Despite the fact that this is factually true (folks ranging from Michael Bloomberg to Alan Greenspan agree), most political prognosticators believe telling the truth on the economy is a bad political move -- because of the poor timing -- and because "feeling their pain" is what wins.
Also of note is the selective editing employed in this ad. McCain's controversial line was preceded by talk of a difficult economy. And McCain's next line was: "...but these are very, very difficult times."
Of course, that part did not make it into Obama's ads, which is why the ads are fundamentally misleading. Just as Obama spent months spreading the falsehood that McCain wanted a "100 year war" in Iraq, Obama is once again misrepresenting McCain's statements.
Think the media will call him on it?
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How the Mainstream Media Operate
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The Red York Times: First in Fake News