Watch: Romney Launches 2012 Prez Bid Committee

ABC News reports:

Former Massachusetts Gov. Mitt Romney formally launched his 2012 presidential exploratory committee on Monday  in a Web video, declaring that “President Obama’s  policies have failed.”

“He and virtually all the people around him have never worked in the real economy,” Romney said in the message. “They just don’t know how jobs are created in the private sector. That’s where I spent my entire career.”

Romney's announcement comes on the fifth anniversary of his signing of a health care law in Massachusetts that is similar to the national law passed last year and backed by the Obama administration.

Obama has recently been bestowing frequent words of praise for the health care reform law Romney put in place, and Romney has been firing back, saying the two measures are not the same.

“He does me the great favor of saying that I was the inspiration for his plan,” Romney said at a speech in Las Vegas earlier this month. “If that’s the case, why didn’t you call me? Why didn’t you ask what was wrong? Why didn’t you ask if this was an experiment, what worked and what didn’t?”