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Robert Reich: "Bizarre" To Think Deregulation Will Create Jobs

"Mitt Romney kind of has the odd idea, and it is a bizarre idea, that at a time when corporations are scoring record profits. At a time when you've got them sitting on $2 trillion of cash they don't even know what to do with, that somehow if you give them more tax cuts and deregulate so you reduce their costs even further, they will then create jobs.

"They don't create jobs now, he assumes, because their costs are too high or they're not making enough money. Well, the reality of course is just the opposite," former Secretary of Labor Robert Reich said on MSNBC's "The Last Word."

"They don't need more money, companies are doing very well," Reich said later on in the segment.

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