Romney: Fiscal Depression Is Possible

Friday, 03 Jun 2011 03:56 AM

By Hiram Reisner

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Mitt Romney, who announced Thursday he is running for president, believes the nation’s financial crisis is so severe that the nation is headed for a depression. Romney also said on Fox News Thursday that raising taxes would not be fair.
“If you have an economy where the leaders do everything wrong, anything is possible. The right course for America is to basically reverse almost every single action he's [President Barack Obama] taken as president,” Romney said. “Everything he did was what the faculty lounge members have been talking about for years. Which you hear Europeans doing. And what Europeans have done has lead to stagnation.

“High levels of unemployment — and declining competitiveness for Europe. In this country we have a different course. I believe in the way we do it,” he said.. “We believe in individual initiative — personal responsibility. Freedom — small government. These principles, these American principles are key to getting our economy back to being successful and leading the world.”

Fox News’ Sean Hannity asked the former Massachusetts governor how he would balance the federal budget.

“Some classic Democrats only think the way to balance the budget is raising taxes. But the problem with that is, not only is it unfair, but you also slowdown the economy which becomes self-defeating if you are trying to balance the budget,” Romney said.

“A lot of Republicans just say, just cut our way to balancing the budget. Well, cutting helps — and we need to do a lot of cutting and reshaping programs to make sure they are sustainable. But there's a third way,” he said.

“Combined with reducing federal spending is growing the economy — and you need to have a president who understands how to get the economy growing so we can add jobs. More people are paying taxes,” Romney said. “Companies are profitable, so they are paying more taxes. You balance the budget by restraining the growth of government and encouraging the growth of the private sector.”

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