David Axelrod is whistling past the graveyard here. "You didn't build that" has been anything but an "empty hole" for Republicans. It has resonated with small business people, and many of those who work for them, all over the country. What hasn't stuck is the defense by "fact-checkers" and the liberals they serve is the defense that the quote was taken out of context. Whether President Obama was referring to infrastructure and not small businesses when he said "you didn't build that" is entirely irrelevant and the left knows that.

What is relevant is that Mr. Obama sees government more noteworthy in the growth of small business than the people who take the risks. It's clear when you hear the entire quote that he is being dismissive of those who are proud of the businesses they built because they don't give government enough credit. That's why those four little words, as Kimberly Strassel called them in the Wall Street Journal, "you didn't build that," do strike fear into Axelrod and company.

To compare this to "drill baby drill" is laughable because Obama's comment spoke to the heart of the differences between the two campaigns. The President feels you can only go as far as a healthy government allows you to. Mitt Romney and Republicans believe the entrepreneurial spirt, unbridled, knows no bounds.