Tuesday, November 23, 2010

How Rick Scott's Jobs Plan Meets Reality

I previously blogged about the nonsense known as Rick Scott's 7-7-7 plan. There are factually incorrect statement such as these.

Government run wind insurance has driven private insurers out of the market and will result in an enormous tax increase or auto insurance rate increases if we get hit with a major hurricane or a number of costly hurricanes burdens job creation with one of the worst regulatory frameworks in the nation.

Actually, private insurers refused to offer property insurance to homes in coastal areas. As for costly increases, State Farm attempted to raise property insurance rates 47.1 percent last year. Insurance Commissioner Kevin McCarty rightly rejected State Farm's request. State Farm decided to drop all property insurance claims in Florida. Private insurers are either refusing to cover homeowners or charging astronomical rates. Homeowners went to Citizens Property Insurance not because they love big government, but because there was no other option.

Scott's 7-7-7 Plan has a lot of nice pictures. There isn't one chart or any indication that there was an economic study done to come up with the magic number of 700,000 job. I find it odd that a man who ran on the talking point that government can't create jobs plans to create jobs as Governor.

Scott's plan is eliminating government development agencies, throwing money at universities for research and development. I blogged before that there is limited short term job creation with R&D tax credits.

Scott steals a page out of Jeb Bush's playbook by planning to use the Innovation Fund "that brought Scripps and Burnham. Scott fails to say his proposals would bring 700,000 jobs. The reason is the 7-7-7 Plan is nothing a campaign pamphlet. It is one of the most unserious policy proposals I have ever read. Now comes this economic report.

Florida will gain at least a million new jobs over the next seven years, which is 300,000 more than promised by Governor-elect Rick Scott without the tax cuts and other changes he's seeking, state economists predicted Monday.

While their long-term forecast remained rosy, the economists from the Legislature and Gov. Charlie Crist's office were gloomier about the immediate future than in July when they last updated their economic estimate.

If we are to take Scott at his word (and we shouldn't) then his job creation plan would decrease new jobs by 300,000. The reality is Scott never had a jobs plan. Below is the 7-7-7 Plan. Take a look at it yourself if you don't believe me.

Scott Rick Jobs 7-7-7 Plan

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