Barack Obama’s campaign plan is to talk about anything but the economy. So far they have stayed away from discussing the staggering U.S. economy and its employment situation. Instead they have determined that the mainstream media can be led by the nose through every red herring issue conceivable.
Their newest deflection is a return to Mitt Romney’s financial holdings. This issue was started by his campaign rivals d Team Obama has latched onto it as a means to separate Romney from middle class voters. Their approach is ‘”Romney is hiding the underlying sources of his wealth from the voters” by not revealing what they are.
The mainstream media is being led along by the nose in this political maneuver. Yesterday’s Washington Post is a case in point. Team Obama started the story by putting out the false canard that Romney was hiding the underlying source of his assets.
Obama campaign manager Jim Messina accused Romney of “exploiting a loophole in order to shield his assets and investments from public review” and holding his financial assets in a “black box.”
The mainstream media followed them in lockstep. The Washington Post’s story was extensive and quite frankly, misleading. Throughout the lengthy article, there wasn’t a single mention of the Team Obama press release that started the finger-pointing. The story was slanted in such a way that it virtually accused the Romney camp of deliberately hiding the underlying sources of his assets.
If you read beyond the first several paragraphs, you would have found out that this is a common practice for most private equity holdings. Romney was required to sign a confidentiality agreement with his former company, Bain Capital, guarding them from public disclosure. In fact, Senator John Kerry had the same situation with Bain Capital, over his wife Teresa’s assets during the 2004 campaign.
Eventually, the reporter revealed that the Office of Government Ethics has approved of this practice for not only Romney but any number of other politicians, Democrat and Republican. Private equity firms, such as Bain Capital, make all of their clients sign confidentiality agreements in order to protect their investments from their competitors. The Romney campaign has asked for a release from the agreement but Bain Capital refused to allow it.
Team Obama was simply looking for an bogus issue to deflect the public’s attention from the real issues. Unfortunately for them, the dust-up was not able to overcome the President’s attack on the Supreme Court. This actual controversy continued with a Texas judge’s demand for a three-page explanation of Department of Justice’s policy regarding judicial review.
Team Obama was unable to keep the public’s eye off the economy. Their mantra that things are ‘looking up’ took a serious hit when the Bureau of Labor Statistics released the latest unemployment figures. Despite the cheerleading from the mainstream media that the new jobs figure would be in the 210,000 range, reality came in the form of only 120,000 new jobs.
Yes, the unemployment percentage dropped from 8.3% to 8.2% but again reality once again pointed out that this was due to people no longer looking for work. This is a big problem for Team Obama. The sustained fall in overall employment which started at the beginning of Mr. Obama;s term continues unabated. According to Gallup, unemployment and underemployment is actually 17.8%.
Of course, the unemployment rate will fall if less people are looking for jobs. It’s all a matter of mathematics. Here’s the hidden math: the American economy cannot afford the levels of employment and expect the U.S. economy to recover anytime soon. This is the main issue that the Republicans need to drive home from now until November.