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."

- 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. longtooth

    I pay taxes. Why doesn't Mitt?

    August 4, 2012 08:10 pm at 8:10 pm |
  2. Dave

    Blah deregulate blah cut tax blah job creators. Same republican claptrap that started the recession.

    August 4, 2012 08:10 pm at 8:10 pm |
  3. emt2er

    Of course Mitt RoMoney doesn't want the economy to improve. It's bad for his election prospects. Too bad he's not as concerned about America and it's citizens as he is about his ever dimming election prospects.

    BTW Mr RoMoney, release your tax returns. What are you hiding from the American people?

    August 4, 2012 08:10 pm at 8:10 pm |
  4. nolimits3333

    Romney represents capital's desire for the higher returns through cheaper labor costs.

    Capital does not care about externalities like patriotism or morality; if it can get higher returns stabbing the American worker in the back in favor of sweatshop labor, than so be it.

    August 4, 2012 08:12 pm at 8:12 pm |
  5. bspurloc

    The USA according to mitt the twit should copy Poland... SOLADARITY and 12.5% unemployment.

    August 4, 2012 08:12 pm at 8:12 pm |

    What does a failed gov of mass,who couldn't even get realected and hasn't had a job in,ten years know about creating jobs or emproveing the economy ??????

    August 4, 2012 08:12 pm at 8:12 pm |
  7. Thomas

    Romney is so full of it.

    Infrastructure , high speed rail , clean energy.

    If Romney is elected , I can't wait for his to take credit for what Obama has done. Or maybe Mitt will as for a QE 3 as long as it goes to his friends and the Mormon church.

    August 4, 2012 08:13 pm at 8:13 pm |
  8. Mike Waszowski

    This is one thing I agree with Romney on. Money from the last two rounds of QE never made it to Main Street; it got as far as the Chicago Mercantile Exchange where it was used to inflate the price of every commodity, a leading cause of job-crushing inflation.
    It also ended up financing the carry trade in the money exchanges.
    Look at the markets; the thieves raised the price of a barrel of oil 5% based upon Friday's job report.

    August 4, 2012 08:13 pm at 8:13 pm |
  9. earledecker

    In May 2012 Romney claimed he would create 500,000 jobs a month.

    Yesterday Romney claimed he would create 250,000 jobs a month.

    At that rate of reduction by the time the election comes around Romneys job creation estimates will be 125,000 jobs a month.

    Mitt your plan stinks.

    August 4, 2012 08:13 pm at 8:13 pm |
  10. Cindy

    God is alive and he thinks he is Mitt Romney!

    August 4, 2012 08:14 pm at 8:14 pm |
  11. Grant

    Will those quarter million jobs be in the US or China ? ? ?

    August 4, 2012 08:15 pm at 8:15 pm |
  12. CBoz

    It would be interesting to see what would result if there was a policy similar to this: Any small business that posts a profit in during the next calendar year, regardless of the amount, will only be taxed 15%. I would bet that not only will more businesses hire employees, but more people would be willing to start businesses. You see, the current administration thinks that taxes and big central government help America. Unfortuantely, it only stifles the hiring of companies and risk taking of entrepeneurs.

    August 4, 2012 08:16 pm at 8:16 pm |
  13. Yeahona

    So I guess we just sit and do nothing, right Romney? The fundamentals of our economy are strong – right? Pathetic.

    August 4, 2012 08:17 pm at 8:17 pm |
  14. NameGregory M Gordon Sn

    Clint Eastwood for VP. Would make a great campainer. "Are you better off then you were 4 years ago. Well are you punk? Go ahead make my day vote for Mitt Romney and bring real change to America!".

    August 4, 2012 08:17 pm at 8:17 pm |
  15. They ought to change from the elephant to the hippo...

    This guy is too much. Now he knows how to fix the Federal Reserve. If you were such an expert, Mitt, I would think you could have YOUR taxes done on time like MOST of America!!

    August 4, 2012 08:18 pm at 8:18 pm |
  16. Craig

    Mittsy also wanted to let General Motors go bankrupt. But, the craziest thing he ever said was that he "can read a balance sheet" when asked what his business qualifications were. I think his only qualifications are to sit around a yacht club exchanging pleasantries with fellow members. This man should not be President.

    August 4, 2012 08:18 pm at 8:18 pm |
  17. Otis

    Ever notice that CNN doesn't have many lead stories about o'bama? There's a reason. Nothing to talk about.

    August 4, 2012 08:19 pm at 8:19 pm |
  18. Ronnie

    Well, he earlier also said " Let the automobile industry go bankrupt"...
    He want everything to go bankrupt so that Bain capital can buy all of it at throw away price...
    This is what he has learned to do and no wonder he repeat the same again and again..
    Shame on you Romney !!!!

    August 4, 2012 08:21 pm at 8:21 pm |
  19. Ruby

    Here we go again, another lie from Willard Mitt Romney. If he cannot show his taxes how can anyone believe he can create 12 million jobs. Come on be for real Mitt.

    August 4, 2012 08:21 pm at 8:21 pm |
  20. once upon a horse

    of course boosting the economy would only help President Obama and the GOP is dead set against that for sure.

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

    I believe the economy is on the right track after 8 years of GOP rule. Obama could not reverse that mess in three years. Mr. Romney may have amassed lots of wealth for he and his wealthy friends; however, he left the Governor's Office in Massachusetts as 47th in job creation and a huge deficit which was hidden during his final days of office. Hidden in unrealistic cuts which had to be restored immediately when his successor took Office.

    August 4, 2012 08:21 pm at 8:21 pm |
  22. ArmyCSM

    Romney is wrong again. Government went way up under Bush and has actually gone down under Obama. If you don't believe it, look at the job numbers that were just released. Private sector jobs increased and government jobs decreased.

    August 4, 2012 08:22 pm at 8:22 pm |
  23. C Davis

    What is Mitt going to do, bring manufacturing back from China? Are Americans going to make $3.50 per hour to achieve that? What is the plan Mitt?

    August 4, 2012 08:25 pm at 8:25 pm |
  24. Dave Jaipersaud

    I guess we should really listen to this fool. If we did the Auto Industry, which is the backbone of American manufactruing, would have been dead today and our unemployment rate would have been around 12% as oppose to 8.3% today. Oh yes, lets listen to him.

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


    August 4, 2012 08:29 pm at 8:29 pm |
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