Private Sector

A surrogate for President Obama's reelection campaign sheepishly admitted on CBS's Face the Nation that "We've had better weeks."

The response came after a declarative statement made by host Bob Schieffer. "This was not a good week, though, for the president," Schieffer said. 

Earlier today, President Obama twice commented at a press conference in the White House that "the private sector is doing fine." He has since made further comments about the economy--but he has yet to say anything specific about the private sector.

President Obama said today in a White House press conference that "the private sector is doing fine."

"The truth of the matter is that, as I said, we’ve created 4.3 million jobs over the past 27 months, over 800,000 just this year alone," Obama said. "The private sector is doing fine."

In dealing with our current economic crisis, we might remember that a recession is not a once-in-a-lifetime experience. Although economists differ on just what constitutes a recession, there have been some 47 in the United States since 1790. There have been 11 since 1945, and they have averaged 10 months in length.