Obama declares: ‘We tried our plan -- and it worked"

Is this out of touch?  From Obama's speech in Oakland, California on July 24, 2012:

But here’s the problem -- we tried that and it didn’t work. (Applause.)  It’s not what you believe, it’s not what I believe, it’s not what most Americans believe will actually make a difference.  This country was not built from the top down; it was built from the middle class out, from the bottom up.  (Applause.) That’s how we became the most prosperous nation in the history of the world.  That’s the path that you can choose for America in this election.  And that’s why I’m running for a second term as President of the United States. . . . 

Just like we’ve tried their plan, we tried our plan -- and it worked.  That’s the difference.  (Applause.)  That’s the choice in this election.  That’s why I’m running for a second term.  

When the American auto industry was on the brink of collapse, more than 1 million jobs were on the line, Governor Romney said, we should just "let Detroit go bankrupt." . . .