Obama, who took over the government when the American economy was struggling with recession, pointed out that as many as 800,000 jobs were being lost in a month at the time, suggesting that things have but improved.
"We are absolutely better off than we were when I was sworn in and we were losing 800 thousand jobs in a month," Obama told a local news channel in Virginia, a battle ground state.
But the campaign of Republican rival Mitt Romney countered the assertion by calling the President out of touch.
"Obama had a clear message today for the 23 million Americans who are struggling for work: you're 'absolutely better off' in the Obama economy," said Amanda Henneberg, the Romney Campaign spokesperson.
"But the President's out-of-touch comments won't change reality for Americans facing declining incomes, chronic unemployment, skyrocketing prices, and poverty on track to hit fifty-year highs.
"Mitt Romney's policies will finally deliver relief for the middle class by creating new jobs and higher take-home pay for American workers," she said.
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During the interview, Obama also regretted his past comments that were became a rallying cry for the Republicans against him.
"If you've got a business. You didn't build that," Obama had said in a recent campaign speech in Virginia.
The Republicans charged that Obama was suggesting that business owners did not do enough to build their own businesses, but the President and his campaign have asserted that he was referring to public infrastructure and resources that make it possible for businesses to grow.
"Do you have any regrets for the way you made that point?" Obama was asked.
"Obviously, I have regrets for my syntax," Obama replied.
"But not for the point, because everyone who was there watching knows exactly what I was saying," he added.