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RNC mocks Obama's three-year pledge on economy

The ad opens with an interview the president gave on the "Today Show," where he noted that the economy would have to improve by 2012 for him to win reelection.

"If I don't have this done in three years, then there's going to be a one-term proposition," Obama says.

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The ad then shows a montage of top-level Obama advisers like David Plouffe, Valerie Jarrett and Dan Pfeiffer acknowledging that the economy had not fully rebounded.

“Three years later, 12 million people don’t have jobs, home prices are at an all-time low and there is no end in sight. By his own standard, it’s obvious that this president has failed to turn the economy around. And just like Obama said, it’s time to make this a one-term proposition,” said Republican National Committee Chairman Reince Priebus in a statement.

Democrats argue that the economy has rebounded along with U.S. manufacturers under Obama's stewardship.

"Last year, they created the most jobs since 2005. American manufacturers are hiring again, creating jobs for the first time since the late 1990s," Obama said in last week's State of the Union address. "Together, we’ve agreed to cut the deficit by more than $2 trillion. And we’ve put in place new rules to hold Wall Street accountable, so a crisis like this never happens again."  

But Republicans see the issue as a vulnerability for the president heading into a competitive 2012 campaign.

Mitt Romney, campaigning Wednesday in Nevada, also noted the anniversary.

"We're here to collect," Romney told the crowd of supporters.