“The private sector is doing fine.” So says President Obama who touted the creation of 4.3 million jobs over the past 27 months during a press conference today despite an economy which is mired in high unemployment, low labor force participation, falling productivity and little growth under the looming shadow of climbing debt.
This reminds me of when John McCain said “the fundamentals of our economy are strong” in the immediate aftermath of the financial collapse of September 2008. McCain was widely derided for that remark and it was the beginning of the end of his presidential hopes. At the time, the Obama campaign stated:
Today of all days, John McCain’s stubborn insistence that the ‘fundamentals of the economy are strong’ shows that he is disturbingly out of touch with what’s going on in the lives of ordinary Americans.
Well, President Obama just had his McCain moment. No one could be more out of touch with the lives of “ordinary Americans” than Obama. I am sure the Romney campaign is putting together a commercial with the clip of Obama stating, “The private sector is doing fine,” over and over again. I am sure the Romney campaign will play that clip every chance they get between now and November 6th. As long as the economy continues to stall or gets worse, those six words will come back to haunt President Obama.