Well, Republicans have a convenient sound bite for next year’s election against President Obama.

The president said yesterday that the American people are not better off than they were four years ago — the test Ronald Reagan famously used to defeat incumbent Jimmy Carter in the 1980 presidential election.

Obama, however, said the reason is the financial meltdown that happened before he took office.

“They’re not better off than they were before Lehman collapsed, before the financial crisis, before this extraordinary recession that we’re going through,” Obama said.

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