Steve Benen summed up nicely how utterly ridiculous and dangerous the policies are that Eric Cantor is pushing in the GOP Weekly Address this week -- Cantor sticks to misguided 'Cut and Grow' gimmick:

It’s as if the House Majority Leader is trying to convince credible observers not to take him seriously. [...]

There’s no shortage of problems with Cantor’s address, but let’s focus on just two of the more glaring issues.

The first is the irony of hearing Cantor, of all people, denounce reliance on gimmicks. Cantor and his caucus have after all, recently embraced a “Balanced Budget Amendment,” the creative-but-dumb “Government Shutdown Prevention Act,” and the “Commitment to American Prosperity” Act, all of which are shameless budget gimmicks. Indeed, Cantor personally has appeared obsessed at times with gimmicks, spearheading little stunts like the “America Speaking Out” and “You Cut” ploys.

“For too long, Washington has relied on gimmicks”? Actually, for too long, Eric Cantor has relied on gimmicks.

But more important is Cantor’s belief that a “Cut and Grow” grow strategy actually makes sense.

It’s hard to overstate how misguided this is. As Jon Chait joked the other day in a message to Republicans, “Herbert Hoover called. He wants his fiscal policy back.”

That’s a good line, but it’s important for Americans to understand — it is, after all, our economy on the line — how deeply ridiculous Cantor’s approach really is. Read on...

Full transcript via the LA Times below the fold.

Hello, I’m Eric Cantor, House Majority Leader from the 7th District of Virginia.

I’m happy to be with you this Memorial Day, as we spend time with family and friends in festive gatherings and thoughtful ceremonies to honor those brave Americans who gave their lives in service to our country. It is their sacrifice that has kept America free and strong. Let us pay them tribute by renewing our resolve to promote lasting peace and liberty across the globe.

As we spend time with family this weekend, our thoughts and prayers are with the people of Joplin, Missouri, Oklahoma City, and other areas of our country that are facing unthinkable circumstances and terrible tragedy. Please know that Congress stands ready for a request for funding from President Obama to ensure that the resources are available to help these communities rebuild and recover.

Americans have a rich history of standing tall in tough times and going the extra mile to propel ourselves forward. Whether it was the American Revolution, the Industrial Revolution or the Internet Revolution: we are unique in our ability to apply creativity, intellect and leadership to solve any problem.

Now we face new obstacles as this country finds itself at a crossroads. Before us is a choice about who we want to be as a country:

Do we want a future with more taxes and more government? Or do we want to see more growth and more jobs?

We saw the former when Democrat –controlled Washington enacted the nearly trillion-dollar stimulus program which drove up our debt and failed to get people back to work. And it took a sweeping Republican electoral victory to stop President Obama, Leader Reid, and Leader Pelosi from imposing one of the largest tax increases in America history.

Now, as the summer of 2011 approaches, far too many our family members, neighbors and friends are still out of work.

To be strong, to lead, to grow, and to empower people -- here’s what we’ve got to do.

We’ve got to shift from a government that smothers new jobs and business growth to one that nurtures an environment for getting people back to work and back to what Americans do best: innovate, compete and lead.

That’s why Republicans promised to focus on jobs in our Pledge to America and have been committed to economic growth and jobs since Day One.

Beginning in January we adopted a two-track strategy we call ‘Cut and Grow.’

The first part – ‘Cut’ – is obvious. We know that Washington has to stop spending money we don’t have and manage the money we do spend more wisely. Families are tightening their belts and sticking to a budget - and Washington should, too.

But we also understand that cutting alone isn’t enough to address our debt crisis or get people back to work. We must also ‘Grow.’

For too long, Washington has relied on gimmicks or government-knows-best solutions. No more.

Now, more than ever, our nation needs small businesses and entrepreneurs to get people back to work.

That’s why this week we continue to build on the Pledge to America and our work over the past five months by unveiling our plan to help the nation’s job creators grow the economy and start hiring.

Our plan for America’s job creators injects a dose of commonsense, pro-growth economic policies to give our businessmen and women the tools they need to get the for-hire signs back in their windows again.

First, we must fix the tax code and remove loopholes and giveaways to special interests. We achieve that by reducing the overall tax rate to no more than 25% for businesses and individuals -– including small business owners. This makes the tax code simpler, flatter, and more fair.

We’ll increase competitiveness for American manufacturers. The more that businesses export, the more they produce. The more they produce, the more workers they need. This means more available jobs. By enacting agreements with Colombia, South Korea, and Panama, which have been held up by President Obama, we can create hundreds of thousands of jobs. There is no excuse for delaying trade agreements that create jobs at home while our foreign competitors are making them.

Next we will stop and repeal any onerous regulations that are barriers to growth and prosperity.

Last week in my hometown of Richmond, I held a forum with job creators and business owners from all over Virginia. They made it clear to me that Washington is stopping them from innovating and hiring more workers by pursuing hundreds of onerous and unnecessary regulations.

Frankly, this Administration’s regulators have gone on an ideological offensive against businesses that is costing our country billions of dollars and countless jobs. Yet this same Administration is telling America’s businessmen and women to create more jobs.

Small business owners and entrepreneurs tell me that they want government to work WITH them rather than AGAINST them. Smart regulations are fine, as long as they help steer businesses into the black rather than into a tangle of red tape.

Of course the summer months bring family travel and no doubt they are feeling the pain at the pump. So are small business owners, who are coping with crippling energy costs. Yet America lacks a realistic national energy strategy that will truly meet our country’s needs in the 21st Century.

We cannot wait for this Administration or the Democrat-led Senate to act –- they have had ample time and done nothing.

So Republicans will take immediate action through our American Energy Initiative by passing bipartisan legislation to expand energy exploration and maximize domestic production. This will help create American jobs, grow our economy, and enhance our security.

All of these elements will help encourage growth and long-term economic stability. By putting in place policies that encourage businesses to expand, innovators to innovate, and allows leaders to lead we will not only begin to put our budget on a path to balance, but we’ll get Americans working again.

This Memorial Day, we are reminded that the true grit of Americans is passed from one generation to the next, so long as government remains limited and opportunity remains unlimited, through free markets and a fair playing field. Americans will out-work, out-hustle and, yes, ‘out-innovate the rest of the world.’

Individual initiative in the private sector has been and always will be the source of America’s prosperity provided we don’t stifle it.

In America, our parents taught us and their parents taught them that, ‘No matter who you are, no matter where you come from, everyone’s got a fair shot, not guaranteed success but the opportunity to work hard and get ahead.’

Our history is rich with people who achieved greatness through hard work, thrift and faith without interference from an overbearing, over-burdensome government.

Let’s get Washington out of the way. Let’s give our nation’s businessmen and women what they need to succeed. Let’s make sure that people out of work can find a job. And let’s get this great country back on the right track.

If you have a spare moment, I’d encourage you to read more about our plan to create jobs at gop.gov/jobs. Thank you.