Romney's Wealth A Rich Vein For Rivals

(Wall Street Journal) - Mitt Romney joked with unemployed people about being jobless himself. He challenged a rival candidate to a $10,000 bet. And he described the $374,000 he earned in speaking fees in 2010 as "not very much."

Most voters know Romney is rich, and few Republican voters in early primary states appear to hold that against the onetime Massachusetts governor. But recent moments of awkwardness in talking about his economic station have some Republicans worried Romney may face a problem that could slow his quest for the White House.

"Romney's last few stumbles have given his opponents real fodder to use against him," according to Bill Dal Col, who managed billionaire publisher Steve Forbes' two presidential campaigns. "He's still got some work to do showing he's at ease with his own wealth."

Others go further, saying Romney's challenge is to prove he can relate to working Americans in hard-hit, vote-rich states such as Ohio, Pennsylvania and Florida.

Romney campaign advisers rejected the idea that their candidate struggles with the wealth issue. They say it is not a real issue among voters and that they will not let the question distract them from their primary message, which is to promote Romney as the best candidate to reboot the US economy and take on President Barack Obama.

Two facets of Romney's wealth were on display Thursday during a Republican candidates' debate. Romney gave one of his most forceful statements yet on how his private-equity work both created jobs and enriched investors.

"I have worked to try and build enterprises -- hopefully to return money to investors," he said. "There's nothing wrong with profit, by the way ... as enterprises become more profitable, they can hire more people."

But Romney was heckled at the debate when he declined to say how many years of tax returns he would release. His disclosure this week that he pays an effective tax rate of about 15 percent was a reminder that his income comes overwhelmingly from investments, not wages.

Democratic strategists say their party faces a tough slog in winning over working-class white voters in November. Obama's standing among that constituency has slid since 2008. But Obama aides are finding cheer both in Romney's recent statements about his own wealth and in the GOP discussion of his record as a private-equity investor.

Many politicians have shown that wealth is no hindrance to winning higher office. Billionaire Michael Bloomberg won three elections as New York mayor. The list of rich presidents stretches back to George Washington and includes Democratic presidents such as Franklin D. Roosevelt and John F. Kennedy. Romney's financial disclosures put his own wealth at $190 million to $250 million.

"But you have to be honest and forthright and relaxed about it," according to GOP pollster John McLaughlin, who has worked with Forbes and other wealthy clients.

Read more: Wall Street Journal