So Obama made a pretty big "gaffe." He said that the private sector was doing "fine."

Here's the full quote, via WSJ:

"The truth of the matter is that … we've 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," which, he said, isn't getting the support it needs from Washington.

Given that unemployment is over 8 percent, and Q2 GDP is tracking at less than 2 percent, saying that any part of the economy is "fine" looks wildly out of touch, and Republicans are lambasting him for it.

Obama has already backtracked, but is what he said true?

Click here to see the slideshow presentation at Business Insider, of how the public and private sectors have done under Obama »

Joe Weisenthal is the Deputy Editor at Business Insider. Prior to joining BI, Joe was a writer and analyst for Techdirt.com, and before that he worked as an analyst for money management firm Prentiss Smith & Co. We thank him for allowing us to republish his post here at The Winning Words Project.

[Editor's Note: It is imperative that Democrats and Progressives not back down from telling Americans the truth about President Obama's record and the clear negative results of policies Republicans have been promoting for decades. Republicans have been telling Americans that "government" is too big and we need to shrink it to survive. They've had the past 12 years to show us what happens when they have electoral power to make that happen: The economy suffers enormous harm as millions and millions of teachers, firefighters, police officers, maintenance workers, construction crews, etc., lose their jobs, their livelihoods and the ability to participate in commerce and the economy. Democrats are right and Republicans are dead wrong on this issue. Please help Democrats running for office in an effort to fix the American economy, win in November. ~ The Winning Words Project]

Now read how Mitt Romney, John Boehner and Paul Ryan Want To Choke And Drown Us In Favor Of Their Billionaire Buddies »