Once again we can partially agree with Romney, though it’s painfully obvious he’s just been listening to Ron Paul’s fiscal conservatism and wants to hitch a ride on that political undercurrent. From CNN:
“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.
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.”
It’s a testament to Ron Paul’s vigorous House actions to audit the Federal Reserve that this is even being brought up on the campaign trail, much less by the same guy who less than six months ago claimed credit for the structured bankruptcy nature of the ill-fated U.S. auto maker bailouts:
“My own view by the way was that companies needed to go through bankruptcy before government help,” Romney replied. “And frankly, finally, that’s what the president did. He finally took them through bankruptcy – that was the right course. I argued for it from the very beginning.
“It was the UAW and the president that delayed the idea of bankruptcy. I pushed the idea of a managed bankruptcy, and finally when that was done and help was given, the companies got back on their feet. So I’ll take a lot of credit for the fact that this industry’s come back,” Romney said.
The problem is he was against those auto bailouts.
I’m sure when QE3 does eventually come to existence by the Federal Reserve, Romney will find a way to praise it on some other technical condition he’s spoken out of the other side of his mouth in favor of it: like if QE3 passes and the government doesn’t magically bloat like a tick as it leaches fresh stimulus blood out of the economy.
Here, as usual, Romney actually does this again. From that prior CNN article:
“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.”
This is the same Romney who as governor of Massachusetts, initially cut, then grew government:
Notice the source of this data/graph. Federal Reserve 1, Romney 0.