“President Obama’s policy has failed” at job creation, said 2012 presidential hopeful Mitt Romney.

“He and virtually all the people around him have never worked in the real economy. They just don’t know how jobs are created in the private sector,” said Romney.

Romney made these statements as a part of his announcement to set up a presidential exploratory committee, which takes him one step closer to officially running in the 2012 presidential race.

His remarks echoed other critics who claim that Obama and his advisors are academics and politicians who don’t understand how the private economy works and therefore cannot create jobs.

Romney, on the other hand, said he spent his entire career in the private sector.

After graduation from Harvard Business and Law School, he joined consulting firm Boston Consulting Group. In 1985, he headed a startup called Bain Capital that sought to invest in companies, improve them, and sell them at large profits.

At first, Bain Capital had 10 employees. Now, it has hundreds of employees, said Romney. Along the way, he built a successful career in business consulting and oversaw the development of many successful companies. He also turned around many failing companies, including his former employer Bain & Company.

“I learned how America competes with companies in other countries, why jobs leave, and how jobs are created at home,” said Romney.

On his record as the governor of Massachusetts, he said he balanced the budget each year and restored a $2-billion rainy day fund.

America, however, has been put on a dangerous path by Washington and Obama has made it worse in the last two years, said Romney.