Tags: Welch | government | Economy | Recovery

Jack Welch: Govt Hindering Economic Recovery

Monday, 09 January 2012 09:49 AM

The U.S. economic recovery is moving along but could do so a lot quicker if Washington weren't slapping needless regulations on progress, says Jack Welch, author and former General Electric chairman.

Revenues are up, debts are falling and unemployment rates are down.

But there's the government, with its needless and politically-charged regulations such as a provision in the Americans With Disabilities Act requiring government contracts to meet a 7 percent quota for disabled workers on their payrolls, Welch says.

That regulation is just one of many hampering recovery and hiring under President Barack Obama.

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"This isn't how you grow an American economy," Welch told CNBC.

"A great economy grows with innovation, with great people, with a president yelling, 'We're going to grow,' not saying, 'You rich bastards.' ... No, we're going to grow and we're all going to grow together. I'm not going to divide you from you, we're all a 'team growth,' we're team America."

The Bureau of Labor Statistics reported the economy added a net 200,000 nonfarm payrolls in December, a figure that beat out most expectations.

Expect more positive economic trends in the future, although there will be bumps along the way thanks to Washington policies, Welch says.

"The natural effect of the cycle has not been repealed. We're going to get some strength now. This whole thing could have been accelerated with better policies," Welch says.

"At this point in the cycle after the Reagan recovery, we were doing 800,000 to a million jobs a month."

Economists point out that while the December jobs report was a plus for the country, it will take years to bring the economy and labor market back to precession levels.

"The labor market is healing," says Diane Swonk, chief economist at Mesirow Financial, according to the Associated Press.

"We still have a long way to go — years — to recoup the losses we have endured."

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Monday, 09 January 2012 09:49 AM
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