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. ohgran

    From the guy who wanted the American auto makers to go bankrupt putting hundred of thousands of Americans out of work at the factories making the autos and the many who supplied parts. Not to mention the local merchants affected by the bankruptcies. And then there was the pennies on the dollar that would have been received by those who were owed money by the auto makers. Nice try Mr. Mitt but you are not our savior you pretend to be. SHOW US YOUR RETURNS! Then we'll be able to judge just how good a business guru you really are.

    August 4, 2012 07:44 pm at 7:44 pm |
  2. Whiter

    Of course, Romney doesn't want the FEDs to do anything that could be helpful! He wants government (teachers, fire fighters and cops) to shrink. These are jobs, too!

    August 4, 2012 07:45 pm at 7:45 pm |
  3. Najie

    No sensible person would believe that it is this President's fault jobs haven't grown as expected. We have a desperate GOP candidate telling us HE would create 12 million jobs in 4 years...HOW MANY JOBS DID HE CREATE AS GOVERNOR? From what I read, he performed poorly in THAT JOB, so why should we believe he could deliver.

    August 4, 2012 07:46 pm at 7:46 pm |
  4. Ted Davenport

    America: electing Romney would be futile.

    August 4, 2012 07:47 pm at 7:47 pm |
  5. WhackyWaco

    The first stimulus did not work so why try another one?

    August 4, 2012 07:49 pm at 7:49 pm |
  6. Dr. Jerry

    Romney says he'll create 12 million new jobs during his first term in office but he doesn't tell us what country they will be in. I'm wondering, will it be Mexico, or China, or Malaysia perhaps.....? He's been very good at closing down American factories and setting up shop elsewhere. Is that his plan for the future?

    August 4, 2012 07:49 pm at 7:49 pm |
  7. n

    Romney show us your tax return or get out of the way. All talk and full of gas. I saw a man standing in the crowd saying nothing, yet talking loud. Can't stand one more word from Mr. Phony Romney. Can't imagine listening to his voice for another 4 years.

    August 4, 2012 07:49 pm at 7:49 pm |
  8. DoNotWorry

    Romney never thought fed money was futile when he was running the Olympics... nor when he was governor. I 'spect he never turned down Bain's tax writeoffs (another form of stimulus just for fatcats). Nope... stimulus is only futile when it is for regular folks.

    August 4, 2012 07:51 pm at 7:51 pm |
  9. JeffinIL

    "expecting a different result is, as famously said, the definition of insanity."

    You mean like sending Republicans and Democrats to capitol hill and expecting them to actually do something?

    Vote independent if you truly want change, otherwise, expect the same stuff we've been getting.

    August 4, 2012 07:55 pm at 7:55 pm |
  10. David

    Obama has yet to do anything correct. Just ride out this depression. In a few years we may be healed.

    August 4, 2012 07:55 pm at 7:55 pm |
  11. drake mallard

    i don't care about the very poor

    Romney: Iran is "single greatest security threat" for U.S.

    like father like sons

    while the middle and lower class of America sent their sons and daughters off to war during the past 10 years…. a war started by Republican NOT EVEN ONE of these 5 Romney son’s (all who were of military service age) served their nation during that time frame. No, not even one!

    Bush, Cheney, Rumsfeld, and now Romney along with the rest of the Republican CHICKENHAWKS never have a problem sending other people's children to war .Will any of Mitt's 5 sons be involved in this future "war"?

    August 4, 2012 07:57 pm at 7:57 pm |
  12. Larry

    Of course he doesn't want to economy to grow. Romney only chance at the White House is if the economy tanks. What a pitiful candidate Romney is.

    August 4, 2012 07:57 pm at 7:57 pm |

    The same bush ideas in a new suit and where's your tax return ??????if all these rich Gop goofs like romney paid their taxes instead of shipping their money off shore to cheat the us government,we wouldn't be in this mess .romney the clown is just a crook in a suit .

    August 4, 2012 07:58 pm at 7:58 pm |
  14. dave

    "JOB CREATORS" ! REALLY! just how long are you GOP dummies going to beat that dead horse invention by your guys! #1. let me try some real facts mittens! the tax break given to the rich was based on the suplus budget monies. #2.when the war started the democrat wanted this tempory tax cut to run out and use the money to pay for the war which by now is about $2 trillion.#3. the tax cut had no promises from the rich that they would creat jobs because we didn't need any at the time. #4. the most important thing you should have learned about your hero Ronald Raegan is something called supply and demand. here is a clue you seem to have a problem with the rich don't "CREAT JOBS" demand for products creats jobs. there is little demand dummy because the middle class has run out of money to spend on anything but what they need because unlike you mittens you made enough money over the years that you hide it in off shore bank accounts while the middle class wage increases have been froozen for over 30 years while theystill wait for the TRICKLE DOWN" to kick in. the GOP made this mess with your failed ideology which from what i can see has not chaned any, so why do you keep thinking that some how its going? the only thing you got going for you is you may be right that the average voter can't seem to figure it out whats going on in the real world!

    August 4, 2012 07:59 pm at 7:59 pm |
  15. stvnkrs10

    too bad none of what he has to say will matter come February.

    August 4, 2012 08:00 pm at 8:00 pm |
  16. Ritti

    What a joke.

    August 4, 2012 08:01 pm at 8:01 pm |
  17. Sanity

    Obama already proved that in 2009.

    August 4, 2012 08:04 pm at 8:04 pm |
  18. Asturiano

    Since when was he an economic genius.

    August 4, 2012 08:04 pm at 8:04 pm |
  19. NameGregory M Gordon Sn

    Glad to hear Gov Romney call this a depression. At least we haven't been in this deep since the 1930's. The Prez is taking credit for a seasonal uptick in employment because he will grasp at any good news to come along and call it his! Hope the VP choice is Jeb Bush or Sen. Rubio. Clint Eastwood would make a good campainer. " Well I ask you punk. Are you any happier then you were 4 years ago? Are you any better off. Vote for Mitt Romney and make my day!".

    August 4, 2012 08:05 pm at 8:05 pm |
  20. frida

    It doesn't even make any different who Mitt nominates as a VP. I'm pretty sure he is not going to win in November.

    August 4, 2012 08:06 pm at 8:06 pm |
  21. g

    better to just forgive all student loans

    August 4, 2012 08:07 pm at 8:07 pm |
  22. bspurloc

    CUZ he has experience with this..... let us here what u did as Gov of Mass instead of how u r a wannabe Ross Perot cept a vulture capitalist.
    lets see those tax returns 07 08 and how much u made off Iranian Oil

    August 4, 2012 08:07 pm at 8:07 pm |
  23. zooni

    For one time, I agree with Mitt the Twit. If all the jobs are in China, people do not have money to spend. The result is low purchasing regardless of wasted Fed money injections. You want to create jobs, then balance the trade deficit.

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

    250K jobs a month? Does Mitt not understand that we are in a global economy and every country out there is struggling? Nothing but hot air.

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

    Yeah, yeah, we know, there is nothing that can be done that would not be futile except elect Mitt Romney.

    August 4, 2012 08:09 pm at 8:09 pm |
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