June 12th, 2012
05:39 PM ET
2 years ago

Obama jabs Romney over economy

(CNN) – President Barack Obama delivered harsh lines against his Republican rival on Tuesday, saying while he was impressed with Mitt Romney's corporate career, the presumptive GOP nominee had "drawn the wrong lessons from these experiences."

"When I hear governor Romney say his 25 years in the private sector gives him a special understanding of how the economy works, my question is why are you running with the same bad ideas that brought our economy to the brink of disaster?" Obama said at a campaign fund-raiser in Baltimore.

– Follow the Ticker on Twitter: @PoliticalTicker

– Check out the CNN Electoral Map and Calculator and game out your own strategy for November.

The president took a swipe at Romney's economic policies, which oppose tax hikes on the wealthy.

His comments came as both candidates accuse each other of being "out of touch." Obama, referring to himself as someone who has "spent time in the real world," hinted that Romney had a misguided orthodoxy on the way the economy operates.

"The challenge we are facing is that for over a decade, harder work hasn't led to higher incomes," he said. "Bigger profits at the top haven't led to better jobs across the board. You can't solve that problem if you can't even see it."

The debate over the economy rose to new heights in the last few days after Obama took heat for saying the private sector was "doing fine" while suggesting the public sector needed a boost.

Hitting back, Romney, made the case that the federal government needs to decrease, not increase, spending on public jobs, including those for fire fighters, police and teachers.

Both candidates' comments have since spiraled into war on words, prompting a debate over whether a stronger private sector or more robust public sector would best stimulate the economy.

Talking about deficit-reduction measures, Obama joked Tuesday that he loves "listening to (Republicans) give us lectures on debt and deficits" and pointed out the trillion-dollar deficit he inherited.

"It's like somebody goes to a restaurant, orders a big steak dinner, martini, all that stuff. And then, just as you're sitting down, they leave," he said to laughter. "And accuse you of running up the tab."

The event marked one of six fund-raisers for Obama on Tuesday, half in Maryland, the other half in Pennsylvania. The president could raise at least $3.6 million at the events.

All proceeds from the events to go the Obama Victory Fund, a joint fundraising committee of the Obama re-election campaign, the Democratic National Committee and several state Democratic parties.

Also see:

Obama radio spot aims at black voters

Poll gives Obama edge in Pennsylvania

Obama campaign hits Romney's Massachusetts record in second TV ad


Filed under: 2012 • Florida • Maryland • Mitt Romney • President Obama
soundoff (96 Responses)
  1. 2020

    running a business? SO WHAT? Look at HP now, just shed 25,000jobs to pop up their balance sheet to please wall street. Go Staples, out of 10,000 mechandise, find 10 are made in US, you win yourself a bragging right. Otherwise, like Romney, SHUT UP.
    Does Romney has experience in global economy? OF COURSE NOT. If he has, he won't be say stupid things like : stand up to china, Obama runs US like Socialized Europe. Romney looks so stupid, he doesn't know what the hack he is talking about.

    June 12, 2012 09:33 pm at 9:33 pm |
  2. 2020

    BEND Forward America, take another 4 long years of FAILURE

    woo -woo-woo you loser. you cannot face the fact that the President put a ring over health insurance, bring back the bank

    June 12, 2012 09:36 pm at 9:36 pm |
  3. notfooled

    inherited? yes. and then he went on a government "bender" that has lasted another 3 years. this crappy economy is now the obamacare economy. what a charlatan with his blame game. it's called responsibility, mr. president. man up!

    June 12, 2012 09:40 pm at 9:40 pm |
  4. Name

    I tired of hearing the Republican Tallking Point that the President, " never ran a business, met a payroll, had one day of executive experience, has zero finance or business experience and has proven they don’t have a flippin’ clue about how our economy works".

    This President family was at one time on public assistance, worked and borrowed his way through college and personally earned over a million dollars before he was elected.

    Governor Romney like President Bush before him was born with a silver foot in his mouth. They had every conceivable economic advantage.

    So who really understand the economy better???

    June 12, 2012 09:46 pm at 9:46 pm |
  5. WorkinClassDog

    I tired of hearing the Republican Tallking Point that the President, " never ran a business, met a payroll, had one day of executive experience, has zero finance or business experience and has proven they don’t have a flippin’ clue about how our economy works".

    This President family was at one time on public assistance, worked and borrowed his way through college and personally earned over a million dollars before he was elected.

    Governor Romney like President Bush before him was born with a silver foot in his mouth. They had every conceivable economic advantage.

    June 12, 2012 09:48 pm at 9:48 pm |
  6. The GOP opens mouth and inserts foot

    Romney's with the GOP. They haven't had a good idea since...

    Well, in a very long time. Definitely far into the past century.

    June 12, 2012 09:51 pm at 9:51 pm |
  7. jdw.lbc

    I haven't heard it mentioned much in the voluminous dialogue, but the tell-tell signs will reveal themselves when the two candidates debate live in front of the Country. Romeny can be quick on his feet, but will he be quick enough to defeat the President in face-to-face debates?

    June 12, 2012 09:56 pm at 9:56 pm |
  8. Name

    The real problem is we are allowing the to goverment to become to large. This affects the private sector from filling in the gaps. With the large hand of fedral goverment inthe business of the private sector each state is forced to depend on fedral funds. Give the control back to each state, let the state put the programs in place to benefit the people and allow the private sector and it funds to work.

    June 12, 2012 10:06 pm at 10:06 pm |
  9. itscion

    Lmao! Obama is findng a new way to blame Bush this time around. Is he serious with this? Funny how he flipped on Romney's success. First he lied to everyone calling Romney's business career a failure. Now he's flipped from that and is desparately trying to find another angle. And it all comes back to blame Bush........again. Side note- CNN's electoral map shows Romney making up some serious ground from just a month ago.

    June 12, 2012 10:13 pm at 10:13 pm |
  10. beb

    Bush,Boehner and McConnell raised the debt ceiling $4.85 trillion and gave the wealthy the proceeds- under President Obama the increases in the debt ceiling have gone to bailout the middle class as well as the same wealthy bankers and 1 percenters

    June 12, 2012 10:21 pm at 10:21 pm |
  11. dracca

    What a bunch of blabber...Obama can't jab Romney over the economy. Obama has it in the toilet and Romney hasn't had a try at it yet.

    June 12, 2012 10:22 pm at 10:22 pm |
  12. Common sense grandma

    I don't want to elect a BOSS. My experience has been that bosses cater to the ones above them (in this case, those that bought Rimney) - the boss rarely takes up for those beneath him (in this case, us). Romney knows how to give orders to underlings and how to live the good life, and that is fine for him but not for us. Think about how much the average person trusts his boss. Think about whose head gets chopped when cuts are made. I will stick with a president instead of a BOSS.

    June 12, 2012 10:29 pm at 10:29 pm |
  13. G.Awekam

    BEND Forward America, take another 4 long years of FAILURE

    Get a real job instead of sitting behind the keyboard bashing the potus and get an education at the same level as Obama before you criticize him.

    June 12, 2012 10:39 pm at 10:39 pm |
  14. Kev52

    Obama 2012 – BEND Forward America, take another 4 long years of FAILURE says:June 12, 2012 05:45 pm at 5:45 pm

    President Barack Obama delivered harsh lines against his Republican rival on Tuesday, saying while he was impressed with Mitt Romney’s corporate career, the presumptive GOP nominee had “drawn the wrong lessons from these experiences.”
    ===========================================================================================
    Spoken like a college professor that never ran a business, met a payroll, had one day of executive experience, has zero finance or business experience and has proven they don’t have a flippin’ clue about how our economy works, even after 4 years.

    --–-----------------------------------------–

    How can you still think that private sector experience renders one qualified to run the economy of a large country in a global market? If Romney's private sector/business experience was so helpful, why did Massachusettes rake up the highest debt compared to all 49 states during his term, and why were they ranked 47th in job creation? To still believe that private sector/business experience is the only thing that helps one make the right decisions, despite the obvious evidence of Romney's failure in Massachusettes, means that you need to think twice about your position or have a logical thinking scientist display the illogical structure of your perception.

    June 12, 2012 10:41 pm at 10:41 pm |
  15. Jr.

    All i can say is America has came along ways under president Obama we cant afford to go back too 2008.where Bush had America. What we know is better than what we dont know. OBAMA has brought us out of 2 wars and kept America from draining in wall street economical f-up. What will Romney do ? Thats a question America cant afford to get wrong.....let stick with what we know is working OBAMA !!! You may get what you want...but you might not want what you get Romney

    June 12, 2012 10:42 pm at 10:42 pm |
  16. Name

    Obama should have stopped talking while he was ahead. He was left with a 3 trillion deficit that he ballooned to 5 times that amount... Really?

    June 12, 2012 10:55 pm at 10:55 pm |
  17. S.B. Stein E.B. NJ

    The problem is that Romney doesn't understand that the middle class and the needs of those that aren't what the wealthy are. He doesn't understand that Reagan was proven wrong. Trickle down doesn't work.

    June 12, 2012 10:56 pm at 10:56 pm |
  18. sithlord1

    Um jabbing Romney about the economy is stupid. Hasn't Obama been president for over 3 years now and three of those years he had a democrat house and senate? Somehow he is trying to blame Romney and the private sector on the economy. lol obama is done.

    June 12, 2012 11:14 pm at 11:14 pm |
  19. Phil

    Logic n LA...so are we just setting up straw man arguments now that try to imply that Romney actually believes we should do what you suggest? Obama had no executive experience. Romney had that experience in both the public and private sectors. Obama thinks the answer to everything is more government, of that fails, then it was lack of funding that caused the failure and there needs to be more regulation and funding. Repeat. America became great without the likes of Obama and gov't spending approaching 20% of GDP at the federal level. He should have not wasted all the effort on a partisan healthcare bill that will be at least partially struck down. reduce regulation, clear up uncertainty with taxes and stop demonizing the efforts and the aspirations of the 53% who actually pay federal Income taxes.

    June 12, 2012 11:36 pm at 11:36 pm |
  20. Larry L

    If you thought the Bush economic decisions were solid you'll like Romney! Why not just ditch the parasitic Southern States as poor investments? They extract more federal dollars than they contribute – losers not worth considering in long-term planning for our business model.

    June 12, 2012 11:37 pm at 11:37 pm |
  21. Bill

    All Obama has left are a few jabs! Nothing more.

    Most pathetic record of any modern president. Maybe the answer is to borrow and funnel a few more trillion to his buddies so they vote for him?

    June 12, 2012 11:47 pm at 11:47 pm |
  22. Bill

    50% of the people of this country on some sort of governmental aid, 23 + million people unemployed, 40 + million people on food stamps, a presidents budget does not get one vote in either the house of senate, continuous downgrading of the US credit worthiness, including in April by Egan Jones, another 1.2 to 1.4 trillion deficit for this year and in 2013, massive tax increase coming next year (expiration of tax cuts, expiration payroll tax cut obamacare which include 2.3% revenue tax on medical devices)?? Whew, I don't know how any could not vote for Obama and for more of the same?

    June 13, 2012 12:04 am at 12:04 am |
  23. vladimir.

    Republicans are crazy in love to kick Obama and Biden out, but we won't let that happen.
    Mitt has changed his potions one million times. He doesn't remember which color of Shirt used
    yesterday, we don't need someone like that in our White House.
    Mitt treat his employees like Dog.

    June 13, 2012 12:12 am at 12:12 am |
  24. MikeB

    "~ my question is why are you running with the same bad ideas that brought our economy to the brink of disaster?" Obama said at a campaign fund-raiser in Baltimore."
    Really, so the repeal of 'Glass Steagall Act', the exclusion of Fannie and Freddie from 'Sarbanes Oxley', and the denial of the Democrats during the 2004 Fannie and Freddie hearing that was a looming disaster had nothing to do with the 2008 economic disaster?
    Talk about being out of touch. Obama doesn't even know the history that led up to this economic debacle by the Liberals and his faction.
    Another pass the buck by Obama.

    June 13, 2012 01:01 am at 1:01 am |
  25. acepaul

    "It's like somebody goes to a restaurant, orders a big steak dinner, martini, all that stuff. And then, just as you're sitting down, they leave," he (Obama) said to laughter. "And accuse you of running up the tab."

    The way Obama has been spending, he must think he is at an all-you-can-eat buffet.

    June 13, 2012 01:02 am at 1:02 am |
1 2 3 4