President Barack Obama, talking to InvestorPlace Editor Jeff Reeves and other journalists live at a White House personal finance online summit, was asked what he thought about Republican primary frontrunner Mitt Romney calling him out of touch with personal finances after his time in D.C.
“I went to law school and much of college on scholarships. So did my wife. We were still paying off our student debt nine years after I graduated law school. Our first home was a modest condo, and I remember scraping together the down payment to purchase it and researching interest rates. When Michelle and I first (bought) the car I was driving, I think I bought (it) for $500. It had a big rust spot on the passenger side where you could see the road, so I know Michelle didn’t marry me for my money. Our credit card debt was tough to pay off; we did college savings funds when times were tight. Our personal finances were about worrying about bills at the end of the month or gas prices or what have you. They really weren’t stable until recently. So in that sense I would say that Michelle and I have had a quintessentially middle-class or working-class upbringing. I suspect that is a contrast to some presidential candidates out there. As for who is in touch and who’s not with ordinary folks … I have no problem with the comparison.” Read