The truth of the matter is that, as I said, 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 — oftentimes, cuts initiated by 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.

press conference on the economy, 2012-06-08, quoted in Little, Morgan (2012-06-10). "Obama's private sector remarks critiqued, defended on Sunday shows". Los Angeles Times. Retrieved on 2012-06-29.