Adam Smith: “When the President has proposed his tax cuts, for 3 years he has talked about the number of jobs he is going to create.…”

“When the President has proposed his tax cuts, for 3 years he has talked about the number of jobs he is going to create. The figure that he used for the tax cut that was passed was 1.2 million. He has fallen way short of at this point, I think it is about 400,000. But in making that proposal it is interesting that he assumes that, absent that tax cut, no jobs would be created, which flies in the face of history. Obviously, some jobs were going to be created. As the gentleman points out, after we did this supply side tax cut for people at the high end of the scale, we actually created less jobs than economists tell us we would have created if we had done nothing. So it is worse than just not doing what he said it was going to do. It seems to be having a negative impact.”