The Private Sector Is Doing Fine

US State and Local Government Employees

US Corporate Profits (more data below)

http://www.businessinsider.com/the-private-sector-and-the-public-sector-under-obama-2012-6#if-you-exclude-federal-government-workers-then-the-decline-in-public-sector-employment-is-even-more-severe-this-chart-represents-state-and-local-employment-10

So Obama is right, the private sector IS doing fine.