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. Jeettu

    I do not think that Gov. Romney has any idea as to how an economy works. Further, while he says that his experience at Bain Capital will help him solve the problems US economy is facing, he has shown no regard for people or their suffering. If we look at the job creations, the private sector is creating jobs. However, because of the problems faced by state and federal governments, unemployment has not come down because the government is losin jobs. Mr. Romney does not understand that at such times, government needs to invest in infrastucture and related areas to create jobs and pump up the private sector. Even the private his facector takes loans and hence create a deficit to grow in the future. Mr. Romney does not understand this fact and this fact alone makes him unfit to be the President of USA. He shpuld not be allowed to spoil the progress we are making to comeout of the Bush mistakes which Romney wants to repeat. Let us make ure republicans do not win the WH, the Senate or the House. Vote democratic all the way in Novmeber.

    August 4, 2012 10:27 pm at 10:27 pm |
  2. D randel

    Stimulus before November .... Never would Romney support. For him more job losses is a big win.

    August 4, 2012 10:29 pm at 10:29 pm |
  3. WDinDallas

    It is time to brace for the collision.

    Stimulas money has mainly gone to International companies losing their buuts in the EU, not to US companies that have 70% or more of their business in the US (AIG, GM, GS, etc.)

    There is no business in the EU, they are bankrupt. The investment losses have already been covered, now it is now for companies to man up. They go out of business, other companies will grow. Most likely they will be purchased....if not then employees will change companies. The job loss will be minimal, especially compared to a new stimulas or bailout.

    August 4, 2012 10:29 pm at 10:29 pm |
  4. Tigrr

    Fed Reserve – is NOT a government agency. It is a group of banks, mostly foreign, telling the US what to do, charges the US for printing fiat money (now uselses as monopoly money), and seems to deny it is responsible for the gold reserves (now reportedly counterfeits with tungsten cores, as China found out – and the reason Ron Paul asks for audits and the gold to be assayed). Face it – USA IS BANKRUPT. Worse that Greece and Spain. Just more denial. And Congress keeps lying to Amerians – what they manipulate in the digital wordl, does not match what is actually in the US Banks. Time for Arrests of Fed, (and their Goldman buds, WS gang, Bank CEOs and managers, past WH residents, and most of Congress ... otherwise Americans face a very rough road ahead. You Choice. Speak up.

    August 4, 2012 10:29 pm at 10:29 pm |
  5. degazmatic

    The steve jobs to get americans working.... Doesn't apple have factories in china? How many apple products are made in america? Thats a serious question. How many?

    August 4, 2012 10:29 pm at 10:29 pm |
  6. Jerry

    The way I see it... The Cheney-Bush presidency totally sold out the US average people and the environment to big business and anyone willing to donate to their cause. The analogy I use it that they were like pilots in a plane pushing down on the controls and diving into the abyss as hard and as fast as they could go... Then along comes Obama who took the controls and pulled back as hard as he could but it was just too late. He basically adopted a hopeless situation and was bound to fail... Now comes Romney who if he wins will do so because Obama had no chance. Then Romney being a typical Republican politician will once again push down on the controls and let big business steal what is left of the American dream and our natural resources. When we crash we will crash big and the fat cats in Washington, Wall Street, and all their cronies will in all likehood go down with the ship but We The People will be the biggest LOSERS. I fear the suffering will be huge! I really hope I am wrong because the average citizen like myself will suffer beyond belief... Now please prove me wrong!!!

    August 4, 2012 10:30 pm at 10:30 pm |
  7. Jackie Treehorn

    I guess this shouldn't be surprising. Almost all scientists say that climate change is real but Republicans deny it. Almost all scientists say that evolution is real but Republicans deny it. Now almost all economists say that the stimulus helped get us out of the recession and the Republicans deny that too. The University of Chicago Booth School of Business recently conducted a poll of leading economists and 80 percent said the stimulus helped and only 4 percent said it didn't. As far as the tax cuts Romney proposes? Not a single economist, whether Democrat, Republican, or Independent, agreed that it they would boost the economy.

    Apparently the Republicans are so hostile to intellectualism they believe that the more you study something, the less you understand it. But hey, who needs years of education and deep understanding when Fox News can just tell you what to think?

    August 4, 2012 10:30 pm at 10:30 pm |
  8. Snooze70

    Hey Mitt – Without jobs and money to spend, how is our consumer economy supposed to create the demand for the products to be sold so as the enable companies to create jobs. ECON 101, my friend.

    August 4, 2012 10:33 pm at 10:33 pm |
  9. The Doug

    I don't like much about him, but he's right. Stimulus is simply a shot of adrenaline that doesn't have long term affect. The only stimulus that would be worthwhile would cost more than than the American people can stomach.

    August 4, 2012 10:33 pm at 10:33 pm |
  10. why2

    Ok, so what would he do? Stop saying "I would get the job done, trust me." Tell us! How am I supposed to decide on the issues if one is saying "I'll do better than he did," and the other is saying, "Be patient." Enough of the trash-talk, on both sides, say something meaningful.

    August 4, 2012 10:34 pm at 10:34 pm |
  11. 21bejay

    This guy M. Rumney has $100,000,000 in retierment account where he is allowed to add only $30,000 per year. he shoukd have been putting this maximum amount yearly for the last 3, 3333yrs. theree thousend three hundred an thirty three yrs.. The question is why hasn't the internal revenue service cought up with him for defroading the tax payers for the taxes he owes on this $100,000,000 . This gay, mitt Romney should be in jail . He should not even be out on bail, because he will escape to another country. The IRS should investigate his accounting.

    August 4, 2012 10:35 pm at 10:35 pm |
  12. freddie nerk

    As usual – no specifics. Does not mention European crisis as the main reason for the ongoing recession. Or that Congress is doing nothing. All he proposes is Tax cuts for his rich white buddies. He is unfit to be President.

    August 4, 2012 10:36 pm at 10:36 pm |
  13. Mcrib

    Well it doesen't matter what you say Mitt. Even if you become POTUS it still would not matter.
    The FED is a private bank that does not have to answer to congress or the American people.
    It is a private for profit bank that does what ever it wants.

    August 4, 2012 10:38 pm at 10:38 pm |
  14. DrVonBrain

    He's going to create 12 million jobs? This from the guy who put companies into bankruptcy throwing the employees under the bus? If you're going to lie, Mitt knows that you have to tell the big lie.

    August 4, 2012 10:39 pm at 10:39 pm |
  15. NauticalMan

    Well, I am not an economist, but given that the only thing the Regressives have voted for or agreed upon the last three years is that they want Obama out and anything that might help him, inluding helping the country, is something they will vote against. That said, QE3 will probably have a minimum effect. FDR got people working by hiring them to do necessary things like work in National Parks, coming up with a variety of jobs. Millions of state, local, and federal employees have been layed off, but I forgot, government cannot create jobs! I know, lets vote against Obamacare for the 38th time, that will work Mitt. How about the GOP answer to every problem, cut taxes! I don't recall one job bill coming from what used to be the Grand Old Party since they took over the House.

    August 4, 2012 10:39 pm at 10:39 pm |
  16. Klancy Schmertz

    Receiving a paycheck, someone else is spending money. Private sector, public sector, it doesn't matter. Of course we prefer the private sector to spend, but when it can't the public sector can and must. Cutting spending is the LAST thing to do to recover from a recession. That does not mean increasing debt. The user fees for highways and navigable waterways haven't been adjusted for inflation in 20 years! Just bring the charge in 1992 dollars up to 2012 dollars and spend to fix roads, bridges, and locks. Spend. That is the ONLY way to get out of a recession.

    August 4, 2012 10:44 pm at 10:44 pm |
  17. Chiquita Smith

    Mitt Romney honestly who's listening 2 u we would like 4 u to stop w/the nonesense! ! !

    August 4, 2012 10:46 pm at 10:46 pm |
  18. ImvotingforObama

    Tax cuts for the rich do not work either.

    August 4, 2012 10:47 pm at 10:47 pm |
  19. Greekj

    Let's see his taxes the last 10 years. Temeber he's the guy who quoted Reagan and said "trust but verify." He is too secretive, too much like cheney. Let's hope people over 65 are afraid of this guy. Just because he has bought anything he wanted before, I HOPE HE DOESN'T BUY THE PRESIDENCY.

    August 4, 2012 10:48 pm at 10:48 pm |
  20. swing state voter

    I am sure that a lot of auto workers would say they are glad to have kept their jobs. And for the use of
    the word "dramatic" I think that is scary coming from a background like Romney has. Not a good
    track record in my opinion. I am leaning toward Obama this fall and the more I hear from Romney
    the more towards Obama I lean.

    August 4, 2012 10:48 pm at 10:48 pm |
  21. Chiquita Smith

    Mitt Romney honestly who's listening 2 u we would like 4 u to stop w/the nonesense! ! ! Please stop!

    August 4, 2012 10:51 pm at 10:51 pm |
  22. Doug from Seattle

    From the guy who wanted to let the auto companies go bankrupt and homeowners default on their home loans (but supported the Wall Street bailout), wants to raise my taxes while lowering his (further stifling demand in the market place), and deregulate the financial markets so they can continue to rip off my pension fund and 401(k). No thanks!

    August 4, 2012 10:51 pm at 10:51 pm |
  23. warren

    mitt romney snake oil salesman

    August 4, 2012 10:57 pm at 10:57 pm |
  24. People are people

    What a loser. Just like Walker creatin' all the jobs here in Wisconsin. Rob the poor and give to the rich. Wake up people!

    August 4, 2012 10:57 pm at 10:57 pm |
  25. Wire Palladin, S. F.

    Let Detroit fail cried the Mormon moron. Mittens has been wrong on every issue, immigration, stimulus, auto bailout. Beware of the Mormon Brotherhood.

    August 4, 2012 10:58 pm at 10:58 pm |
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