Tags: welch | cnbc | government | business

Jack Welch: Government 'Grunts' Hamper Business

Wednesday, 20 June 2012 11:45 AM

Former GE Chairman Jack Welch says that “grunts” in government departments such as the Environmental Protection Agency and the Occupational Safety and Health Administration are hampering business and therefore the U.S. economy.

Rules imposed by "those grunts down in the organizations" are hurting business, Welch tells CNBC. “Basically these are the things that are going on every day. They add up," he says. "That's why we're not taking off."

Moreover, Congress's reluctance to address year-end tax increases and spending cuts isn't helping. "We should be poised to do well, but we are getting hammered by political forces who won't deal with the fiscal cliff coming up."

All in all, Welch thinks the U.S. economy is in better shape than most, though it should be better than it is.

"We should be doing better," Welch says. "We have free money, we have pretty strong markets, gasoline is coming back."

"Housing is in fact not going through the roof but is coming back. Rents are at all-time highs, mortgages are at all-time lows, affordability is perfect. So housing is going to come back.”

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Wednesday, 20 June 2012 11:45 AM
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