Former Republican vice presidential candidate Sarah Palin told the Fox Business Network Tuesday that President Barack Obama doesn't understand the American way of doing business because of his "background."

"The President is not capable of giving the right message to deal with the problem we are facing with the bankruptcy that’s facing America if we don’t start living within our means," she said. "The right message is that growing more debt won’t get us out of debt, and raising taxes in a time of economic woes in a bad economy is a bad idea."

"A lot of this has to do with his background, him having not been a part of the private sector and running a business or having to rely on making profit. That seems to be foreign to our President. His background and those he's appointing don't understand what America was built upon. His ideas are the antithesis of those things that created the prosperity in America."