Mitt Romney Mitt Romney

Former Massachusetts Gov. Mitt Romney threw his hat into the ring for the 2012 Republican presidential nomination Thursday, the Wall Street Journal reports.

As part of his formal announcement at Bittersweet Farm in Stratham, N.H., Romney set himself up as the solution to America's economic woes and took a few jabs at President Obama in the process.

VIDEO: Mitt Romney kicks off presidential campaign

"Barack Obama has failed America," Romney said. "While we've lost a couple of years, we have not lost our way. We know we can bring this country back. ... It breaks my heart to see what's happening in this country. What's [the president's] answer? He says this: 'I'm just getting started.' No, Mr. President, you've had your chance."

Romney's platform will focus on economic and job growth. He plans on holding federal spending to 20 percent, preventing tax rates from rising across all incomes, delegating more government responsibilities to the states and balancing the federal budget.