August 4th, 2012
07:03 PM ET
10 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. some guy in New Hampshire

    Leave us remember that this is the same guy who warned that saving General Motors would be the kiss of death for the American auto industry. So much for "understanding the economy." His advice needs to be taken through that filter.

    August 5, 2012 07:39 am at 7:39 am |
  2. randy

    Based on how well the first one worked who can argue.

    August 5, 2012 07:40 am at 7:40 am |
  3. Namechuck

    Its not that the president is not helping to build economy its the republican party blocking everything he lays out for the american people to get back up on there feet. What mitt and the republican party will do is do almost what Obama has tried to do so to make it appear that the republicans are the right ones to run this country! !!!

    August 5, 2012 07:44 am at 7:44 am |
  4. Aacon

    " but not under this president " Senator Mitch McConnell said the same thing as if to threaten the American people that is a Republican president was not elected the GOP would still hold out, ( hold the country hostage from any real job relief ). The current GOP are nothing but a bunch of crooks who finally got in public office.I was a registered Republican until I saw what the GOP was doing to this country.Outright treason !

    August 5, 2012 07:55 am at 7:55 am |
  5. Dynamic

    Bush bilked the US economy for his cronies and now after thwarting the liberals' attempts to repair the damage ... Romney wants to finish off the US economy once and for all. Conservatives really do believe in water-boarding – they're drowning the economy.

    August 5, 2012 08:04 am at 8:04 am |
  6. ruwan

    Yeah Futile to his campaign. He wants anything but the economy to get better.

    August 5, 2012 08:06 am at 8:06 am |
  7. ME

    Romney??? I,... is better not to talk..

    August 5, 2012 08:15 am at 8:15 am |
  8. Johnny DC

    Go Romney, go. Say the right things, do the right things.

    I will be refreshing to have honor back in the White House again.

    August 5, 2012 08:16 am at 8:16 am |
  9. wjs

    Gosh, there are a bunch of Steve Jobs just sitting around waiting for Mitt's election and his proposed tax changes to become law.

    August 5, 2012 08:17 am at 8:17 am |
  10. Larry

    When the government cuts spending it actually is cutting jobs directly. Those people are now out of work and NOT spending. There is no income tax from them. The government must them spend the support money to unemployed and medicare etc so actually increases the spending. When those unemployed do not spend it cuts the private sector also and further cuts in employment with the lower taxes collected and greater social programs to raise spending etc. The plan will end up with the government supporting the populace on social programs with very little in taxes collected. The spiral will continue down till only the very rich will have money and the government cannot support its social programs. This will never work as Europe can prove right now. Wake up folks and start reading about the Great Depression. This program did not work then and will not work now. What works is government stimulus to put more people to work which increases spending to create MORE JOBS. This increases the tax base with more collected in taxes and does not really cost as much as you might think and in the long run is much cheaper.

    August 5, 2012 08:18 am at 8:18 am |
  11. LiberaLIowan

    Show me your tax returns mittwit. If you think this issue is going to be forgotten, you as as stupid as palin.

    August 5, 2012 08:19 am at 8:19 am |
  12. Stephen

    What a loser – but he does provide a good morning chuckle.

    August 5, 2012 08:26 am at 8:26 am |
  13. pkbkr

    So what is it that Romney would propose?

    August 5, 2012 08:27 am at 8:27 am |
  14. Rationalintn

    This guy is clueless. Clearly, he will say ANYTHING to get elected. 12 million jobs in his first 4 years, all due to tax cuts for the wealthy? Right Mittens, we don't need more empty promises. Tax cuts don't create jobs, investing in people, new industries, and infrastructure creates jobs.

    August 5, 2012 08:35 am at 8:35 am |
  15. Michael E. Maus

    Governor Romney and the Republicans are efficiency experts: they want to tax the middle class and the poor and transfer the money directly into the pockets of the 1%, eliminating any possibility of benefit to the majority of taxpayers and their families. In the last 10 years, hundreds of billions of dollars has been squeezed out of pensions, retirement funds, real estate, education, and the maintenance of our roads and bridges: the records have clearly shown that "trickle down" is a lie. Mr. Romney's speeches are full of coded buzz words that all translate into "Help out the downtrodden rich guys and everything will be wonderful". It hasn't happened anywhere yet...why should we be scammed by this new tall guy who won't even show us how much he "earned" or what he did with it?

    August 5, 2012 08:44 am at 8:44 am |
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