We didn’t teach them how to fish. We gave them the fish. We didn’t teach them how to slaughter the cow to get the butter. We gave them the butter. The real bloat here as we know is in government.
OK, aside from the obvious mangling of cliche in the third sentence, even the sentiment of the first sentence is overlooking the reality of it. Perhaps we are giving "'em" fish, but it seems to me nobody's willing to give them a fishing pole or bait, either. So teaching them to fish is pretty pointless.
Updated: Put in the exact transcript version of what was said, now that it's available.
Added: For that matter, he probably thinks it would be a bull you'd slaughter for butter, a la the Bushs' stallion-milking joke.