You didn't build that, was one of the stupiest things I've ever heard a president say. It hurt him in the polls, and he deserved it.
I really hope he fired that speech writer.
But it's true. Most people who have successful business got a hand from the bank. Therefore they really didn't 'build that'.
The spirit of that speech, was "you're not special". that was the message he gave. He downplayed all the hard work business owners do, all the sacrifices they make and risks they take.
I think you can praise someone without the need to put others down.