Obama: Private Sector Doing Fine

At a press conference this morning, the president gave his stunning assessment of the nation's economic struggles.

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.

Oftentimes 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.

Yup - If only the federal government was overspending by more than the $1.4 trillion it's running in deficit this year, why, then the economy would be fine!