Romney and the Republicans Switch Focus Back to Economy

Officials from the campaign of Republican presidential candidate Mitt Romney were quick to criticize the decision of the Federal Reserve to begin a third round of quantitative easing on Thursday. Campaign policy director Lanhee Chen called it "further confirmation" that President Barack Obama's economic policies are ineffective, while Romney himself referred to the move as another economic "bailout" by the president, according to a report by the Wall Street Journal's MarketWatch.

Following the Federal Reserve's announcement, Romney hit the campaign trail again on Friday, shifting his focus away from foreign policy and back towards the economy. In an appearance before supporters at a fundraiser in New York City, Romney referred to the Federal Reserve's plan to help boost the U.S. economy as a "sugar high," as quoted by the Washington Post and other media outlets.

Here is some of the key information to emerge from Romney's shift back to economic issues on Friday.

* Despite the assurances of Federal Reserve Chairman Ben Bernanke on Thursday that the Fed's QE3 plan would not cause inflation, Romney insisted on Friday that it might, telling supporters during the fundraiser that measures such as those being employed by the Federal reserve will mean that "the value of the dollar goes down, and the risk for long-term inflation goes up," as quoted by the Washington Post.

* Romney continued to heavily criticize the decision to go for a third round of quantitative easing throughout the day on Friday, saying that the first two rounds didn't work, and that Bernanke's decision to implement QE3 meant that the Fed chief disagrees with the president's assessment that the U.S. economy is recovering, according to reports by AFP and other media outlets.

* During an interview with ABC News' George Stephanopoulos on Thursday, Romney stated that he didn't believe that "what Bernanke is doing is going to get the economy going," and that he would choose someone else to run the Federal Reserve if he is elected president in November.

* Romney was joined in his criticism of the Federal Reserve and Obama's economic policies by other prominent Republicans on Friday, including Sen. Bob Corker (R-Tenn.), who said that he was "disappointed" in the Federal Reserve's decisions, and that "Chairman Bernanke is beginning to do serious damage to the Fed as an institution," as quoted by NBC News.

Source: http://news.yahoo.com/romney-republicans-switch-focus-back-economy-220800595.html

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