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. William dodge

    And he thinks we will follow him to oz .

    August 4, 2012 09:22 pm at 9:22 pm |
  2. Evan

    Show us your taxes Mitt!!!! 10 years without paying taxes MIt!!! That's an stimulous

    August 4, 2012 09:22 pm at 9:22 pm |
  3. Kris

    Yes, yes Mitt, give more tax breaks to the wealthiest, and raise taxes on the rest of us. Great plan. Epic.

    August 4, 2012 09:23 pm at 9:23 pm |
  4. Pinkie

    And what products do people around the world want to purchase from America that could compete with their cheap labor? The computer jobs, telemarking, and etc. are overseas, where the living is cheap. This is the scenario, create business and after a few years, send them overseas and then force us to retire overseas where the leaving is cheap.

    August 4, 2012 09:24 pm at 9:24 pm |
  5. pntkl

    Why isn't there more discussion about two dollar solutions to trillion dollar problems? America's economy needs more economic amplification–not all of this nonsense that causes additional depletion. A society of thieves cannot exist.

    August 4, 2012 09:24 pm at 9:24 pm |
  6. RogerE

    What kind of fairy land does this guy live in? 200 to 400 thousand new jobs a month is just not going to happen. We are all just asking the wrong questions to begin with. We don't need more new products. More junk to fill up our homes. How about we ask what jobs are needed? Do we need more teachers, doctors, dentists, or police? Or do we need more investment bankers, accountants, and lawyers? When we answer this question honestly then we can figure out how we pay for them by paying the right amout of taxes. Every additional person in a job has a flow on effect in the private economy by creating demand for goods and services. It does not matter whether it isn't government job or a private sector job. Who cares what you call it as long as it a job that we need and moves our world a society forward.

    August 4, 2012 09:24 pm at 9:24 pm |
  7. spike

    When mitt wins , and he will win, this country's economy will take off like a atlas rocket.People are chompin at the bit to get going.Remove the wet blanket of govt regulations and get out of the friggen way already!

    August 4, 2012 09:26 pm at 9:26 pm |
  8. Brad Cantor

    How many job bills have the Republican Senators filibustered? All together they have tried to block everything this President has tried to do for this Country. They have set "world records" in the amount of filibusters.

    August 4, 2012 09:27 pm at 9:27 pm |
  9. michael koleosho

    Mr Romney is full of himself just to win the presidency, but we all know that he is a liar and he can not create 2 to 3,000 jobs in a month

    August 4, 2012 09:28 pm at 9:28 pm |
  10. Paul

    Yes. Tax cuts and more deregulation. Don't worry about what led to the crash in 2006- 2008, it's a totally different scenario. RME

    August 4, 2012 09:31 pm at 9:31 pm |
  11. trex

    ....So, let's just cut to the chase.......................TAX BREAKS FOR THE RICH.............right, Mitt?

    August 4, 2012 09:31 pm at 9:31 pm |
  12. Name Notmislead

    Shut up and produce your taxes! Go away, far far away!

    August 4, 2012 09:32 pm at 9:32 pm |
  13. Middle Ground

    Mitt, I'm sorry I couldn't hear your. When are you releasing the last ten years of your tax records?

    August 4, 2012 09:33 pm at 9:33 pm |
  14. Investment Wellfare

    Im sure he would have no problem accepting QE3,4,5 as well as 2trillion in stimulus to get the economy moving, since people like Romney do the patriotic thing like parking your money in Switzerland and investing in Iranian Oil companies. And betting against the housing crash.

    August 4, 2012 09:34 pm at 9:34 pm |
  15. Dave

    Its time for people suckling off the corporate teat, and MAKE their own position, and stop looking for one. Until then, people are just tools.

    August 4, 2012 09:35 pm at 9:35 pm |
  16. John Kaufman, Oceanside, CA

    Just in case you are completely out of touch with the two previous stimilus packages, QE1 and QE2, both just printed a ton of money with absolutely no backing, then they borrowed on that bogus money to lend to special interest corporations and banks. Some squandered the money away, other horded the money, and still other actually used it to improve their financial mismangement to some degree. But here is the fact, both these hair brain ideas (the QE's) did very little in improving our country's economic and financial mess. This has all been a flash in the pan with no long lasting improvement. Yes, there is a better way other than throwing money at this problem. The Obama administratin has put this country much further into debt. If I was a foreign trader, I would not accept America's bogus money as payment, I would demad gold in exchange for my products and or services. America needs to create more and better skilled workers, by creating OJT tax credits, puttng industrial arts back into the public schools, creatng small to mid-size 100% employee own companies to be fully autonimous, end unions in those businesses, pay strickly on # of products sold, # of products built, and new R&D improved products, and cut the dog ones that do not sell. Get lean and get mean and compete globally and a whole new demension.

    August 4, 2012 09:38 pm at 9:38 pm |
  17. Namejkane fl SEND THE THREE TIME LOSER romney HOME AND MAKE IT FOUR.

    Idiot ,bush the third ,more already failed policies just like as gov of mass !! Where's your tax returns????you won't get elected without them !!!!I guess your not so smart after all romney the bafoon!!!!

    August 4, 2012 09:41 pm at 9:41 pm |
  18. ssrx8

    Romney doesn't want the economy to get better before the election. Way to be a patriot Mitt.

    August 4, 2012 09:41 pm at 9:41 pm |
  19. waikikijohn

    how about some specifics on how you are going to create 12 million new jobs. Talk is real cheap. Europe is battling with unemployment of 25% or more and won't get better for a long, long time. All the while while things are not great with 8% here, it's a lot better than when Pres. Bush left. Sorry, i don't believe anything u say, because u talk in generalities, never in specifics.

    August 4, 2012 09:43 pm at 9:43 pm |
  20. Down the bayou

    "...making products that want to be purchased around the world." Does Gov. Romney not understand that the current economic woes are not insular, it is a global recession. I can produce the most fantastic game changing widget the world has ever seen; however, that doesn't mean I can sell it. Especially since our biggest trading partner, the EU, has seen a dramatic decrease in discretionary spending. Economics 101 – With no demand it doesn't matter what you supply.

    August 4, 2012 09:44 pm at 9:44 pm |
  21. julien vergara

    He is a liar. All hir business is good

    August 4, 2012 09:44 pm at 9:44 pm |
  22. j14401s

    The Feds can hit me with about $500K. I'd buy a new car and some of their foreclosed homes. That would stimulate the economy wouldn't it. Please, please, please.

    August 4, 2012 09:44 pm at 9:44 pm |
  23. Dennis

    Mr. Romney, I am surprised that you don't have a grasp on a simple economic fundamental truth. The only thing that will be an incentive for businesses to hire is consumer demand. They are not going to hire just because you might be POTUS. They will hire however when consumer spending comes back and that won't happen until the consumer can get some money in their pocket. That is unlikely because some people are busy shipping all the jobs overseas, so consumers have less money in their pocket. Also retirees and prudent, conservative investors have less money to spend because now they get zero interest on their savings, just so the bankers can have free money to gamble with everyday. So it is kind of interesting to hear you say that you want businesses to hire, but you oppose all the things that would put a little more money into the hands of the consumer who drives the economy, like increased wages, keeping jobs in this country, higher interest income for middle class Americans, better pensions, lower gasoline costs, lower healthcare costs and fairer taxes. I thought that as a businessman, you would be smarter than that, maybe the British are right after all.

    August 4, 2012 09:46 pm at 9:46 pm |
  24. 111Dave111

    What a con man, a non-drinking Mormon quoting 12-step programs "expecting a different result is, as famously said, the definition of insanity."
    then he tells you something to good to be true
    - 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. "
    All this from the guy who won't show you his 2009 income taxes.

    August 4, 2012 09:49 pm at 9:49 pm |
  25. John

    Sure it would look bad for him as it would help things along. Vote no on mitt

    August 4, 2012 09:50 pm at 9:50 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13 14