Romney Campaign Press Release - Four Years Later, Obama Economy Needs Yet Another Bailout

"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." —Lanhee Chen, Romney for President Policy Director

Today, The Federal Reserve Ordered Another Bailout In Response To President Obama's Weak Economic Recovery:

Today, The Federal Reserve Unveiled Its Plans For "More Stimulus" Meant To Repair The Obama Economy. "The Federal Reserve announced plans to unleash more stimulus Thursday, in its third attempt at a controversial program to rev up the U.S. economy. The policy, known as quantitative easing and often abbreviated as QE3, entails buying $40 billion in mortgage-backed securities each month. The end date remains up in the air, as the Fed will re-evaluate the strength of the economy in coming months." (Annalyn Censky, "Federal Reserve Launches QE3," CNN Money, 9/13/12)

The Federal Reserve Tied Its Latest Bailout Directly To The State Of "Economic Conditions." "The Federal Reserve launched another aggressive stimulus program on Thursday, saying it will buy $40 billion of mortgage-related debt per month until the outlook for jobs improves substantially as long as inflation remains contained. In a significant shift in the direction of U.S. monetary policy, the Fed's policymaking committee tied its unconventional bond buying directly to economic conditions, a move that is likely to be controversial among central bank critics." (Pedro Da Costa and Alister Bull, "Fed Says To Buy More Bonds Until Jobs Rebound," Reuters, 9/13/12)

The Federal Reserve Concluded "Growth Might Not Be Strong Enough To Generate Sustained Improvement In Labor Market Conditions." "The statement said that the economy had continued to expand 'at a moderate pace,' but that the Fed had concluded 'growth might not be strong enough to generate sustained improvement in labor market conditions.' That has been true for months, perhaps years, but implicit in the statement was the Fed's conclusion that the situation was no longer acceptable." (Binyamin Appelbaum, "Fed Announces New Round Of Bond Buying To Spur Growth," The New York Times, 9/13/12)

• "An Additional Step That Reflects Just How Concerned Fed Officials Have Become About The Health Of The Economy..." "In an additional step that reflects just how concerned Fed officials have become about the health of the economy, policymakers said they would not likely raise rates from current rock-bottom lows until at least mid-2015. Previously, it had set such guidance at late 2014." (Pedro Da Costa and Alister Bull, "Fed Says To Buy More Bonds Until Jobs Rebound," Reuters, 9/13/12)

The Federal Reserve's Actions Have Raised Concerns Over The Potential For "Runaway Inflation In The Future." "Critics have warned that the Fed's continued easy-money policies are setting up the economy for runaway inflation in the future, something that Bernanke does not see happening." (Don Lee and Jim Puzzanghera, "Fed, Worried About Job Growth, Launches New Stimulus," Los Angeles Times, 9/13/12)

Los Angeles Times: "Fed, Worried About Job Growth, Launches New Stimulus"(Don Lee and Jim Puzzanghera, "Fed, Worried About Job Growth, Launches New Stimulus," Los Angeles Times, 9/13/12)

Why Is The Federal Reserve Launching Yet Another Bailout Of The Obama Economy? Unemployment Is Stagnant And The Middle Class Is Shrinking:

In August, Employers Added Only 96,000 Jobs — "A Weak Figure." "U.S. employers added 96,000 jobs last month, a weak figure that could slow any momentum President Barack Obama hoped to gain from his speech to the Democratic National Convention." ("US Economy Adds 96K Jobs, Rate Falls To 8.1 Pct.," The Associated Press, 9/7/12)

• "The Economy Slogged Along For The 43rd Month In A Row With Joblessness Above 8 Percent." "American employers added 96,000 jobs in August, the Labor Department reported Friday. The unemployment rate fell to 8.1 percent as the economy slogged along for the 43rd month in a row with joblessness above 8 percent." (Susanna Kim, "August Jobs Report: Unemployment Falls To 8.1 Percent," ABC News, 9/7/12)

In 2011, Poverty Ranks "Remained Stuck At Record Levels." "The ranks of America's poor remained stuck at record levels, although dwindling unemployment benefits and modest job gains helped stave off what experts had predicted would be the fourth rise in a row in the poverty rate." (Hope Yen, "US Poverty Rate Unchanged; Record Numbers Persist," The Associated Press, 9/12/12)

"The Gap Between Rich And Poor Americans Grew In 2011 As The Poverty Rate Remained At Almost A Two-Decade High." "The gap between rich and poor Americans grew in 2011 as the poverty rate remained at almost a two-decade high. The U.S. Census Bureau released figures today that showed household income fell, underscoring a sputtering economic recovery that's at the heart of the presidential campaign." (Catherine Dodge and Frank Bass, "Rich-Poor Gap Widens To Most Since 1967 As Income Falls," Bloomberg, 9/12/12)

The U.S. Economic Growth "Cooled In The Second Quarter" With A "Tepid 1.7 Percent Annual Rate." "By buying mortgage-linked debt, the Fed hopes to press mortgage costs lower and force investors into other assets, lowering their yields as well. Those lower borrowing costs should spur greater lending activity and foster faster economic growth, officials believe. U.S. economic growth cooled in the second quarter, coming in at a tepid 1.7 percent annual rate, and forecasters do not believe it is doing much better now." (Pedro Da Costa and Alister Bull, "Fed Says To Buy More Bonds Until Jobs Rebound," Reuters, 9/13/12)