Mitt Romney says President Barack Obama's statement that the "private sector is doing fine" will "go down in history" as an extraordinary miscalculation by an out-of-touch president.

In Iowa, Romney pounced on the comments Obama made during a White House news conference on Friday. Romney says Obama's remarks led him to ask: "Is he really that out of touch?"

Romney says Obama is "defining what it means to be detached and out of touch with the American people."

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here

Romney's aides say his campaign will continue to give Obama grief on the matter.

The comment revived memories of a statement Republican nominee John McCain made in 2008, during the economic turmoil, that the economy's fundamentals were sound.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here