A super PAC supporting Mitt Romney is set to begin a $3.1 million ad campaign in Iowa, with its first ad taking aim at President Obama.

The ad, which is sponsored by a group known as “Restore our Future” that is populated by former Romney campaign aides, goes after Obama’s background, suggesting the president hasn’t ever created jobs in any phase of his professional life. It then contrasts that background with Romney’s decades in the private sector and his experience “rescuing” the Salt Lake City Olympics.

“How many jobs did Barack Obama create as a community organizer? As a law professor?” the narrator says as the screen flashes a big zero. “Mitt Romney turned around dozens of American companies and helped create thousands of jobs.”

Obama campaign spokesperson Ben LaBolt responded to the ad by calling Romney a “corporate buyout specialist” who would “put Wall Street profit ahead of middle class security.”

Such a massive investment of funds on Romney’s behalf is significant and shows that the former Massachusetts governor is all in when it comes Hawkeye state — a tough state for Romney — without a fight.

The question now is when the super PAC will turn its focus to Newt Gingrich rather than Obama, as Romney’s campaign has begun doing.

Restore Our Future raised $12.2 million during the first half of 2011 and hadn’t spent much of it as of June 30. It hasn’t been required to file another financial report since then.