Economy & Budget

Romney campaign: QE3 is ‘confirmation Obama’s policies have not worked’

Romney campaign: QE3 is 'confirmation Obama's policies have not worked'

Business Insider relays a statement from Romney campaign policy director Lanhee Chen, in response to Thursday’s announcement that the Federal Reserve will launch another round of quantitative easing:

“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.”  (Emphasis mine.)

As Business Insider notes, Romney has previously said he didn’t think “a massive new QE3 will help the economy,” and believes QE2 did not have “the impact that they were hoping for.”

Romney’s running mate Paul Ryan also addressed the prospect of a third round of quantitative easing recently, in an appearance on CNBC, where he said, “There is no substitute for good fiscal policy.  You can’t expect central bankers to bail us out all the time.”  He warned against the danger of leaning on monetary policy to sustain bad fiscal policies.”

Ryan reiterated this warning in a campaign appearance in Wisconsin on Wednesday, saying he and Romney believed a third round of quantitative easing “would do more harm that good,” particularly in the long run.  He cautioned that QE3 “would damage the dollar, raise the threat of inflation down the road and let lazy fiscal policymakers off the hook.”

 

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