Tags: Welch | Senate | GOP | economy

Jack Welch: GOP Control of Senate Could Mean 4 Percent GDP Growth

By    |   Monday, 03 November 2014 10:58 AM

Former General Electric CEO Jack Welch is enthusiastic about the chances for Republicans regaining control of the Senate and what that could mean for the economy.

"If we can get the right election this time and get some regulation fear off the table, . . . there's a real chance to get to that 4 percent economy that we desperately need to get escape velocity," he told CNBC.

GDP grew 3.5 percent annualized in the third quarter, following 4.6 percent growth in the second quarter.

Many political experts believe the GOP will pick up the six seats it needs to gain control of the Senate. Welch thinks a Republican-controlled Congress could come up with tax and energy reform that President Obama would support.

"I think maybe we can have the parties come together," he said.

"You can't run an organization if everybody is the same. And that's what they're doing in government. Republican or democrat. That's what they're doing. So when these leaders come in and the leaders aren't uniquely competent, you can't get the place to work."

But Welch isn't all about bipartisan bliss. "If Republicans get the House and Senate, we'll see who the blocker is," he said, charging Senate Majority Leader Harry Reid, D-Nev., with keeping GOP legislation from the floor.

Many analysts were excited by last week's news of third-quarter GDP growth.

The economy "is on a firm footing, and if the labor market continues to get better, that's the primary support to consumer spending," Brian Jones, senior U.S. economist at Societe Generale, told Bloomberg. "The demand side of the equation was very healthy in the third quarter."

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Former General Electric CEO Jack Welch is enthusiastic about the chances for Republicans regaining control of the Senate and what that could mean for the economy.
Welch, Senate, GOP, economy
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2014-58-03
Monday, 03 November 2014 10:58 AM
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