What's Mitt Romney's plan to turn the economy around? "Something dramatic" according to him, but he won't say what that something is. He will only say what that something is not.
EVANSVILLE, Ind. (AP) — 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.
"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."
We're going to create incentives and opportunities without more stimulus or a new government program? And the Federal Reserve isn't allowed to help either?
Mitt must be referring to his Tax Cut Magic. If he simply annotates the federal budget with a few magic asterisks, it will rain Success.
The last round of quantitative easing initiated by the Federal Reserve did manage to lower commodity prices and boost consumption, by the way. But that is not a long-term solution. It's up to congress to act.