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E.J. Dionne examines the coming debate over capitalism in his column, “What Kind Of Capitalist Was Romney?”

Thanks to Mitt Romney and such well-known socialist intellectuals as Rick Perry and Newt Gingrich, the United States is about to have the big debate on the nature of modern capitalism that should have started back in 2008. The focus will be on whether some kinds of capitalism are bad for the system as a whole.

As a political matter, the discussion will be a classic test of an old Karl Rove theory that the best way to undercut an opponent is to attack him in his area of perceived strength. Romney’s central claim is that his business experience prepares him to be the nation’s great job creator. That message runs into some difficulty if he is seen instead as a job destroyer.

What if a certain class of capitalist makes scads of money not by building up companies but by tearing them down? What if there is a distinction between the capitalist we typically honor who comes up with a good product and hires people to make and market it; and another kind who takes over a company, pulls out all the cash he can, and then abandons it to die?

This is not the narrative of some Marxist intellectual writing in an obscure journal. It’s how Perry, who last I checked was a rather ardent conservative, described Romney’s line of work.

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For a long time, inflation has been the phantom of the American economy: often expected but never seen. But the latest Consumer Price Index, which showed that prices rose by five percent from May of last year to May of this year, raises fears that it is breaking down the front door and taking over the guest room.

The price jump was the biggest one-month increase since 2008. It appears to support the warning of former Treasury Secretary Larry Summers, who wrote in February that President Joe Biden's budget binge could "set off inflationary pressures of a kind we have not seen in a generation." Senate Republican leader Mitch McConnell charged last month that the administration has already produced "raging inflation."

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