. North Dakota represents the Romney/Bain approach, which is why it has succeeded. Mr. Obama’s silence on this success is bewildering.
As President Obama kicks off his reelection campaign by talking about ways to “win the future” through “shared responsibility” and “shared sacrifice,” it is apparent that despite the clear evidence of what currently works (oil) and what does not (algae), he cannot or will not own up to his economic failures. Indeed, when pressed on his administration’s support for Solyndra, Obama offered a Clinton-esque dodge, “This was not our program, per se.” This was an outright lie. During a May 2010 visit to Solyndra, Obama triumphantly proclaimed, “This new factory is the result of [Recovery Act, i.e. stimulus] loans.” Further, when asked if Solyndra’s failure would cause him to rethink his support for green technology, Mr. Obama replied, “I’m proud to say that we’re going to continue to support it.”
In stark contrast, unlike Solyndra, Bain Capital is still in business and despite the recession, it is poised to invest in companies and produce jobs as a result. The reason why is simple: the Romney/Bain formula works; the Obama/Solyndra formula does not.
This November, voters have a clear choice – Solyndra v. Bain: government failure versus private sector success. No one doubts Mitt Romney’s ability to turn around ailing entities, and no one believes in Barack Obama’s ability to do so. And while it’s too late to save Solyndra, the bankruptcy process through which it traveled presents a useful metaphor. In bankruptcy, debts are discharged, creditors paid, and viable businesses emerge reorganized, often under new leadership. November’s election presents voters a similar opportunity to reject the bad deals made by the Obama Administration, reorganize America’s leadership, and oust the man responsible for it all, the Debtor-In-Chief.