The New Yorker recounts Obama’s presidency and contrasts that with Romney’s campaign.

If the keynote of Obama’s Administration has been public investment—whether in infrastructure, education, or health—the keynote of Romney’s candidacy has been private equity, a realm in which efficiency and profitability are the supreme values. As a business model, private equity has had a mixed record. As a political template, it is stunted in the extreme. Private equity is concerned with rewarding winners and punishing losers. But a democracy cannot lay off its failing citizens. It cannot be content to leave any of its citizens behind—and certainly not the forty-seven per cent whom Romney wishes to fire from the polity.