It's becoming an emperor-has-no-clothes trend. Last week,
Washington Post's factchecker
reiterated that the Republican jobs plan actually would create no jobs.
Now via Greg Sargent, the AP joins the fray, highlighting a number of studies showing that the Republican presidential candidates' plans are just as empty.
WASHINGTON — Key proposals from the Republican presidential candidates might make for good campaign fodder. But independent analyses raise serious questions about those plans and their ability to cure the nation’s ills in two vital areas, the economy and housing.
Consider proposed cuts in taxes and regulation, which nearly every GOP candidate is pushing in the name of creating jobs. The initiatives seem to ignore surveys in which employers cite far bigger impediments to increased hiring, chiefly slack consumer demand.[...]
The Bureau of Labor Statistics, which tracks companies’ reasons for large layoffs, found that 1,119 layoffs were attributed to government regulations in the first half of this year, while 144,746 were attributed to poor “business demand.”
Mainstream economic theory says governments can spur demand, at least somewhat, through stimulus spending. The Republican candidates, however, have labeled President Barack Obama’s 2009 stimulus efforts a failure. Instead, most are calling for tax cuts that would primarily benefit high-income people, who are seen as the likeliest job creators.
"I don’t care about that," Texas Gov. Rick Perry told The New York Times and CNBC, referring to tax breaks for the rich. "What I care about is them having the dollars to invest in their companies."
Many existing businesses, however, have plenty of unspent cash. The 500 companies that comprise the S&P index have about $800 billion in cash and cash equivalents, the most ever, according to the research firm Birinyi Associates.
The rating firm Moody’s says the roughly 1,600 companies it monitors had $1.2 trillion in cash at the end of 2010. That’s 11 percent more than a year earlier.
Small businesses rate "poor sales" as their biggest problem, with government regulations ranking second, according to a survey by the National Federation of Independent Businesses. Of the small businesses saying this is not a good time to expand, half cited the poor economy as the chief reason.
As the story points out, these candidates are just telling their base, and the people bank-rolling them, what it wants to hear: "A recent Associated Press-GfK poll found that most Democrats and about half of independents think 'reducing environmental and other regulations on business' would do little or nothing to create jobs. But only one-third of Republicans felt that way." And it's what Republican voters "feel" that counts. So that's what their presidential candidates are going to care about, facts be damned.
Could it be that the traditional media actually got the memo that Republicans really aren't serious about jobs? If so, then the next step would be recognizing that they're actively opposing steps to save the economy and create jobs. Not that we should hold our breaths for that revelation, but at least this is a start.