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. Bill

    Romney wants the economy to fail. Obama is looking pretty good right now, stock Market is fairly steady since the crash of 2008, jobs are steadily coming back. The only Chang I would consider replacing my republican congressman with someone else.

    Romney is not the answer for my country.

    August 4, 2012 10:59 pm at 10:59 pm |
  2. bahhb66


    Let the rich pay zero in taxes,that will fix everything.We will all live in Utopia.

    August 4, 2012 11:00 pm at 11:00 pm |
  3. Mr. Reality

    At the end of the interview Romney added, "Why in the world would anyone need to stimulate the economy in America? I made $25 million so far this year. Obviously, the economy is just fine. We don't need a stimulus."

    August 4, 2012 11:01 pm at 11:01 pm |
  4. Mack

    Romneys plan is to outsource, offshore and raise taxes on the middle class so the rich will be able to hoard even more wealth.
    The creep hasn't paid taxes in 10 years. We need to outsource him to the Caymans

    August 4, 2012 11:01 pm at 11:01 pm |
  5. jack johnson

    What's wrong Mitt? Are you afraid it will help people needing jobs? Someone needs to do something CONGRESS WILL NOT!

    August 4, 2012 11:01 pm at 11:01 pm |
  6. g

    There is one big problem with Mr. Romney's plan to create 12 million jobs in his first term as Potus, IT DIDN'T WORK IN MASSACHUSETTS AS GOVERNOR! Under Romney Massachusetts was 47th out of 50th in the nation for job creation. That's third from the bottom!

    August 4, 2012 11:02 pm at 11:02 pm |
  7. Wire Palladin, S. F.

    Mittens wrong on Arizona immigration, self deporting, Ryan economic plan, giving tax breaks to those who do not need it which will increase our debt $5 trillion, wrong on Libya, wrong on Russia, wrong on Syria and Iran. Beware of the Mormon Brotherhood.

    August 4, 2012 11:04 pm at 11:04 pm |
  8. Amazed

    This is teh same guy who wanted to let our auto industry go under with our government help correct?

    August 4, 2012 11:05 pm at 11:05 pm |
  9. loverpoint

    What would be a good stimulus would be if certain business people running for political office didn't send jobs abroad or keep their glutenous profits in shady offshore accounts. The only thing Romney proposes is lowering his taxes, and he never once has described the kinds of jobs he would create.

    August 4, 2012 11:06 pm at 11:06 pm |
  10. Mike in Texas

    This isn't a normal recession we are digging out of. Romney acts as if we hit a small blip in 2008. I know he isn't that stupid but he knows that there are many voters who are ignorant and uniformed about how complex the situation is. He is playing on that ignorance to carry him to victory.

    August 4, 2012 11:07 pm at 11:07 pm |
  11. rosethornne

    Suuuuuuure it's a bad idea.... because it would probably work. And we can't have any of that pesky economic improvement now, can we?

    Romney needs to go suck the lifeblood out of some other country, we certainly don't need his kind here.

    August 4, 2012 11:08 pm at 11:08 pm |
  12. bill davis

    We need more Welfare Programs, who wants to work,
    The Government has money to loan to Solar Companies that go out of business 3 weeks later.
    I love Obama, God Bless

    August 4, 2012 11:09 pm at 11:09 pm |
  13. Arun

    It's funny that the Repubes say cutting taxes for corporate america and the rich will create taxes. My question to them is, the rich already have bought all the toys they want. All they are doing is trying to hide their money so they don't have to pay taxes. Given this, why would corporations need more workers to produce more goods. The deman lies with the midde class because they have the mony and the reason to buy goods, not the rich. We aleady tried trickle down economics twice and it didn't work each time!!

    August 4, 2012 11:13 pm at 11:13 pm |
  14. Jen

    Odd – reading what Romney has to say reminds me of the description of being strapped to a chair in order to listen to Vogon poetry.

    August 4, 2012 11:14 pm at 11:14 pm |
  15. Romney is a fraud !

    Shut Up Romney ! GM would have died if you were in charge ! Keep your stupid opinions to yourself !

    August 4, 2012 11:15 pm at 11:15 pm |
  16. Leroy

    Romney is full of hot air....he is no economist!

    August 4, 2012 11:17 pm at 11:17 pm |
  17. Tony

    Does anyone believe anything coming from this person. He will continue to protect the wealthy and expand the gap between classes. He is a total fraud, better yet how about being specific on any idea you support.You need to put up or shut up.

    August 4, 2012 11:17 pm at 11:17 pm |
  18. mikrik13

    The only thing I have ever agreed with Mr. Romney on.

    August 4, 2012 11:19 pm at 11:19 pm |
  19. Brian

    "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.""

    Hey Mittens, Apple's products are made in CHINA.

    August 4, 2012 11:19 pm at 11:19 pm |
  20. Brian

    I wonder what the unemployment rate would be if Republican governors hadn't laid off over 1 million public sector employees?

    August 4, 2012 11:22 pm at 11:22 pm |
  21. Taylor Lasch

    Finally Mr. Romney says one thing people can support. However he still isn't my candidate. I welcome the media to show one thing Ron Paul has to say during these tough times, however I bet they wont.

    August 4, 2012 11:23 pm at 11:23 pm |
  22. Jim W., Statesville, NC

    Well, Mr. Romney, what should we do? I guess in your opinion the wealthy are doing just fine and they don't need to have any further assistance from the government to get by on. After all, do they really need another place in the Hamptons? But what about the little people who used to work for the wealthy? Have you given them any consideration at all? So typical. Don't do anything or it will look like President Obama may actually have had some positive impact. We have to get people back to work and you and your party pushing the bus back in the ditch every time we just about get it back on the road just isn't working. After all, your party did drive us off into the ditch and then sat there dumbfounded like, what happened?

    August 4, 2012 11:24 pm at 11:24 pm |
  23. AgeofInsanity

    Show us your tax returns!

    August 4, 2012 11:26 pm at 11:26 pm |
  24. mariner v

    Romney stated, “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." If we take Romney at his word then he should be able to get us back to the days of 400,000 jobs a month because he says he has the business background to get us to the top of our game. He has also stated that he will add 12million jobs in his 4years. Lets do the math. At 400,000 jobs a month, that comes to 19,200,000 jobs, so based on his "Promise" we are already at a net loss of 7,200,000 jobs at the end of his 4years. Romney doesn't keep his promises. He was supposed to provide additional tax return information a few days ago. If he didn't keep his word on something easy, what makes you think he will keep his word on something difficult? Sorry boys, no cigar!

    August 4, 2012 11:28 pm at 11:28 pm |
  25. disgusted

    maybe it is Congress that is dragging their feet? Or is creating jobs overseas by outsourcing your idea of recovery?

    August 4, 2012 11:28 pm at 11:28 pm |
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