'This Week' Transcript: Obama Senior Adviser David Plouffe

PLOUFFE: Well, we clearly improved from the depths of the recession. We were losing 800,000 a month, we're now gaining them. The unemployment rate was around 10, it's come down. We're beginning to see a manufacturing sector emerge, one of the great, bright spots right now is we're adding manufacturing jobs. The American automotive industry was close to extinction. Mitt Romney would have let it go away, by the way. We wouldn't have an automotive industry if he was president. President Obama secured that. We are beginning to really make advances in alternative energy in things like batteries.

So we have made a lot of progress from the depths of recession. We have a lot more work to do. And that's the question we're going to lay out for the American people is the Romney path would be the wrong path for the middle class, the wrong path for this country. We have got to continue to recover not just from the recession, but again how do we build an economy from the middle out so that we have an economy, a tax policy all centered on on how do we make the middle class more secure in this country?

STEPHANOPOULOS: Let me ask you another question about the president's speech. You heard Mitt Romney's pitch to those disappointed Obama voters, does the president need some sort of mea culpa to get them back?

PLOUFFE: Listen, I think this president, next week, what we're going to do today in Colorado through the duration of this campaign, is going to explain what he did to move us away from -- again we were on the precipice of a great depression -- health care, ending the Iraq war, focusing on rebuilding this country.

I think the American people know that we have got a tough economy, largely what the Republican Convention last week was, was hiding their own agenda, a bunch of platitudes and angry insults. And reminding people that we have got a tough economy. People know that. They want to know how we're going to move forward.

And I think we have energized here in Colorado today, great volunteers. We're beginning to see great voter registration in the battleground states. So we think we're going to be able to build the kind of excitement on the ground to win this election.

But again I think the question for the American people, particularly for the middle class voters in this country, and Americans is, who do you trust to make economic decisions with you at the core?

STEPHANOPOULOS: And one of those economic decisions...

PLOUFFE: And Mitt Romney -- well, no George, Mitt Romney is clearly going to make every decision through the prism of he believes that if people like him get a huge tax cut, somehow that's going to trickle down to everybody else. And that's simply not the recipe for growth in this country.

STEPHANOPOULOS: Another big economic decision people are going to have to make is about Medicare. And, you know, Medicare has been a political winner for Democrats for a generation. But in his convention speech, Paul Ryan really seemed to signal that the Republicans aren't going to cede that ground at all. His central message was bring it on. Here he was.

(BEGIN VIDEO CLIP)

RYAN: In this election, on this issue, the usual posturing on the left isn't going to work. Mitt Romney and I know the difference between to protecting a program and raiding it. Ladies and gentlemen, our nation needs this debate, we want this debate, we will win this debate!

(END VIDEO CLIP)

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