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. Jon Apple Grand Central

    This guy is a bum. a rich bum but still a bum with pie in the sky plans.

    August 4, 2012 09:50 pm at 9:50 pm |
  2. TNPatriot

    CNN, the Million Dollar question is When/If he will release 10 years of tax returns. Until he does that, the idea of a Romney VP means NOTHING!

    August 4, 2012 09:51 pm at 9:51 pm |
  3. kmac

    Mitt is one of termites of finance. He and the rest are trying to achieve a depression. Why does business continue to make money but middle class doesn't. Mitt is big business that gobbles up small ones. Think he out to help small business-NO.

    August 4, 2012 09:52 pm at 9:52 pm |
  4. Eli

    Sounds great Mr. Politician. But I am not interested in Promises.

    August 4, 2012 09:58 pm at 9:58 pm |
  5. Mike Texoma

    Somebody please explain to me just how it is that the Ryan budget, enacted, will create a net gain in new jobs for America.

    Please explain how it is that cutting taxes on the top 2% will result in job growth, when the same 2% are sitting idly on $4 trillions in liquid assets without creating much of anything, and taxes are at an all time low.

    Pleasae explain to me how it is that deregulation will lead to anything other than the boom and bust economic cycle that just crashed us, and how Americans find that attractive.

    Please explain to me how it is that Romney's starve the beast economic policy will lead to robust growth, when by all logic it should, by radically shrinking the size and functionality of government, lead to a renewed recession if not an outright depression.

    Romney promises 12 million new jobs, but the policies he embraces will take America in the opposite direction. And when he comes right out and says he hopes the Fed will do nothing to stimulate the economy, that is when you see the real Romney for what he is. His radical vision is America Incorporated, with himself leading 235 million people to a very fat bottom line for the 2% in the short run, and devil take the hindmost.

    August 4, 2012 09:58 pm at 9:58 pm |
  6. Bob Bard

    If Mr.Romney could POSSIBLY create the kind of job growth he mentioned,most of them would be outsourced! Also,you wouldn't release your tax returns when running for Massachusetts Governor,and you won't do it again-if you have nothing to hide,why not release them and get this behind you ??? Bob Bard Easthampton,Massachusetts

    August 4, 2012 10:03 pm at 10:03 pm |
  7. JRH

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

    Exactly. Just like Republican economic policies. It's never worked before, and it's not going to work in the future. Obama 2012!

    August 4, 2012 10:03 pm at 10:03 pm |
  8. craig

    Yup, let's just take a look at how well the "smaller government in the midst of a crisis depression" is working in Europe. All those countries that have cut back are well on the road to...well, wherever they're going it ain't "recovery."

    Rmoney is an idiot, and the evidence of his failings is easy to find. Now he says the Tax Policy center is wrong...after applauding their work to discredit Perry, and again promises that no taxes will go up. Well, if you're going to take in less and still gain on the deficit, it's got to come from somewhere, Mitt. Tell concrete terms, where you think the Easter Bunny left the golden eggs.

    August 4, 2012 10:04 pm at 10:04 pm |
  9. Rick1948

    Romney could give a damn about the economy except for one and only one aspect. He wants the economy to stay in the cr@pper because he thinks it will give him a better chance of getting elected. Then, if he is, he can push through a bunch of deregulation and removal of worker protections to fatten the pocketbooks of his rich buddies and turn the United States into a 3rd World country with no middle class.

    August 4, 2012 10:04 pm at 10:04 pm |
  10. Donkey Party

    Romney is a fool, and a liar, and there's plenty of statistical data to prove both. Romney's "plan", involves deregulation and giving corporations and the wealthy huge tax cuts, all of which is offset by the middle-class and poor paying for it. The rich have had over a decade of favorable tax cuts, and they created zero jobs. Rather, they sent jobs overseas and pocketed all the revenue, giving CEOs more money, and taking away money from the worker. The Romney "plan" is by its very nature class warfare, and will only serve to widen the disparity of income between the elites and the middle-class and poor. Also, the first stimulus saved the economy from going into a deep depression, and as every economist will agree, it was too small. The ONLY reason the right-wing bemoans the stimulus, is because they know it helped, and they will say or do ANYTHING to make the President look like a failure. The GOP tactics of obstruction and filibustering every one of the President's policies, while calling his policies "failures", is so they can win back control of the White House at any cost. The GOP is perfectly comfortable with purposely tanking the economy to further their ambition. That's why they are nothing more than domestic terrorists, and should be tried for treason. Anyone who supports the GOP is guilty of giving aid and comfort to the enemy, and should face similar punishment. This behavior goes way beyond simple right vs. left ideology, it clearly paints the GOP as the America-haters that they are.

    August 4, 2012 10:05 pm at 10:05 pm |
  11. S.B. Stein E.B. NJ

    Other than saying that he is going to get another 12 million jobs created (hasn't specified how) and more of the same GOP talking like of less regulation and less spending, how is that going to work? It hasn't in the past. I'd like more details and more outside verification of how you plan on getting things done and passed through Congress.

    August 4, 2012 10:06 pm at 10:06 pm |
  12. NotFooledByDistractions

    Yeah, and he also said to let the auto industry fail...I'll pass on romneys advice, it's no good.

    August 4, 2012 10:07 pm at 10:07 pm |
  13. DFW Dann

    Once again Romney shows he knows how to make a single company profitable but knows nothing about a national economy. In a Romney run economy you can't expect him to trim the fat the same way you do a corporation.

    "Sorry Alabama but you're not profitable and we're going to be letting you go from the United States. You were a good state and we'll be happy to give you a recommendation but in order for the country to be profitable we're going to have to outsource."

    August 4, 2012 10:09 pm at 10:09 pm |
  14. Dave, CA

    Still no comment from Mitt OR the GOP on what they would do differently. They've offered nothing but false promises, lies, and pathetic propaganda like Boehner and Co. in jeans with rolled up shirt sleeves "look we're hard workers like YOU!" as they deliver their bee ess "jobs contract" LOL. Unless it's obstructing anything constructive or their usual obsession of defending discrimination against gays and lesbians- the GOP have done NOTHING.

    What a joke republicans have become: a pack of lying extremist, hypocritical clowns.

    August 4, 2012 10:13 pm at 10:13 pm |
  15. organically

    The Obama economy has dropped unemployment from 9.8% to 8.3%. Obama policy has decreased the government workforce by 370,000 jobs according to Department of Labor. America created 4.4 million new jobs over the last 30 months – over 1 million jobs in 2012, a direct result of liberal economic policy, again according to the Department of Labor. Oh yea, stock market has rebounded to around13K, and most of the economy saving bail outs have been paid back to the federal government. Oil prices dropped for 10 consecutive months. Much of this liberal economic success is due to the initial implementation of the Dodd/frank bill, the Affordable Care Act, and other initiatives. As the economy continues to grow, we will be able to pay down the national debt. The economy is clearly improving overall, but all the right wants is complete failure by the president and will never admit when the president has been successful at anything. This is one of many reasons why these radicals are so detrimental to America’s economic recovery. The central ignorance of rightist conservatives is that president Obama is responsible for our national economic woes and joblessness in recent years, but this has been a global crisis. Obama polices have lifted America’s economy out of the disaster left behind by Bush, even though much of the world is in recession and the Euro is collapsing. The labor force participation rate is now at about 63%, lowest level since 1981, which is the result of (1) unemployed baby boomers retiring early and (2) economic policy created by the Bush Administration. Conservatives like to say that the “real” unemployment is about 18%, but this number has been dropping, too. Saying that the economy is improving “in spite of” Obama policies is the ultimate denial of president Obama’s success.

    August 4, 2012 10:13 pm at 10:13 pm |
  16. L. Kline

    Talk to Ron Paul about the fed instead of this windbag.

    August 4, 2012 10:14 pm at 10:14 pm |
  17. John

    The American people are not stupid Mr. Romney. Your word is not good enough. The American people have a right to see your tax returns before they cast their vote. Why are you so afraid?Why are you so afraid?

    August 4, 2012 10:15 pm at 10:15 pm |
  18. Dave Becker

    I believe he released the only years he paid taxes, something he was told to do, prior to running for President. The years
    He doesn't list, I'll wager he paid zippo, by scamming the system!

    August 4, 2012 10:16 pm at 10:16 pm |
  19. Realitybites

    Is this guy serious? Anyone who votes for him in November needs to have their head examined.

    August 4, 2012 10:16 pm at 10:16 pm |
  20. jaimie

    Mr. Romney, speaking of being futile, it seems that trying to get you to produce your income and tax dealings from your offshore businesses is futile. Honest and integrity, that is what it takes to run for the President of the United States. You Mr. Romney have neither. You will not show those records so you are hiding something you think will hurt your chance of becoming president. Your right, it does. We tax payers in the USA pay our share every month out of our hard earned monthly income. What about you?.................

    August 4, 2012 10:21 pm at 10:21 pm |
  21. gwats1957

    Is anybody buying this? If the private sector can get along with creating 75,000 jobs per month, that is exactly what is going to happen, regardless of who's sitting in the White House. This Corporate rapist, who made his money off the dead bodies of US workers doesn't know his a** from a hole in the ground. Where are YOUR last ten years tax returns, Mr. Economic Genius?

    August 4, 2012 10:21 pm at 10:21 pm |
  22. YankeeMutt

    See this is the problem Mitt doesn't seem to understand, people don't have the money to buy the products the Steve Jobs of the world might make. They never really did. It was all based on credit. That is why you can't compare this recession with previous ones, as the credit market has dried up for consumers and businesses.

    Combine that with us the next great change in our economy that too many folks are not trained to handle and technology and productivity gains eliminating a lot of manpower need and were lucky we've had growth at all.

    August 4, 2012 10:23 pm at 10:23 pm |
  23. Carolyn

    This man is going to set America back to our beginning. The have and the have nots. One thing for sure, he will not have to worry about shipping slaves into our country because he will have made too many of us into all the slave labor the 'have's' will need.

    August 4, 2012 10:24 pm at 10:24 pm |
  24. Macollins

    When I see his tax returns for the last ten years I will listen to something he has to say.

    August 4, 2012 10:25 pm at 10:25 pm |
  25. Flaki Bigos

    Jeezus, don't do anything to stimulate the economy before the election! I want to blame Obama for being feckless. Then I can cut rich people's taxes and deregulate big business.

    August 4, 2012 10:27 pm at 10:27 pm |
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