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. Jack

    Yes... fire teachers, firemen, cops....destroy public sector jobs – Republican governed states are leading in this. Then shout that more jobs are not created. Economy is getting destroyed.
    Republican strategy of not investing in education will have most dangerous long term effect on US growth.

    August 4, 2012 08:53 pm at 8:53 pm |
  2. I Like to tiE My doG To the rooF Of tHE famILY Car for FUN

    ed is watching and will try to encourage the economy. But I don't think a massive new QE3 will help the economy," Romney said, no kidding... I'm shocked I tell you ... just shocked. lol. Hey RoboHead ...I don't want one of your proposed minimum wage shovel-brigade jobs ... huh ... no thanks ......Obama 2012!!!

    August 4, 2012 08:54 pm at 8:54 pm |
  3. Hugh Clark

    Romney would be the final nail in this country's coffin. After 8 years of George Bush which damn near destroyed the country, you would think the voters would be smarter than to give the white house to the GOP again. The scary thing is that average American is so stupid that anything is possible. You are all proof that the US is inferior to most advanced countries when it comes to intelligence which is evidenced by all global educational rankings. Romney won't show his tax returns and for you that's ok. He's hiding something and you're all too stupid to see it. You should all go down with the ship. Dummies.

    August 4, 2012 08:55 pm at 8:55 pm |
  4. SaneGOP

    Really Mitt?! Don't forget, Republicans, that "Stimulus" in many forms is often investment, and investment is required to grow a economy. How much do the rich have buried in tax shelters again? 21Trillion?

    August 4, 2012 08:55 pm at 8:55 pm |
  5. Andrew

    Worked well enough for the Salt Lake City Olympics, didn't it Mitt?

    August 4, 2012 08:55 pm at 8:55 pm |

    Romney: "Don't help the economy, it might help Obama!"

    August 4, 2012 08:55 pm at 8:55 pm |
  7. Stu Steinberg

    What a buffoon. This man simply lies on a daily basis and it is clear that he has a major character flaw. He cannot tell the truth. He has flip-flopped on every major issue–women's rights; abortion; healthcare; gun control...the list is too long to name them all. He is liar by claiming that the previous stimulus packages did nothing and I cannot help but notice that Ms. Borger, like all of the mainstream media (even Fox), refuses to confront this elitist dilettante when he tells these whoppers over and over and over. This is the man who would have let the auto industry and its associated suppliers go down the crapper and, now that the President's plan has been hugely successful, he has tried to claim responsibility for that success. Which is it, you lying liar? The biggest lie is his claim that because at one time he said that the car makers should go bankrupt, and that Chapter 11 is what GM and Chrysler did, this was all his doing. Jeez, Louise.

    August 4, 2012 08:55 pm at 8:55 pm |
  8. Joshua Ludd

    And wouldn't Romney know far far better? After all.. he has business experience. Which is not to say that he made a product or provided any tangible service outside of telling other businesses what to do to stay in business.. you know.. the type of businesses he HASN'T ever run.

    August 4, 2012 08:56 pm at 8:56 pm |
  9. Belseth

    What we need are more tax cuts for the rich! That's what worked the last time. Wait a minute, no it didn't. The rich got a lot richer and they bought stock with the money which produced a net loss in jobs. Why would it be any different this time? The rich don't like risk and starting a small business is risky so they'd rather invest in stocks and bonds. Reducing taxes on the rich just makes them richer.

    August 4, 2012 08:57 pm at 8:57 pm |
  10. The King

    Righto!! The only possible solution here is to give the wealthy more tax cuts, loosen regulation on business and wall street and of course the economy will grow by leaps and bounds. This would not be insane as we HAVE NEVER tried this before.
    romney/palin foreverk!!

    August 4, 2012 08:58 pm at 8:58 pm |
  11. bibleverse1

    He is right on this issue. I agree that another stimulus would be unwise.

    August 4, 2012 08:58 pm at 8:58 pm |
  12. Chuk

    Will someone tell this say-anything-to-get-elected-president blowhard the US is a world economy? When many parts of the rest of the world are near recession you can't just boast about how you will create 12 million new jobs in 4 years. Someone else has to buy your products and services.
    Besides, not that he was a great job creator when he was governor. 47th place in the country isn't that impressive. AND we were not even in crises mode.
    Please someone tell Romney his job at Bain does not equate to job creation. Job # 1 was making profit.

    August 4, 2012 08:58 pm at 8:58 pm |
  13. Tony

    Interesting that when it comes to a new stimulus program, Romney understands that "expecting a different result (from the same actions) is the definition of insanity." And yet he wants to continue the same policies that turned the economy upside down in the first place (cutting taxes on the rich, increasing defense spending and military deployment, corporate and financial deregulation). He dosen't care about the economy as long as the rich get richer! How can any working class American support this guy and his transparent agenda? That's my definition of insanity.

    August 4, 2012 09:03 pm at 9:03 pm |
  14. ug

    And who's stupid idea is this for spending more of OUR one than the idot libs...they know they will lose this fall and are going to sabatage this country as much as possible before they are thrown out and then blame the gOP...

    August 4, 2012 09:04 pm at 9:04 pm |
  15. John

    As usual, Romney is wrong. The first stimulus package DID work, eventually putting over a million people back to work. Romney's just jealous it wasn't HIS plan, which it would have been if he could have gotten to it first. But anything Obama is for, he's got to be against, esp. if it will help the economy. Anything good for the economy right now, he's obviously against.

    August 4, 2012 09:07 pm at 9:07 pm |
  16. Roy

    There we go with another simplistic response from this out of touch moron. Making stuff to sell where? Countries are currently struggling to sell their goods on the world market. More products dumped on the current market will drive costs down. Please tell this joker to get real.

    August 4, 2012 09:12 pm at 9:12 pm |
  17. Bob

    No more stimulas or bail outs period. I don't like Romney but I agree. However time to put a stop to the greedy Republicans who want all the money. How about a tax break for those businesses that hire the more you hire the more the tax break and have in expire in 4 years. The rich has stocked away (this is public) trillions yes trillions for god knows what purpose. So if we do the tax break and at the same time tax the rich more we may get somewhere. Also make E-Verify mandatory nationwide and open up more jobs.

    August 4, 2012 09:12 pm at 9:12 pm |
  18. reacharound

    And nothing on the ideas front either.

    August 4, 2012 09:14 pm at 9:14 pm |
  19. frederick

    It's pretty bad when the left wants to tell you what to do and the right wants to tell you what to do, I thought this was America? There's no left or right but an extremist center that runs this country, that's why we will always have welfare and warfare. Corporations run and fund the government, the people need to wake up and realize that we are losing control every day. Don't let the news tell you it's about race and religion, they're just trying to keep you from talking about class and freedom. Viva la revolucion!

    August 4, 2012 09:15 pm at 9:15 pm |
  20. fullclarity

    Mitt should know, or his advisors should, that the world have changed greatly from previous recessions. If he's still living in the 20th century, where America runs the world, then he really doesn't know. The first stimulus did have a tremendous positive impact on our economy, Romney's comment to the contrary. Remember, he was the person who said that Detroit should go bankrupt, and then later takes credit for helping to save our auto industry. He doesn't have a clue...

    August 4, 2012 09:15 pm at 9:15 pm |
  21. keeth

    But tax cuts for the rich will work to create millions of jobs ... this time ... we sweat ... (snicker)

    August 4, 2012 09:16 pm at 9:16 pm |
  22. rude

    Romney needs to quit going after the nut vote! Psychos who hear voices that Obama blasts small biz are already on board w Rmoney. He needs to focus on the indies!! Too much time n money spent on dumb stuff that only reinforces his base but alienates the thinking people.

    August 4, 2012 09:18 pm at 9:18 pm |
  23. enuff

    But giving the extreme wealthy continued tax breaks stimulates job growth. Years and years of that lame theory have proven THAT DEFINATELY does not work.

    August 4, 2012 09:20 pm at 9:20 pm |
  24. firegoodell

    of course he wouldn't want the Fed to do anything to help the economy – just like he doesn't want the GOP in Congress to do anything to help the economy – I mean why do anything to help the American public....Robme and the GOP are a disgrace to the country and have done everything they can to stifle the economy

    August 4, 2012 09:20 pm at 9:20 pm |
  25. Dave

    How Mitt? Exactly how will your policies help create 250,000 jobs per month for 48 months? Thing is, I and a lot of others believe you will say anything but BE President for your own ego trip. A trip we cannot afford.

    August 4, 2012 09:20 pm at 9:20 pm |
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