Mitt Romney is hitting the airwaves with his first negative advertisement of the general election.

"Doing Fine?" is the title of the TV attack ad, seeking to capitalize on a gaffe made by President Obama last week during a news conference when he said "the private sector is doing fine."

Mixing images of long unemployment lines and foreclosed homes with text of startling statistics about the current economy, the ad asks "How can President Obama fix our economy if he doesn't understand its broken?"

The Romney campaign, its surrogates, and Republicans immediately pounced on the President's statement last Friday, and have used the past week to paint Obama as out of touch with average Americans. This ad appears to be the culmination of that effort.

The new ad will go up in seven battleground states critical to Romney's path to victory in November - Ohio, Virginia, New Hampshire, Nevada, Colorado, Iowa, and North Carolina.

Mr. Romney has had success with negative advertising in the past. During the primaries, a barrage of ads attacking Newt Gingrich catapulted Romney to victory in Florida after losing South Carolina to the former House Speaker.

Romney's previous general election TV advertisements have been mostly positive, discussing what "Day One" of a Romney Presidency would look like.