Romney's Wealth Could Be a Potential 2012 Problem

The multimillionaire could appear out of touch with everyday Americans.

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Looks like Mitt Romney might be having some money problems. But unlike many Americans in the shaky economy, his problem might just be that he has too much of it.

The latest buzz on the 2012 presidential candidate and former Massachusetts governor has nothing to do with his gubernatorial record. Instead, Romney's been under fire for his plans to demolish and then supersize his La Jolla, California beach house, now worth $12 million, as reported over the weekend by the San Diego Union-Tribune. While successful presidential contenders of the past have been no stranger to vacation homes and high net worth, such luxuries could make Romney appear less relatable to the cash-strapped public this election.

[Check out more on presidential vacations on the Ken Walsh's Washington blog.]

Romney, who had a 20-plus-year career in business before getting into politics, has an estimated personal worth of between $190 million and $250 million, according to his campaign, the Los Angeles Times reports. That he's a multi-millionaire might not sit well with those in the middle class just scraping by or looking for jobs, but then again, as this article points out, he's never really claimed to be an every man's man either.

Of course, his wealth could be also politically beneficial. For one, it helps his argument that he knows a thing or two about growth and managing money. It also could help him out if his campaign has any gaps in fundraising down the road. Not to mention, one could argue that his spending, like on his recently publicized beach house plans, offers a boost to the economy.

Still, with all eyes on the economic welfare of the American people this election, Romney's wealth could be used against him to make him look out of touch, especially if he wins the primary and goes up against Obama next year.

[See photos of the 2012 GOP contenders on the campaign trail.]

For all the attention that expansions to a family home have gotten, it's a good thing he's not renovating a corporate jet.

  • Check out photos of presidential vacations.
  • See a gallery of GOP 2012 presidential nomination cartoons.
  • See photos of GOP 2012 contenders on the campaign trail.