Welch: Obama Administration Is Anti-Business

Jack Welch

High unemployment may last for a long time because of the sluggish economy, bad politics and advances in technology, Jack Welch, author of "Straight from the Gut," told CNBC Thursday. President Barack Obama's administration has an "anti-business" bias which manifests itself through intimidation, trade, taxes and regulation, Welch also said. "Our businesses across the board look like 1.5-2 percent gross domestic product (advance) businesses," he said. "The facts are in most businesses there's 20 to 25 percent excess capacity that they can fill in without adding any new people," Welch added. Technology, which is improving business "exponentially", is also a factor in not adding jobs. The government should make it easier for companies to invest and expand but instead they are hampering business, according to Welch. "I still maintain that the economy's been terrible and they have not done things to move the economy forward," he said. "He's there a month and he vilifies Las Vegas… he kills the hotel business," Welch said. Soon after he came into office, Obama slammed companies that benefitted from taxpayer money for taking corporate trips to Las Vegas. Businesspeople said tourism in Nevada took a hit partly because companies decided to cancel trips to Las Vegas following his comment. "You get all these little things that have consequences. Read more here:

Welch: Obama Administration Is Anti-Business