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. Gary

    Nothing new or different here. ANYTHING that could help the economy is the last thing the Republicans want to see happen.From the day that Mitch McConnell said the only thing he wanted was to make President Obama a 1 term president that's what the Republicans have tried to do.The Republican leadership should be put on trial for TREASON !

    August 4, 2012 11:29 pm at 11:29 pm |
  2. Jeff L.

    Seriously? Gee, thought fed stimulus did work. In fact, the global markets tanked just this week when the Fed and it's European counterpart said no to further stimulus.
    The fact is the Mitt will tank the economy to get elected. It is all about Mitt; his credibility has gone down the drain.

    August 4, 2012 11:34 pm at 11:34 pm |
  3. Nate

    I look forward to seeing his policies begin to restore the greatness of the US economy.

    August 4, 2012 11:36 pm at 11:36 pm |
  4. clare

    Romney should stop making hurtful statements that affect the people of the us. he needs to focus on getting the rich to pay their fair share of taxes. he's one of them. also, we want to see more of his taxes. or, did you pay your fair share?

    August 4, 2012 11:43 pm at 11:43 pm |
  5. Joseph Smith

    12M jobs? Uh yeah right. And the Book of Mormon accurately indicates that there were huge tribes of Lamanites and Nephites in North America.. NOT!

    August 4, 2012 11:44 pm at 11:44 pm |
  6. John

    "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." So says Mitt Romney. Since he also promises 12 million new jobs, HE must be the god who can create a lot of Steve Jobs. If A can do B, but B requires C, then A can and must do C. The problem here, of course, is that 'C'-Steve Jobs-is not a thing that anyone except Steve Jobs can create. Especially anyone in government. So Mitt is claiming to be able to do what no mere POTUS can do.

    August 4, 2012 11:51 pm at 11:51 pm |
  7. OCCUPY WALLSTREET FOR CONGRESS

    The previous stimulus was aimed at keeping the banks solvent.

    It did what it was supposed to.

    To bad those same banks refuse to loan out money to the average small businessman.

    The next stimulus should be directed at the worker. Let the banks rott in hell.

    August 4, 2012 11:54 pm at 11:54 pm |
  8. The Left Wing

    In Romney's view the only thing that will help the economy is giving more money to himself and people like him.

    August 4, 2012 11:55 pm at 11:55 pm |
  9. Willie12345

    Most of the last stimulus money went to corrupt organizations, cronies and selected political supporter. No more !!

    August 4, 2012 11:55 pm at 11:55 pm |
  10. chuck weidemann

    I can create one million jobs a month.....Romney only 250,000???? What a wimp!!! Would anyone buy a car from this man? He lies you can tell because his lips are moving....

    August 4, 2012 11:56 pm at 11:56 pm |
  11. Mike P

    So, according to Romney, putting the Republicans in charge again (which didn't work before) would also be the definition of insanity?

    August 5, 2012 12:00 am at 12:00 am |
  12. Moo

    Figures. People who have a buttload of money, of course don't want to see any kind of financial surplus spent because they don't need it.

    August 5, 2012 12:01 am at 12:01 am |
  13. JW

    Isn't his use of Steve Jobs interesting? Most of Apples products are made in China... also you can't make businesses hire if there is no demand. If we continue to have such high unemployment there will be no hiring and no incentive for businesses will be enough to have them make products that nobody is buying so government will have to spend money to increase demand. This doesn't mean government has to do the hiring, they can still purchase things or contract with private businesses, but austerity is not the answer.

    August 5, 2012 12:01 am at 12:01 am |
  14. Tigrr

    The Hitler Big Lie Theory.... Keep telling the same lie over and over until the public buys it. Same tactic the Bushs have used. Wake up, folks. Treason is not a street in DC.

    August 5, 2012 12:02 am at 12:02 am |
  15. Name

    Mitt will be a better president,,we want obama out of the white house know,before we get more people out of work

    August 5, 2012 12:03 am at 12:03 am |
  16. Bulls

    show your tax returns Mitts

    August 5, 2012 12:04 am at 12:04 am |
  17. JimmmyNelson

    The first one did work. Its almost like Republicans have amnesia and cannot remember the state of the economy before the stimulus. Blows my mind every time.

    August 5, 2012 12:04 am at 12:04 am |
  18. Name ripper

    If u have the capability to create these jobs a month well y wait to be president if u really want to be president wouldn't u start creatng jobs now if u want the votes caus u got to know something he don't know or the president befor him

    August 5, 2012 12:05 am at 12:05 am |
  19. Joseph

    So the government should not offer stimulus, the Fed should not offer stimulus, and the private sector is not offering stimulus so basically people should just deal worth a depressed economy according to Romney. Romney's solution is to borrow money from your parents and if you cannot well that's just bad luck and there is no way out

    August 5, 2012 12:07 am at 12:07 am |
  20. bernard

    It hard to create jobs wit high taxes so both candadate have a lot of work to do

    August 5, 2012 12:11 am at 12:11 am |
  21. 66Biker

    That's right, folks. He is absolutely right that "expecting a different result is, as famously said, the definition of insanity." So when it comes time to vote, remember how things went the last time we had a Republicon President and don't expect things to be any different if another one gets elected. That would truly be the definition of insanity. But in all fairness, the same applies to Democrats as well. So what does that tell you? That it's time to vote Independent. So just do it!

    August 5, 2012 12:15 am at 12:15 am |
  22. Bill S

    I don't care if Mr. Romney offered a million jobs a month, these people have been sucking the life out of our unemployment programs for so long that none of them want to work anymore. We can't keep guys longer than a day, because what we do at our place is hard work. People would rather sit around and wait for their perfect jobs to come along at the expense of the American taxpayer. It's a disgrace! Cut people off of the unemployment benefits after a year sitting around. There is no excuse for not getting a job; they are out there, right now, but all for things nobody really wants to do. Take it or leave it, but get out of my pockets!!

    August 5, 2012 12:16 am at 12:16 am |
  23. Wire Palladin, N.Y.

    Romney's problem lies in the fact that most simpletons do not understand the free trade economy, and big government seems safer. Sadly the big government economies of the world are not the strong ones....see north Korea

    August 5, 2012 12:17 am at 12:17 am |
  24. JASON

    totally agree give all stimulus to Robme for cayman safe keeping and fire all americans and sendthose jobs to china

    August 5, 2012 12:18 am at 12:18 am |
  25. King

    this time the fed should push money into infrastructure building, putting millions of people to work, they dont need to give these big financial sector any money, because they will do what they did the last 2 times, and pull a mitt romney and hide their money over seas. the fed need to set up managers and pump the money into rebuilding our country, and out of the hands of corporations and repub governors.

    August 5, 2012 12:19 am at 12:19 am |
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