Former Alaska Gov. Sarah Palin (R) isn't a declared presidential candidate, but she campaigned against President Obama and his economic policies on Sunday. 

"This administration has got to be honest and candid with the american public," Palin said on "Fox News Sunday." "Bottom line, their plans for bigger government, more federal control over our private sector, more regulations and burdensome mandates on our people and our businesses, it's not working."

The paid Fox News contributor and 2008 vice presidential nominee was commenting on the Labor Department jobs report released Friday, which showed unemployment rising to 9.1 percent. The president called reports on slowing economic growth “bumps on the road to recovery” and pointed out that "our economy has created more than two million private sector jobs over the past 15 months."

Palin jabbed at that metaphor and gave a back handed compliment to the president with a metaphor of her own.

"It's very noble of president obama to stay at the helm and go down with the sinking ship, but I prefer -- and many Americans prefer -- that we start plugging the hole, we start powering up the bilge pump and start getting rid of this unsustainable debt that is sinking our ship. We don't have to go the way of the Titanic," she said.

Pressed on her own status as a possible presidential contender, Palin said her chances of running for the Republican nomination in 2012 were "right in the middle."