The latest Mitt Romney television ad asks, "How can President Obama fix our economy ... if he doesn't understand it's broken?" It's part of the Romney campaign's continued response to President Obama's assertion that "the private sector is doing fine." Watch here:
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.
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.