Romney Says Obama Doesn’t Understand Capitalism

romney wave Romney Says Obama Doesnt Understand CapitalismAt a campaign event in Denver yesterday, President Barack Obama told the story of how a Iowa woman approached GOP nominee Mitt Romney at a campaign stop and told him her story of financial struggles.

According to the president, Mr. Romney,  “Gave her an answer right out of an economic textbook. “He said, ‘Our productivity equals our income.’ And the notion was that somehow the reason people can’t pay their bills is because they’re not working hard enough. If they got more productive, suddenly their incomes would go up.”

Asked about that remark during a friendly appearance on “Fox and Friends,” this morning, Mr. Romney chuckled and said, “I am afraid he doesn’t understand what productivity means.”

As he would tell, the Massachusetts governor was referring to productivity in an economic sense–the notion that how much a worker works can be measured by how much he makes of a given product in a given period of time, and how much that product sells for.

“Gosh, this is quite a revelation,” Mr. Romney continued. “If you have the President of the United States that doesn’t understand that productivity is a measure of output per person in  the nation as a whole and that it’s driven by such things as the level of automation in the society, the extent  to which government encourages output and productivity.”

Mr. Romney then shifted to say that nobody questions how hard Americans works, noting that they work harder than Europeans and “even” the Japanese.

“We are a hard working people,” he added.

Mr. Romney was then asked about comments Rush Limbaugh made that Mr. Obama is planning to “run against capitalism.”

Mr. Romney said he agreed.

“It sounds like that is what he is doing. No question. He is attacking capitalism. In part it’s because I think he doesn’t understand how the free economy works. He has never had a job in the free economy, neither has Vice-President  Biden.”

You can watch the full video here.