Problems with the economy have been building for decades, President Barack Obama told CBS program "60 Minutes" in an interview set to air Sunday, Dec. 11.
"I've always believed that this was a long-term project," the president said. "Reversing structural problems in our economy that had been building up for two decades, that was going to take time."
Obama was asked whether he understood the difficulties of improving the economy when he took office in 2009.
"It was going to take more than a year. It was going to take more than two years. It was going to take more than one term. Probably takes more than one president," Obama told his interviewer.
Obama said he understood the frustrations of Americans struggling in today's economy, but compared himself to a captain of a ship in a bad storm.
"No matter how well we're steering the ship, if the boat's rocking back and forth and people are getting sick and...they're being buffeted by the winds and the rain," Obama said.
"People are going to say, 'You know what? A good captain would have had us in some smooth waters and sunny skies, at this point.' And I don't control the weather," the president added.