Mitt Romney at the GOP conference in Virginia. In part:

Predictions that we are almost out of the woods, based on the length of prior recessions, are wishful thinking. Americans have lost some 11 trillion dollars in net worth. That translates into about 400 billion dollars less annual consumer spending in the economy.

There’s something else people don’t talk much about: The pool of investment capital—all the money available for new investments, business start-ups, business expansions, capital expenditures, and new hiring. The size of that pool has shrunk by trillions of dollars. This was a huge loss in value, and the effect could be felt for years—in businesses that don’t start up or grow, in jobs that don’t get created.

Given these extraordinary conditions, I am convinced that a stimulus is needed. [snip]

Fifth, we must begin to recover from the enormous losses in the capital investment pool. And the surest, most obvious way to get that done is to send a clear signal that there will be no tax increases on investment and capital gains. The 2001 and 2003 tax cuts should be extended permanently, or at least temporarily.

And finally, let’s exercise restraint in the size of the stimulus package. Without restraint, it may grow as the days go by. Last year, with the economy already faltering, I proposed a stimulus of 233 billion dollars. The Washington Post said, and I quote: “Romney’s plan is way too big.” So what critique do they have for the size of the Democrat’s package? I’m afraid they’ve caught a bad case of liberal laryngitis. It’s everywhere these days.

In the final analysis, we know that only the private sector—entrepreneurs and businesses large and small—can create the millions of jobs our country needs. The invisible hand of the market always moves faster and better than the heavy hand of government.

The difference between us and the Democrats is this: they want to stimulate the government, and we want to stimulate the economy.