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. NoTheism

    The US should be very careful of what they wish for–Romney is an extremely dangerous guy..

    August 5, 2012 05:17 am at 5:17 am |
  2. abcd1

    This is one time I can agree with Romney ,But what he has in mine will not work either . If the base of Factorys is not in the USA ,jobs are not coming back. We have shipped 80 % of our jobs to other countries ,You name it ,the produce is made else where.

    August 5, 2012 05:21 am at 5:21 am |
  3. Dave

    Of course he doesn't think it will work...we should just cut taxes on the "job creators" again...that's the ticket. It's worked so well in the past, hasn't it?

    August 5, 2012 05:23 am at 5:23 am |
  4. joe

    "Romney, who is basing his campaign on his ability to be a better economic fix-it man." What a jejune statement by the author. This guy sounds like a professional teenager. Gee, I wonder if he is just another Communist News Network (this is CNN) writer trying to sound neutral.

    August 5, 2012 05:34 am at 5:34 am |
  5. Zechariah14 third mishkan

    Can you ask your self this Question Mr mitt romney did you add 12 MILLION JOBS in Massachusetts as a one term governor why did you not Desire to RUN again for a second Term as Governor of. MASSACHUSETTS. how many times new Taxes where Created when you was a. One
    Term Governor

    August 5, 2012 06:00 am at 6:00 am |
  6. Zechariah14 third mishkan

    Mitt looking forward to you debating with Mr President Obama He is gonna have a Feild day EXPOSEING your records with facts you can't flip flop your record as a one term former Governor of Massachusetts all the TAXES you made up in Massachusetts and you did transfer American jobs overseas

    August 5, 2012 06:07 am at 6:07 am |
  7. Name

    Hog wash! Where arre and answers how Romney intends to fix this economy and, on tranparency–releasing more years of taxes and minutes of Bain Capital 1999 to 2002 as to when he real left the company? Next time cnn interviews Romney it should a journalist who can ask real tough questions and insist on real answers, but not this joke of renditioning campaign talking points!

    August 5, 2012 06:08 am at 6:08 am |
  8. MarineWill

    Ok, why is it a bad idea? How would you creat incentives and opportunities for job creation? Is it me or does this guy never tell you specifically what he would do?

    August 5, 2012 06:15 am at 6:15 am |
  9. omar mobe

    CNN-please get serious and ask rea questions & insist on real answers like, how exactly he plans to fix ecomy, producing records-minutes from 1999-2002 as to he left his company, etc., that give voters solid answers and complete transparency. Allowing Romney simply to Repeat his generalities from campaign talking points amounts abdication of jounarlistic professional responsibility!

    August 5, 2012 06:23 am at 6:23 am |
  10. joe

    Let's see the socialists spin this one. Obama is suing Ohio to try and block military voting while suing Texas so that Mickey and Minnie can vote. And the socialist sheep will follow.

    August 5, 2012 06:27 am at 6:27 am |
  11. protank

    Govt does not create wealth, Get out of the way and let free enterprize work.

    August 5, 2012 06:29 am at 6:29 am |
  12. Michelle

    Right! They should just give the 1% ALL of EVERYONE'S money. That's what Romney and his ilk want and they won't stop until they have it. The Republican campaign slogan should be " Oligarchy Uber Alles".

    August 5, 2012 06:29 am at 6:29 am |
  13. The Wise Sage

    How will top-down economics work if there is not sufficient demand at the bottom? Will business – both large and small – create jobs before demand requires it? Businesses will first take the additional profit and wait to see what demand warrants.

    Demand must come first. It is simple economics. A combination of stimuli for both small business and consumers is the way to proceed. Remember that reducing the size of Government will increase the unemployment roles without affecting consumer demand. Just the opposite will be true: reduction of services will only make consumers spend more for them, thus further reducing demand.

    August 5, 2012 06:37 am at 6:37 am |
  14. Wake up people

    Thank God it's not up to you Willard. Where are those taxes? As long as Willard and crew complain, the better decisions President Obama is making.

    OBAMA 2012!

    August 5, 2012 06:46 am at 6:46 am |

    The Fed must act because Congress is too incompetant. Republicans are intentionally trying to slow up the recovery and this has been going on for 3 years now. Of course Willard doesn't want to see the Fed act because that will only help the country and the President. Whatever happened to "Country First?"

    August 5, 2012 07:00 am at 7:00 am |
  16. ken weavrr

    It didn't work for Bush 1 or 2; why would it work for Romney?

    August 5, 2012 07:05 am at 7:05 am |
  17. A. Mace

    blah blah blah...why don't you go take a ride on your elevator and ponder some more on creating those 200-400,000 more jobs

    August 5, 2012 07:06 am at 7:06 am |

    Why doesn't the press report more on how this depresssion/recession is something that we've never seen in our lifetimes? Most of us were not around for the depression of the 1930's. The crash of 2008 was unparallel to any previous recession. Not only did Bush and company drive the economy to the brink of destruction, to make matters worse, they ran up up humungous deficits. If I were a betting man, which I am, I will say that they intentionally did this. For what ill-intended reason is what we're facing now. A downgrade in our credit rating and constant threats of a governmenbt shutdown. I trust Bernanke's judgement regarding the economy better than Willard's.

    August 5, 2012 07:10 am at 7:10 am |
  19. MollyBee

    Mitt Romney is facing the same dilemma as did John McCain. He has been forced to adopt extreme right-wing policiy platforms in every single issue and it is making him appear indecisive, flip-floppy, mechanical and insinsere. What IS it that compells seemingly moderate men and women to cave under the pressure of the vocal minority?

    August 5, 2012 07:15 am at 7:15 am |
  20. .

    You didn't build that. Someone else did.

    August 5, 2012 07:17 am at 7:17 am |
  21. heyheyhey

    I don't think I am going to trust a man who puts his money outside the USA.

    August 5, 2012 07:20 am at 7:20 am |
  22. Dave

    Previous tax breaks to the very wealthy have had no positive impact on the economy, either, but Romney supports continuing them.

    August 5, 2012 07:28 am at 7:28 am |
  23. Paulette`

    The republicans/tea partiers have obstructed President Obama at every turn. They have been dishonest, disingenuous, & haven't worked for the American public in any way. Romney is taking his direction from corporate interests rather than the interests of the american people. I don't trust him, & I don't believe him! Simple rationality is; make the middle class strong it will trickle up to making the country strong. He has it backward trying to brainwash us to believe the rich would give a crap about anything other than their own benefit. I'm sick of the lies, & empty promises!! I don't like his arrogant demeanor & I don't like his wifes arrogant demeanor. These are the two most unappealing people I can remember in public life.

    August 5, 2012 07:29 am at 7:29 am |
  24. KBuch

    That guy only knows how to take care of himself. He will care less if his own words come even close to be true or not. I like the Republican ways and agree with many of them, but this man is one of the worst choices they have ever come up with for the preseidential race.

    August 5, 2012 07:29 am at 7:29 am |
  25. Don Beal

    The growth in government under President Obama has been lower than the growth under any administration in the last 50 years. Republicans have a history of the highest growth. Our problem is demand, not supply. Mitt Romney's economic plans, such as they are, will do little for demand.

    August 5, 2012 07:34 am at 7:34 am |
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