In any event, hitting Mr. Obama for his hypocrisy still won’t win the argument, if both men merely share the blame for acts of capitalism committed by Bain. Instead, Mr. Romney should enthusiastically defend Bain, and the job-creating contrast with Obamanomics that it represents. Did Bain have to cut some jobs as it built companies that ultimately created many more jobs? Yes, but its companies created more than they lost, and this dynamic spirit of improvement and enterprise represents a far better path to prosperity than the government-directed, political investing of Mr. Obama.

Mr. Romney can happily claim credit for Bain’s entire impressive history, rather than just the period through 1999. He has every right to do so as the company’s founder. And it will help illuminate the basic difference between his Bain career and the President’s 3.5 years running America’s economic policy to deliver 8.2% unemployment.

Mr. Romney’s Bain worked so well that it became the model for an entire industry. Mr. Romney helped create Staples, a start-up that worked and created tens of thousands of jobs. Mr. Obama financed Solyndra, which did not work. Neither did Abound Solar. The many Obama alternative-energy ventures play in different market segments, but they struggle for the same reason: They serve political agendas more than customers.