Pat Garafalo:
Romney Calls New Federal Reserve Actions To Boost The Economy ‘Artificial And Ineffective’
The Federal Reserve today announced another round of so called quantitative easing — QE3 — aimed at boosting the sluggish economy. Republicans have been warning the central bank against launching new measures, arguing that to do so would ignite inflation. However, inflation has been nearly nonexistent, Republicans concede that the Fed’s actions could help economic growth.
Presidential candidate Mitt Romney has been saying that the Fed should stay away from any new measures. In a statement following the Fed’s announcement, the Romney campaign called the central bank’s move “artificial and ineffective“:
"The Federal Reserve’s announcement of a third round of quantitative easing is further confirmation that President Obama’s policies have not worked. After four years of stagnant growth, falling incomes, rising costs, and persistently high unemployment, the American economy doesn’t need more artificial and ineffective measures. We should be creating wealth, not printing dollars. As president, Mitt Romney will enact bold, pro-growth policies that lead to robust job creation, higher take-home pay, and a true economic recovery."
The Fed estimates that the first two rounds of quantitative easing created about two million jobs. Romney’s economic plan, meanwhile, would kill 360,000 jobs in 2013 alone.
