According to the latest NBC/WSJ poll Herman Cain now leads the Republican pack running for president.
Is it his 9-9-9 tax plan? His role at Godfathers pizza? Gov. Chris Christie recent endorsement of Mitt Romney? 😉
As to the 9-9-9 plan, where there is a flat 9% income tax, 9% corporate tax and 9% national sales tax, plus it eliminates the “death” tax, capital gains tax, Medicare tax, Social Security tax and double taxation of dividends. You don’t need to be a tax specialist to see that this is a highly regressive plan which will negatively impact the poor and middle class and benefit the rich. The plan was devised by Rich Lowrie, Cain’s chief economic advisor. Problem is that Lowrie, by his own admission, isn’t an economist.
As to the Godfathers pizza turnaround, Cain closed over half of the stores. Now one may say that cutting non-profitable stores is a good idea, but at the time the chain was owned by Pillsbury, which certainly could have afforded to improve marketing efforts at those stores. After the closures Cain was part of a group that acquired the remaining stores with a very risky leveraged buyout. Cain became CEO, until the board asked him to resign. So much for his success in business and being a job creator.
Note that Cain is no dummy. His undergraduate degree was in math and he has a masters in computer science. He was chairman of the Federal Reserve Bank of Kansas City. This indicates that his agenda is well thought out, and opaque by design.
ps. If you look at the margin of error in the NBC/WSJ poll, Cain and Romney are a statistical tie, but the talking heads never look at the margin of error.