Holman Jenkins on Barack Obama's attempt to smear Mitt Romney for being a businessman.

For some reason President Obama has us thinking of Marissa Mayer, Bill Ackman and Mark Zuckerberg.

"You didn't build that," Mr. Obama explained to the nation's entrepreneurs, and has been explaining ever since. He only meant to say we need government as well as private initiative, and who could disagree? This argument is anodyne, dispositive of nothing that is in dispute.

Of course, it also comes as a defense of policies that all run in one direction: bigger government, higher taxes. It comes against the background of a re-election campaign whose calculated aim is to portray a respected business leader as a criminal.

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