President Barack Obama drew headlines across the country when he said “If you’ve got a business — you didn’t build that,” a remark that has been interpreted by Mitt Romney’s campaign as an insult to all business owners. After being asked if he disagreed with Mr. Obama’s comment as a self-made billionaire, however, Mayor Michael Bloomberg defended Mr. Obama and said the context made it clear “that” was a reference to government infrastructure and investment.

“Nobody is a bigger believer of the American dream and capitalism than I am,” Mr. Bloomberg said on his weekly radio show, while arguing the political discussion should be on things like jobs, the environment and gun control instead. “I don’t think Obama really said nobody is responsible or should take credit for what they’ve done. What he did say, if I understood what I read, was that if you didn’t have the public school system, our kids wouldn’t have educations, and therefore when you hired somebody, you’d have to teach them to read and write. And that’s not saying that it takes away anything from the entrepreneur.” Read More