August 4th, 2012
07:03 PM ET
2 years ago

Romney to CNN: Federal Reserve should not enact new major stimulus

Evansville, Indiana (CNN) - Presumptive Republican presidential nominee Mitt Romney said Saturday that he does not support the Federal Reserve enacting a new stimulus program to boost the economy, telling CNN Chief Political Analyst Gloria Borger that a previous effort by the nation's central bank did not have a major impact.

"I am sure the Fed is watching and will try to encourage the economy. But I don't think a massive new QE3 will help the economy," Romney said, referring to a program called quantitative easing.

More of the interview airs Sunday on CNN's "State of the Union with Candy Crowley" at 9 a.m. and noon ET.

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While July's just-released jobs figures showed the public sector taking a major beating, Romney repeated his belief that a government stimulus program is not the right course, saying the first one did not work and "expecting a different result is, as famously said, the definition of insanity."

Romney, who is basing his campaign on his ability to be a better economic fix-it man, repeated his efforts at distinguishing his economic record from President Obama’s.

"I can absolutely make the case that now is the time for something dramatic and it is not to grow government,” he said. “It is the time to create the incentives and the opportunities for entrepreneurs - businesses big and small - to hire more people and that is going to happen. You are going to see that happen in this country but not under this president. His answer is always, ‘Can't we grow government some more?,’ and the problem with growing government, among other things, is that it stays long after these little stimulus years ... and it becomes a burden on the real job creators which are small businesses in this country.”

Romney defended as realistic his just-unveiled promise to create 12 million new jobs in his first four years in office if elected. While some economists have raised doubts about his ability to achieve that goal because it would require adding 250,000 jobs a month, Romney told CNN it is achievable.

"That is what happens in a normal process. When you come out of the kind of recession we've had you should see this kind of creation,” he said. “We should be seeing 200, 300, 400,000 jobs a month to regain much of what has been lost. That is what normally happens after a recession, but under this president we have not seen that kind of pattern. We have just been bumping along with barely enough jobs to just hold the unemployment rate about the same - above 8% - 42 months like that. You have to have the Steve Jobs of the world beginning businesses, making products that want to be purchased around the world. That gets Americans back to work."

As for the million-dollar question regarding his running mate, he would not say even if he has made the decision.

"I have nothing for you on the vice-presidential front," he said, adding, "I can assure you by the third day of the Republican convention we will nominate a Republican vice president."

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Watch State of the Union with Candy Crowley Sundays at 9am ET. For the latest from State of the Union click here.


Filed under: 2012 • Mitt Romney • TV-State of the Union
soundoff (340 Responses)
  1. gosto

    Romney is depending on the economy failing.

    August 4, 2012 07:19 pm at 7:19 pm |
  2. Squigman

    Hell no. The more people that are underemployed, or unemployed the better. If they're dependent, they're easier to control.

    August 4, 2012 07:26 pm at 7:26 pm |
  3. James

    America is not a movie where you can ride into town, guns ablazing and impose your will on the people. The reality is that americans must learn to live with less material things, more humility and a greater understanding of how world economies work. Mr. Eastwood is just another very rich old man who does not understand what the middle class is going through.

    August 4, 2012 07:27 pm at 7:27 pm |
  4. MaryM

    Romney said let the Auto Industry go bankrupt. And now Romney says no help for the Americans that are still struggling

    August 4, 2012 07:28 pm at 7:28 pm |
  5. skytag

    "When you come out of the kind of recession we've had you should see this kind of creation"

    Not exactly my idea of a sound economic argument.

    August 4, 2012 07:28 pm at 7:28 pm |
  6. JustSayin

    He's loosing, getting desperate, and they haven't even debated yet. Next we'll hear about $300 "tax credits" that he wants to mail every American.

    August 4, 2012 07:30 pm at 7:30 pm |
  7. Andy

    Bravo Mitt. They say the first step in recovery is admitting you have a problem. You're almost there. Just admit it: The Federal Reserve is the problem, I will appoint an austrian economist to the chairman of the board, we must audit the Fed, and we have to take the next steps to abolish it.

    August 4, 2012 07:30 pm at 7:30 pm |
  8. dscon

    the feds(obama regime) "will" do another stimulus.
    the timing "will" be political

    August 4, 2012 07:31 pm at 7:31 pm |
  9. jackson

    Again Romney discredits everything that's been done to save us from sinking into a depression, but gives nothing but rhetoric to what his approach would be to improve things. Hopefully the voters can see though this dolt.

    August 4, 2012 07:33 pm at 7:33 pm |
  10. ohreally

    Of course he doesn't want to see another stimulus. If the economy picks up. He loses. Typical Republican. Tank the economy and win the WH. This has been the plan all along.

    August 4, 2012 07:35 pm at 7:35 pm |
  11. skyler

    Of course, this is the guy who said we should let Detroit go bankrupt and let the housing market bottom out on its own. What a loser.

    August 4, 2012 07:35 pm at 7:35 pm |
  12. JohnRJohnson

    This is a purely ideological response from Romney, designed to stir up his base. Most reputable economists agree that the first stimulus was too small. It was too small because everybody had under-estimated how much the economy had shrunk. Instead of 6%, it had shrunk by nearly 10%, so the stimulus was roughly half the size it should have been. Still, it did help save about 1.5 million jobs and create about 2 million new jobs. Not nearly enough, but it was just part of an effort to stop the economic freefall we were in. We urgently need another stimulus, probably in the form of a jobs bill that puts people to work on our crumbling infrastructure. (Obama put one on the table six months ago). Romney's philosophy of austerity ignores not only how it failed before the Great Depression, but also how it recently failed in Europe and only made things worse. God help us all if this clown gets elected.

    August 4, 2012 07:35 pm at 7:35 pm |
  13. Chocolate cupcakes

    He has a point. Our economic issues are now due to Chinese theft of our jobs and technology. Once they have the manufacturing jobs they won't stop there. They'll try to sabotage the companies that hired them, and then buy them out. The cheap laborers, hope not only to drain our wealth to catch up to us, but to take everything we have.

    Nothing short of total victory will make up for their massive face loss over the failure and misery of communism. We should keep that in mind when dealing trade with the.m They are our worst enemy, they just won't admit it.

    August 4, 2012 07:39 pm at 7:39 pm |
  14. midogs2

    Romney, Romney, Romney. I'm so tired of.............oh, wait.........it's Marsha, Marsha, Marsha......

    August 4, 2012 07:39 pm at 7:39 pm |
  15. Terry Moore

    Mitt....you know so much.... you are simply an amazing man...Suggestion : go try your recipes in countries that really want to fail.... :)

    August 4, 2012 07:39 pm at 7:39 pm |
  16. Randy, San Francisco

    Romney's opposition to QE3 is proof that the GOP/Tea Party does not want the economy to recover until after the November election. Not surprising from a fat cat GOP/Tea Party candidate who paid no income taxes for 10 years.

    August 4, 2012 07:40 pm at 7:40 pm |
  17. Brian Dodge

    "...saying the first one did not work and "expecting a different result is, as famously said, the definition of insanity."

    Is he talking about his plan to double down on the Bush tax cuts?

    August 4, 2012 07:40 pm at 7:40 pm |
  18. wm Scot

    What a rube !
    If we had not had the stimulas initially we would be in a huge depression. Unfortunatly OUR president listen to the republican side when the moneys were distributed and they went to thier and some democratic special intrests instead of the shoval ready projects that were needed to get the economy running !
    We need the infrustructure moneys in place now and if the means more stimulas then do it !

    August 4, 2012 07:41 pm at 7:41 pm |
  19. dan

    this is the smartest thing i've heard willard romney say during this entire campaign. NO, PRINTING MORE AND MORE MONEY DOESNT HELP THE ECONOMY. IT HURTS THE ECONOMY IN THE LONG RUN, WERE ON A PATH TO INFLATION IF WE KEEP PRINTING, AUDIT THE FED, RON PAUL REVOLUTION

    August 4, 2012 07:41 pm at 7:41 pm |
  20. TM

    "We should be seeing 20, 30, 40,000 jobs a month to regain much of what has been lost. That is what normally happens after a recession." This is not your dad's recession. If it were that easy, we might be seeing the rest of the world doing this. Are we the only ones who are trying to get out of a recession?
    "Romney defended as realistic his just-unveiled promise to create 12 million new jobs in his first four years in office if elected." Pardon me. But, FDR was able to do this by creating a war economy. When did we ever create that many jobs, by cutting taxes in such a short amount of time? Just-inveiled promise. What kind of plan is that? All this hooey is getting me anxious. What do we do when he (somewhere here there must be a Congress, or has the President become a dictator), doesn't achieve this Utopian dream – Don't elect, impeach, grip? Good luck on average Americans. He's here to stay along with the plutocracy that will maintain him in office as long as their bottom line increases.

    August 4, 2012 07:41 pm at 7:41 pm |
  21. Bayousara

    Actually, during times like this stimuluses DO work and so does beefing up fed employment. Of course, fed employees and state and locals have been being laid off for several years. Gotta go back to economics school folks.

    August 4, 2012 07:41 pm at 7:41 pm |
  22. lazoal

    Only in the vacuum of his delusional mind. Cutting corporate taxes doesn't create jobs but it will sure line the pockets of the CEOs. Jobs are a product of a global supply and demand relationship. Then again Romney is short on specifics because he can't be bothered with the details of this patently false correlation.

    August 4, 2012 07:42 pm at 7:42 pm |
  23. will never vote Republician again

    Did your $77,00 write off horse win gold yet? Oh, show us your taxes! That's all the voting American public wants to hear about!

    August 4, 2012 07:42 pm at 7:42 pm |
  24. Doc_Hollywood

    "Only I can save the economy" said Romney. "The reason I don't think the feds should try to stimulate the economy is simple. If it succedes then Obama would look good. And even though it might help the American people, we just can't have that happen. After all, would I rather the feds stimulate the economy and help the American people at the risk of making Obama look good or keep the economy in the dumps and make me president? Well, it's an easy answer....I wanna be president."

    August 4, 2012 07:42 pm at 7:42 pm |
  25. glorydays

    He doesn't have to worry. His money is elsewhere....

    August 4, 2012 07:42 pm at 7:42 pm |
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