Oren Cass at Newsweek: Private equity firms take control of businesses to increase debt and redirect spending from capital expenditures and other investments to paying down that debt. Business growth slows.
Private equity cuts salaries, which are a form of business investment.
Private equity also robs the economy of business leadership. Entrepreneurs and managers who might otherwise build businesses that build things or provide useful services are instead going into private equity, creating nothing of value.