Jack Welch: Obama is Anti-Business, Uses Intimidation

Friday, 24 Sep 2010 01:04 PM

By Dan Weil

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President Barack Obama’s policies are anti-business, says legendary former General Electric CEO Jack Welch.

"I still maintain that the economy's been terrible, and they have not done things to move the economy forward," he told CNBC.

Welch listed a number of areas, large and small, where the president has damaged the economy, saying the White House has used intimidation, trade, taxes and regulation against business.

"He's there a month, and he vilifies Las Vegas. ... He kills the hotel business," Welch said. Early in his term, Obama criticized financial companies that were bailed out with taxpayer money for taking corporate trips to Las Vegas.

"You get all these little things that have consequences beyond 'we can't have corporate jets and fat cats going to Las Vegas,'" Welch said.

He thinks it will be good for the country if Republicans regain control of Congress in November’s elections, because it’s good to have Congress as a check on the president.

The Obama administration has done some "nice things in education," he said, "but they weren't focused on economy and jobs."

The recession caused many projects to be put on hold and led to a change in business habits, while policies have "stuck the gears" of business, Welch said.

To encourage the business sector, the government could "make heroes out of entrepreneurs… they can celebrate business," according to Welch.

Former Federal Reserve Chairman Paul Volcker, a top adviser to Obama, disagrees with Welch’s assessment of Obama.

“He is not a wild-eyed leftist radical,” Volcker told Fox Business Network. “Since he has been in office he has been a defender of open markets.”

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