President Barack Obama addresses a campaign event at the Palm Beach County Convention Center September 9, 2012 in West Palm Beach, Florida. (Photo by Chip Somodevilla/Getty Images)

With 50 days to go until Election Day, the Barack Obama re-election campaign has released an ad tackling the “are you better off now than you were four years ago” question/challenge put forward by the Mitt Romney camp.

NBC News’ First Read reports:

Remember right before the Democratic convention when Obama campaign officials and surrogates had a difficult time answering the question if Americans were better off than they were four years ago? Well over the weekend — on the fourth anniversary Lehman Brothers’ collapse — the campaign went up with a new 60-second TV ad answering that question in the affirmative. “Here’s where we were in 2008: ‘The worst financial collapse since the Great Depression… American workers were laid off in numbers not seen in over three decades.’ And here’s where are today: 30 months of private sector job growth, creating 4.6 million new jobs. We’re not there yet. But the real question is: Whose plan is better for you?” If this ad was in the works for weeks, then how did the two chief strategists for the president (Plouffe and Axelrod) fumble this? We’re guessing this ad was NOT in the works for weeks and only came to fruition post-Clinton speech.

Watch the ad below:

Meanwhile, both President Obama and Mitt Romney hit the campaign trail today, with the president holding a rally in Cincinnati at 12:25 p.m. EST and a second rally in Columbus at 4:20 p.m., and Florida Sen. Marco Rubio stumping for Romney in Columbus at 3:00 p.m.

Romney will be in Los Angeles today, speaking before the U.S. Hispanic Chamber of Commerce at 3:15 p.m. EST.

Meanwhile, Vice President Joe Biden will stump for the president in Burlington, Iowa today and Romney running-mate Paul Ryan will track him to the state, speaking in Des Moines. And first lady Michelle Obama campaigns for her husband in Tallahassee, Florida, while John McCain stumps for Romney in New Hampshire.

Watch the ad below: