Friday, July 1, 2011

Only Dreamers Think Corporate Cash Will Be Used To 'Create Jobs'

Robert Lenzner opines on the naive hopes for repatriating about $1 trillion in corporate cash, noting how corporations are already sitting on a similar sum here and could just as easily use it to create jobs if they needed to:

[Companies] aren’t in business to serve the public patriotic interest by using that money to create jobs unless there is demand over and above what is being filled today.

Which would mean that a tax break for repatriating the cash would just be a "sweetheart deal," the favor   of which would no doubt redound to the politicians granting it, in the time-honored form of campaign contributions, or revolving door jobs in industry.

It's the same story with using taxpayer funds to "create jobs." There's no economic demand for the jobs created, otherwise they'd exist already. They're a sweetheart deal, usually for the affected government and/or union workers whose jobs, and (Democrat) votes, they're designed to preserve.