07/23/2012 08:14 am ET | Updated Sep 22, 2012

What Mitt Romney Is Getting Wrong About Business

The latest election campaign flap--the pink slime filler in the cable news Big Mac--is over President Obama's having told American business owners "you didn't build that." Or, to add a little more context: "Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you've got a business--you didn't build that." Mitt Romney has suggested the remark reflects a misunderstanding of how business works--and that a company's success is due to "people who take risks, create dreams, who build for themselves and for their families."

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