On Friday, President Barack Obama hosted a press conference at the White House to discuss the economy. It wasn’t his finest moment. In his remarks, Obama told the media that all is well in the private-sector, rather it is the public-sector that is holding the economy back. Here’s the relevant quote:
The truth of the matter is that, as I said, we created 4.3 million jobs over the last 27 months, over 800,000 just this year alone. The private sector is doing fine. Where we’re seeing weaknesses in our economy have to do with state and local government. Often times cuts initiated by, you know, Governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don’t have the same kind of flexibility as the federal government in dealing with fewer revenues coming in.
It’s hard to convince many people, particularly those that will be voting in the fall, that the private-sector economy is “doing fine.” People see the news reports about tepid job creation, still high unemployment numbers, and incredibly large budget deficit. They’re no doubt wondering what planet Obama has been living on over the last three-plus years.
The press conference really could be taken as an in-kind contribution to Mitt Romney and the Republican Party. They’ve pounced on the opportunity to slam the gaffe-tastic remarks. Playing right into their hands, Obama later issued a statement emphasizing that the economy is, in fact, not doing all that well: