Tags: Welch | fix | Economy

Jack Welch: Obama Can't Fix US, Must Be Ousted From Office

Monday, 10 Oct 2011 08:15 AM

Former General Electric Chairman Jack Welch says President Barack Obama cannot lead the U.S. and doesn't deserve a second term.

He says the remedy needed for the ailing economy involves a mix of tax and entitlement cuts and no new regulations.

"I want to take this administration out," Welch says. "They don’t understand how to create jobs ... America is the greatest country in the world, and we have everything going for us except a government that is not supportive of capitalism."
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To streamline the economy, Welch says if he were in charge, he'd shave 25 percent off current discretionary spending and another 5 percent off military spending, which would save about $1.3 trillion over 10 years, according to CNBC.

Then he'd freeze new regulations until the unemployment rates drop to below 6 percent from today's 9.1 percent level.

obama200getty-(1).jpg
President Barack Obama
(Getty Images photo)
Entitlement programs would be up for reform as well.

"I shouldn’t be getting Social Security. I shouldn’t be getting Medicare benefits at the level I’m getting," Welch tells CNBC.

President Obama says he favors raising taxes on the nation's wealthy, a proposal Welch calls as a transfer payment.

"You take if from one pan, put it in the other. It doesn’t work," he says.

Welch has thrown his support behind former Massachusetts governor Mitt Romney.

Obama is working hard to push his $447 billion jobs bill, which comes hand in hand with tax hikes on the rich, pointing out that failure to approve it in Congress will keep unemployment rates high.

"There will be fewer jobs and weaker growth. So any senator out there who's thinking about voting against this jobs bill needs to explain why they would oppose something that we know would improve our economic situation," Obama says in a weekly radio address, according to the Associated Press.

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Former General Electric Chairman Jack Welch says President Barack Obama cannot lead the U.S. and doesn't deserve a second term. He says the remedy needed for the ailing economy involves a mix of tax and entitlement cuts and no new regulations. I want to take this...
Welch,fix,Economy
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2011-15-10
Monday, 10 Oct 2011 08:15 AM
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