The Republicans have harped on a sound byte, taken out of context from the middle of a speech. Seems clear to me that Obama was talking about how much the federal government has contributed to setting the stage for individual business buidling and financial success through infrastructure, public services, and other aspects of government involvement:
"Look, if you've been successful, you didn't get there on your own," he said. "You didn't get there on your own. I'm always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something -- there are a whole bunch of hardworking people out there.
"If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges.
"If you've got a business -- you didn't build that," he continued. "Somebody else made that happen. The Internet didn't get invented on its own. Government research created the Internet so that all the companies could make money off the internet. The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together. There are some things, just like fighting fires, we don't do on our own."