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.

– Follow the Ticker on Twitter: @PoliticalTicker

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. independent

    The number of States that have either lowered taxes below what they need for operational revenue, or refuse to raise taxes from historic lows, forces those States to lay off more and more workers. Shrinking the government, putting more money in the top 5% pockets and keeping the unemployment higher than it needs to be coming into November is the GOP plan.

    August 4, 2012 08:29 pm at 8:29 pm |
  2. soul68

    A Romney presidency = a continued death spiral for the middle class.

    August 4, 2012 08:30 pm at 8:30 pm |
  3. forum

    Romney's right. Printing money or "QE" as its called, is the single biggest scam ever pulled. Think about it. If I had a magic diamond machine that could create diamonds out of thin air, I would make a fortune. After awhile, the diamond market would be so flooded that they wouldn't be worth anything. Its the same way with dollars. You print mass amounts, you make them less valuable, it takes more of them to buy something. Its a scam plain and simple, Obama has to stop printing and spending like a maniac or we're in big trouble.

    August 4, 2012 08:31 pm at 8:31 pm |
  4. David K.

    "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."

    And if the rest of the world is undergoing financial difficulties and can't afford our products, what then?

    August 4, 2012 08:32 pm at 8:32 pm |
  5. Roscoe Chait

    Romney doesn't want another stimulus because it doesn't put money in his pocket.

    August 4, 2012 08:32 pm at 8:32 pm |
  6. WayneKilmer

    Romney actually wants to use Apple as an example of an American company that creates jobs? In China, that is where Apple creates jobs, that is where every product they sell is made. Of course, not a surprise that Romney would admire that.

    August 4, 2012 08:32 pm at 8:32 pm |
  7. longshot

    talk slow to these economic flunkies....tax cuts do not cause businesses to hire people in times of recession. businesses will hire more people only when they need to increase production due to increase demand. how do you increase demand? get people spending more, get more money into the hands of the average worker - stimulus programs.

    August 4, 2012 08:33 pm at 8:33 pm |
  8. Anonymous

    What Romney is really saying is "people who have a TON of money, like me don't like inflation." He also means "Please don't do anything to improve the economy BEFORE the election. I'm hoping and praying it gets worse."

    August 4, 2012 08:35 pm at 8:35 pm |
  9. cedaly1968

    The problem is that the last time we came out of a recession like what we just had it was called the Great Depression and it lasted more than 10 years. I cannot buy into this math or logic.

    August 4, 2012 08:36 pm at 8:36 pm |
  10. David

    So his solution is to let the rich save us?

    August 4, 2012 08:36 pm at 8:36 pm |
  11. cja

    What Romney is really saying is "people who have a TON of money, like me don't like inflation." He also means "Please don't do anything to improve the economy BEFORE the election. I'm hoping and praying it gets worse."

    August 4, 2012 08:36 pm at 8:36 pm |
  12. cedaly1968

    p.s. – how many jobs is Mr. Romney creating by holding his millions in Swiss bank accounts? Zero.

    August 4, 2012 08:36 pm at 8:36 pm |
  13. audrey

    Why doesn't Romney just get his taxes in order instead of making more statements like this to CNN. Another example of how he just doesn't get it!! He's got plenty of money so just doesn't understand how the man on the street is suffering!

    August 4, 2012 08:36 pm at 8:36 pm |
  14. Spike2014

    Finally someone is making sense!! We can't get the economy booming again by more government spending. How many times do we have to go down this road? Hard work and ingenuity in the private sector, along with an environment conducive to job creation is what we need. Not creating a bunch of new government jobs where people sit around and do nothing..... Been to an airport recently and seen countless TSA agents doing nothing???

    August 4, 2012 08:40 pm at 8:40 pm |
  15. Marley

    In other words, Bishop Mittens doesn't want anybody to do anything to help the economy because he needs it to be worst than what it is so that he can win the election.

    How well did Bush Jr. trickle down economics work for ya?!

    August 4, 2012 08:40 pm at 8:40 pm |
  16. Realist

    12 million jobs in four years. How does he say that with a straight face? Maybe the botox prevents him from laughing. And what is his plan? Promises mean nothing if you do not have a plan to realize them.

    August 4, 2012 08:44 pm at 8:44 pm |
  17. Mike

    So under his watch, someone will innovate at the level of the iPad and iPhone. One person ... will create 400K jobs a month ... due to an impressive innovation ... just because he is president.

    Right ...

    August 4, 2012 08:44 pm at 8:44 pm |
  18. Obama Mama

    Where are the tax returns?

    August 4, 2012 08:45 pm at 8:45 pm |
  19. c

    does Mittens not understand the difference between monetary policy and fiscal policy?

    August 4, 2012 08:47 pm at 8:47 pm |
  20. Me 3

    So what is your big idea moron?

    August 4, 2012 08:47 pm at 8:47 pm |
  21. dssman

    Romney has an ulterior motive here as additional stimulus would hurt his foreign investments. These are reasons why he is disengenious about not showing his foreign assets. It also would prove if he paid the taxes he should have paid and clear up any problems when he left Bain.

    August 4, 2012 08:48 pm at 8:48 pm |
  22. K3Citizen

    If Romney is against it then it is the right thing to do.

    August 4, 2012 08:49 pm at 8:49 pm |
  23. fontana60

    steve jobs did invent something usefully but the phones are being made in CHINA!!!!!!

    August 4, 2012 08:50 pm at 8:50 pm |
  24. sherman

    He said "the nation's central bank" isn't that rather one of the central bank's nations?oh ron paul how do we wright you in?

    August 4, 2012 08:50 pm at 8:50 pm |
  25. Eugene9

    For gosh sakes, don't do anything that might help the economy! You gotta love this guy.

    August 4, 2012 08:51 pm at 8:51 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13 14