But what is most disquieting is Romney’s larger political vision. When he said that Obama “takes his political inspiration from Europe, and from the socialist democrats in Europe,” he was not only signalling Obama’s “otherness” to one kind of conservative voter; he was suggesting that Obama’s liberalism is in conflict with a uniquely American strain of individualism. The theme recurred when Romney and his allies jumped on Obama’s observation that no entrepreneur creates a business entirely alone (“You didn’t build that”). The Republicans continue to insist on the “Atlas Shrugged” fantasy of the solitary entrepreneurial genius who creates jobs and wealth with no assistance at all from government or society.

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.