August 4th, 2012
07:03 PM ET
9 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. Alexander Murray

    The only way to create the amount of jobs Romney has pledged to create is government intervention

    August 5, 2012 12:23 am at 12:23 am |
  2. Tim m.

    Why won't he elaborate on this incentives and opportunities to boost employment? He does not seem creditable on this issue.

    August 5, 2012 12:26 am at 12:26 am |
  3. PhilG

    Romney-"Fed stimulus would be futile becuase I would just take that money and put it all in my offshore accounts."

    August 5, 2012 12:28 am at 12:28 am |
  4. Bob R., Maryland

    Yeah, right. He's the brain-from-Bain who wanted to let Detroit go bankrupt. And thanks to the Republicans in Congress, who are most interested in acting on their racial hatred of The President than creating jobs, they have blocked all attempts of The President to fix the economy and create jobs!

    Yep, I am an old white man and I recognize that those racists cannot accept that a black man is more intelligent than them. The Republican blacks don't go along for the ride because they like their cushy jobs in Congress.

    August 5, 2012 12:29 am at 12:29 am |
  5. Bob R., Maryland

    Romney is the brain-from-Bain who wanted to let Detroit go bankrupt.

    August 5, 2012 12:30 am at 12:30 am |
  6. Dino

    Romney, wrong again. Even the polls being as inaccurate as they are have Romney losing big time. As far as the QE3 goes, we'll just tax Republicans to cover it. No problem.

    August 5, 2012 12:30 am at 12:30 am |
  7. DZ

    And yet once again we hear the right scream that government doesn't create jobs..except of course unless it's military spending on new weapons, that is the only time it's ever legitimate. Folks there are going to have to be cuts ACROSS the board, Democrats are making them, Republicans only want to cut Dem's areas then triple theirs, the math simply does not work with Republicans in power. Do not buy into this 'fiscal responsibility' gimmick, it's another transfer of wealth typical of a GOP administration.

    August 5, 2012 12:30 am at 12:30 am |
  8. Leroy

    One again, Willard Mitt Romney hasn't a glue how to revitalize the economy!

    August 5, 2012 12:33 am at 12:33 am |
  9. tammyk tammy

    I AM A STIMULUS SUCCESS STORY. The previous stimulus did wonders for my life. In 2009, I become a first time home buyer and received an $8000 tax credit. In 2011, my job was outsourced to India. I used the stimulus money to go back to school for a paralegal certificate so that I could expand my job opportunities and maintain my salary at the same level. Many of the people I had worked with had to take jobs making $5000-$6000 less. I also used some of the money to keep my head above water on my bills while on unemployment which did not cover my household expenses. Without the stimulus, I would have needed to go on food stamps and run up credit card debt. The stimulus allowed me to face the future after being outsourced without facing the loss of my meager retiremment savings or incurring credit card debt. THANK YOU, PRESIDENT OBAMA for understanding the needs of the people.

    August 5, 2012 12:33 am at 12:33 am |
  10. Soothsayer

    $Rmoney is in a fairyland! A real never, never land. A government stimulus program would create jobs, dummy. His own party bosses haven't done anything to create jobs even though they ran on the premiss in 2010 of jobs. Boehner, WHERE ARE THE JOBS! $Rmoney is a loser!

    August 5, 2012 12:36 am at 12:36 am |
  11. Togo

    Ask the Republicans in Congress where the jobs are. They would get in the way of their collective career advancement (yours as well, Mr. Mitt).

    August 5, 2012 12:36 am at 12:36 am |
  12. DarqueSide

    Mitt the Twit strikes again. Is there a single economist who has even hinted this is a normal recession? His remarks are disingenuous to say the least!

    August 5, 2012 12:39 am at 12:39 am |
  13. LeeAT

    And Newt promised $2.50 per gallon fuel. Sadly someone will believe that he can do it. Etch-a-sketch, will say whatever he needs to say. I wish that someone trustworthy was running for POTUS, so that we could elect someone who really had the people at heart.

    August 5, 2012 12:42 am at 12:42 am |
  14. Craig Adams MD

    Great- Just like Romney wanted to let the auto industry go BK he is willing to let the recovery die-- wow--- At last the Pres has had 27 months of private sector job growth!!! I doubt Romney cares about the little guy. I think his goal is to get to ride around in AF1- the final trophy for a rich guy. ZZZZZZZZZZZZZZZZZZZZZZZZZZ

    August 5, 2012 12:49 am at 12:49 am |
  15. Chedar

    Romney say he will have created 12miion jobs in his presidency, where will it be here in the US or overseas. Maybe a job creation more lIkely in India or china

    August 5, 2012 12:57 am at 12:57 am |
  16. Siara

    Federal stimulus would be useless. Just give the top 1% infinite power and we'll take care of "you people".

    August 5, 2012 12:58 am at 12:58 am |
  17. Saje eguke

    I wish Obama as a birthday wish- ur 2 girls get lesbian partners soonest,end up earning less than 250,000 to enjoy low taxes,make use of the nearest free abortion facilities.etc. Can u say amen to that? Cos dats d america of ur dream

    August 5, 2012 01:00 am at 1:00 am |
  18. Dennis1020

    Is that 12 million AMERICAN jobs Mitt? In your first term? Tell us specifically how you are going to do this. If you have some magic potion for creating that many jobs, why have you kept it a secret? Oh, by the way, when are we going to see your tax returns?

    August 5, 2012 01:02 am at 1:02 am |
  19. mary

    I hope the Fed does not listen to this man. When he left Mass. the state was close to bottom on job creation and now he expects the US to believe his lies......................So far he does not trust regular Americans about his plans...he only tells his big donors. He does not trust regular Americans, so why should we trust him or believe anything he says!!!

    August 5, 2012 01:04 am at 1:04 am |
  20. caesarbc

    Tell that to the millions of people that it would directly benefit! If socialism is to be reign in America, then it will be voted into office. You cannot stop this.

    August 5, 2012 01:10 am at 1:10 am |
  21. caesarbc

    Tell that to the millions who will directly benefit from it! If socialism is to reign in America, then it will be democratically voted into office. You cannot stop this.

    August 5, 2012 01:11 am at 1:11 am |
  22. jdoe

    Romney: "A stimulus would be futile. What we need is for the money to go to more tax cuts for the rich."

    August 5, 2012 01:15 am at 1:15 am |
  23. dfeaster

    QE3 would help the economy which would hurt his chances of getting elected.

    August 5, 2012 01:23 am at 1:23 am |
  24. mk1

    Of course not, the Republicans have never wanted the economy to improve. It is all political to them, they care very little about the American people, just elections. You think the debt is high now, just wait, if Romney is elected, it will skyrocket by trillions. Hey, according to Cheney, deficits don't matter.

    August 5, 2012 01:26 am at 1:26 am |
  25. George B

    This is from the guy that wanted to let Detroit automakers die off in 2008, right? I'm not sure the Fed ought to be listening to him about economic matters...

    August 5, 2012 01:26 am at 1:26 am |
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