Mitt Romney said he does not believe the Federal Reserve should engage in further rounds of stimulus, arguing that it is unlikely to improve the economy.
“I am sure the Fed is watching and will try to encourage the economy," he said in an interview that aired on CNN's State of the Union on Sunday. "But I don't think a massive new QE3 will help the economy."
Romney was referring to a third round of "quantitative easing," a Federal Reserve strategy to promote growth by purchasing Treasury bonds or mortgage-backed securities and lowering long-term interest rates. There has been widespread talk that the Fed may launch a new round of quantitative easing, though it has not yet done so.
Romney said that while "now is the time for something dramatic," that doesn't include another stimulus package. Though he said the first round of quantitative easing worked, he argued that the second round was ineffective and additional waves would be unnecessary.
Romney spent much of this week reintroducing his economic plan, which he has said focuses on helping the middle class and the poor. He repeated the five planks of that plan today, which include reducing burdens on small businesses and improving schools and training programs. "The very wealthy are going to do just fine, whoever is elected," he said, emphasizing that hsi plan is aimed at the middle class.
Romney also took one of President Obama's dearest refrains and flipped it around on him to accuse the president of pursuing policies that haven't worked, and won't work in the future.
"The idea of doing the same thing again and expecting a different result is, famously said, the definition of insanity," he said, adding later that, "If your priority in this country is to punish success, vote for President Obama."