Obama gets grief for saying private sector 'fine [View all]

[Grassy Knoll]

Source: AP

WASHINGTON — President Barack Obama declared Friday that "the private sector is doing fine," drawing instant criticism from Republicans who said it showed a lack of understanding of the nation's economic woes. GOP presidential candidate Mitt Romney responded, "Is he really that out of touch?"

Obama said Friday that businesses had created 4.3 million jobs during the past 27 months and the primary problem with employment is that state and local governments had been forced to cut jobs in the private sector. He urged Republicans in Congress to help them rehire workers.

Republicans pounced.

Romney, holding a campaign event in Council Bluffs, Iowa, said Obama's remark was "defining what it means to be detached and out of touch with the American people." He said the comment "is going to go down in history as an extraordinary miscalculation and misunderstanding."

But while "doing fine" is in the eye of the beholder, Obama was correct that the job picture in the private sector is brighter than in the public sector. Since the recession officially ended in June 2009, private companies have added 3.1 million jobs. Largely because of cuts at the state and local level, governments have slashed 601,000 jobs over the same period. According to the government, corporate profits have risen 58 percent since mid-2009.

Read more: http://www.huffingtonpost.com/huff-wires/20120608/us-presidential-campaign/