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posted: 8/5/2012 7:00 PM

Romney wants 'something dramatic' to aid economy

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  • Republican presidential candidate, former Massachusetts Gov. Mitt Romney said the Federal Reserve should refrain from a third round of large-scale asset purchases.

      Republican presidential candidate, former Massachusetts Gov. Mitt Romney said the Federal Reserve should refrain from a third round of large-scale asset purchases.
    ASSOCIATED PRESS

 
Associated Press

EVANSVILLE, Ind. -- Mitt Romney is calling for "something dramatic" to help the economy recover, but he's not saying exactly what.

The Republican presidential candidate says he opposes another federal stimulus package and new government programs. He also says that if the Federal Reserve were to undertake another "massive" program of buying government bonds and mortgage-backed securities, with the goal of driving long-term interest rates even lower, it wouldn't help the recovery.

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"I can absolutely make the case that now is the time for something dramatic and it is not the time to grow government. It's the time to create the incentives and the opportunities for entrepreneurs and businesses big and small to hire more people and that's going to happen," Romney said an interview aired Sunday on CNN's "State of the Union."

"You're going to see that happen in this country but not under this president."

Romney said repeatedly this past week that his economic policies would create 12 million jobs in his first term. Pushed to explain how, Romney said in the interview, "That's what happens in a normal process."

"When you come out the kind of recession we've had you should see this kind of job creation," he said. "Good things happen when you have a private sector that's thriving."

Campaigning in Indiana on Saturday, Romney attacked what he called "an extraordinary series of policy failures" from President Barack Obama.

The Republican candidate planned to spend Sunday and Monday in private meetings at his vacation home in New Hampshire.

The former Massachusetts governor so far has been slow to release specifics for his economic plans. He repeated his opposition to Obama's tax plan that would preserve tax cuts passed in the George W. Bush era for all Americans but those who earn more than $250,000.

Romney would preserve the tax cuts for everyone, although he has not detailed how he would pay for the plan.

"I also hope people understand when they talk about raising taxes on the wealthy -- as the president does -- he is also talking about the same tax rate that applies to small business," Romney said. "The great majority of small businesses pay taxes at the individual rate so as he raises these taxes "on the wealthy" he is raising taxes on small business."

The Romney campaign on Sunday also released a television advertisement highlighting his recent trip to Israel. In the ad, he criticizes Obama for not visiting the Jewish state. The president last visited Israel during his 2008 campaign.

While in Israel, Romney said that cultural differences help explain the economic disparity between Israelis and Palestinians. The comment prompted accusations of racism from Palestinian leaders.

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