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."

– Check out the CNN Electoral Map and Calculator and game out your own strategy for November.

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. emt2er

    Now why am I concerned that RMoney doesn't seem to have America's best interest at heart?

    August 5, 2012 01:29 am at 1:29 am |
  2. Leroy

    Electing Willard Mitt Romney would be very futile.....

    August 5, 2012 01:39 am at 1:39 am |
  3. MUSA

    When is the press going to start asking this Romney guy really legitimate questions in regard to his claims!!! It is soo stupid that the media has become just a mouth piece of rediculous statements...e.g: “I can absolutely make the case that now is the time for something dramatic and it is not to grow government,” he said.

    What exactly is Romney idea for something dramatic!!! Which incentives and opportunities does he have in mind for bussiness so they can create those jobs!!! What is his exact proposal for growing even one job!!!

    The media is letting this country down and it is going to be media's fault for reducing politics to this low level of mediocrity!!!

    August 5, 2012 01:44 am at 1:44 am |
  4. fiskenmann

    Yes, romney can do it by bringing back all those jobs to the U.S. that he shipped off to mexico, china and india!!!

    August 5, 2012 01:54 am at 1:54 am |
  5. 60minuteman

    Common Mitt, show us your tax returns. Show everybody how much "free stuff" you have been getting from the government...

    August 5, 2012 01:56 am at 1:56 am |
  6. Xman

    Wonderful analogy, Mitt the Twit. The US needs more "Steve Jobs" creating jobs? Sure, Apple exploded on the scene under Jobs (well AFTER he was fired by the board, mind you) but Mr Jobs solution was ultimately to give Asian OEMs the manufacturing jobs, thus sticking it to his fellow Americans in the pursuit to making AAPL another few hundred truck loads of money. This plan sounds similar to the one Romney participated in as leader of Bain Capital, right? There Romney outsourced our jobs in the name of making money, handing them over to foreign workers. Profit rules, your countrymen be damned.

    Romney, go home to your Olympic horses and your trust fund, live a comfortable life with your snob of a wife, and disappear. The US deserves far better than you.

    August 5, 2012 02:10 am at 2:10 am |
  7. Lee

    Repug leaders have been DESPERATELY calling on the FED to do nothing for a couple years now as they must prolong their Bush era disaster (the worst one since the LAST great republican depression that started after the 1929 financial panic) and continue HURTING the American people in their quest to get the hated "Obama".

    This was their announced goal from the start. Rmoney is just following Rush Limbaugh admonition from well over 3 years ago.

    August 5, 2012 02:20 am at 2:20 am |
  8. pkbkr

    If you believe this, I have a bridge I'll sell you. How many jobs did he really create at Bain? And where are those tax returns?????? Obama/Biden 2012

    August 5, 2012 02:59 am at 2:59 am |
  9. Steve

    If the goal of the Fed is to increase the money supply to cause inflation, that certainly will get us out of a depression, the problem is how to manage all the other problems that come along with that. It's a fine line, and a hard thing to do.

    August 5, 2012 03:05 am at 3:05 am |
  10. arapikos

    This person cannot even show his tax records past two years–and now has the gall to rule out a 3rd stimulus –saying the first two did not work. Where has he been?

    August 5, 2012 03:16 am at 3:16 am |
  11. James

    So the failed trillion dollar stimulus package didn't team Obama anything? Obama touting the jobs report is just pathetic. Sure we added jobs but the unemployment rate went up because we lost more jobs. Basic math seems to elude the democrats.

    August 5, 2012 03:27 am at 3:27 am |
  12. rocinante

    Romney's money isn't even in the US anyway, so none of this US economy business really matters to him.

    August 5, 2012 03:30 am at 3:30 am |
  13. Marry

    "Expecting a different result (from us) is, as famously said, the definition of insanity."
    "I have nothing for you…“
    These are the only words heard from the “presumptive Republican presidential nominee Mitt Romney” that bear any truth in years and that he does not have to go back on!

    August 5, 2012 03:30 am at 3:30 am |
  14. Capone

    How did the stimulus fail?

    Virtually every serious economist has said that without the stimulus package, the recession we went through would have become the next Great Depression. Things would have became a lot worse than they were or are.

    I know the people in this country suffer from a nationalized form of ADD, but are you all going to seriously tell me that you have completely forgotten what state the economy was in on January 20, 2009, when Obama was inaugurated?

    And how can anyone listen to Romney claim that the economy is worse now than it was when Obama became President and not ask him if he has a mental defect?

    August 5, 2012 03:39 am at 3:39 am |
  15. Ehickey

    Wait. so the burden of having to pay wages and retirement packages to Americans is a hindrance on creating jobs? Does anyone else hear how dumb this is?

    August 5, 2012 03:51 am at 3:51 am |
  16. 8Stars

    It didn't work under Reagan and it's not going to work under Romney – remember trickle down economics? Also, what good are small business jobs? There is no health care, benefits, nor good paying jobs.....only minimum wage, and people cannot live on that. Move on – been there, done that!

    August 5, 2012 03:53 am at 3:53 am |
  17. Wynter

    Like Romney has a winning record so far on the economy. He was against helping the Auto Industry and now it is thriving and creating jobs all thanks to the government assistance. If Romney is against it then in all likelihood the plan will work.

    August 5, 2012 03:59 am at 3:59 am |
  18. delos

    This guy is the most empty suit of all time.

    August 5, 2012 04:04 am at 4:04 am |
  19. Cameo35

    ."I'm still waiting to see your tax returns Rommy................or did you pay your taxes ???."

    August 5, 2012 04:20 am at 4:20 am |
  20. Cameo35

    ....................." Yeah right Rommy.............just like the automotive industry, just let it go bankrupt '"

    August 5, 2012 04:22 am at 4:22 am |
  21. FutileToolsOfTheOnePercent

    Romney would ensure the tax breaks would continue for companies that outsource American jobs. Bain Capital was getting tax cuts even while they were outsourcing American jobs. How patriotic is that when we are at war?

    August 5, 2012 04:23 am at 4:23 am |
  22. Kevin

    This man is a joke, he never explains his plans. He thinks he can get elected without any details. He will get crucified in the debates and will be exposed fir the fraud he is.

    August 5, 2012 04:31 am at 4:31 am |
  23. Name SirFlipp

    Of course he doesn't want another stimulus. He can lie again about the first stimulus package not working, we know that it did. A proven fact that Repugs having trouble dealing with truth. A better economy, and a Romney campaign void of substance, would have nothing to run on.

    By the third day of the republican convention, to pick a VP? It would take that long to convince someone to run with him. Who wants to be Palin his John Mccain?

    August 5, 2012 04:52 am at 4:52 am |
  24. judie2

    I agree that the Fed should not do anything else now. Americans used to disparage "managed economies" and say our way of like was better. And in fact, it was! I wish the Fed would let the market find it's range, and go back to a normal, not managed, economy.

    August 5, 2012 05:05 am at 5:05 am |
  25. judie2

    that should be "life" not "like"

    August 5, 2012 05:07 am at 5:07 am |
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