In a new Obama campaign video, Stephanie Cutter insists that Mitt Romney is taking the president’s comments about business owners remarks out of context.

But if you’ve read the transcript of the speech you know that President Obama told business owners that they “didn’t get there on their own.”

“Look, if you’ve been successful, you didn’t get there on your own.  You didn’t get there on your own,” Obama said. “I’m always struck by people who think, well, it must be because I was just so smart.  There are a lot of smart people out there.  It must be because I worked harder than everybody else.  Let me tell you something — there are a whole bunch of hardworking people out there.”

Finally Obama spoke about the “American system” which included the roads and bridges that allowed businesses to thrive.

“If you’ve got a business — you didn’t build that.  Somebody else made that happen,” he said.

But Cutter heard something different:

“The President said that together Americans built the free enterprise system that we benefit from,” she insists in her video.

If only that were true.