Vice President Biden on Wednesday will continue to hammer Mitt Romney's private-sector record, saying the "middle class lost" during Romney's tenure at private-equity firm Bain Capital.

"This election is going to create a stark and fundamental choice between two different economic philosophies," Biden will say at an address in Youngstown, Ohio, according to prepared remarks released by the campaign.


"There’s Obama Economics, which values the role of workers in the success of a business, and values the middle class in the success of the economy. A philosophy that believes everyone deserves a fair shot and a fair shake, and everybody should play by the same rules," Biden will say.

"There’s Romney Economics, which says as long as the government helps the guys at the very top do well, workers and small businesses and communities can be left to fend for themselves," he continues.

In the speech, Biden will focus on the closing of a steel mill after its purchase by Romney's former private-equity firm, an issue the Obama campaign has used to claim that Romney’s work heading Bain hurt American businesses and cost jobs.

"Everyone lost their jobs," says Biden of the shuttered steel factory in Missouri. "But not everyone got hurt. The top 30 executives walked away with $9 million. And Romney and his partners walked away with at least $12 million. Romney made sure the guys on top got to play by a separate set of rules, he ran massive debts, and the middle class lost. And folks, he thinks this experience will help our economy?"

Biden's comments continue a line of attack first adopted by some of Romney's rivals during the heated Republican primary and adopted by the campaign, which earlier this week launched a new ad accusing Romney of engaging in "questionable business practices" and of personally profiting by closing American businesses.

“It was like a vampire. They came in and sucked the life out of us," says one of the steelworkers featured in the ad.

The Romney campaign, however, has hit back, releasing its own ad touting his record creating jobs in the private sector and as former Massachusetts governor.

“We welcome the Obama campaign’s attempt to pivot back to jobs and a discussion of their failed record. Mitt Romney helped create more jobs in his private sector experience and more jobs as Governor of Massachusetts than President Obama has for the entire nation," said Romney spokeswoman Andrea Saul in a statement.

The cross-fire over Romney’s work at Bain Capital highlights the intensifying fight between both campaigns over who can better manage the economic recovery, which voters peg as the most important issue this election.