Jack Welch, the former CEO of General Electric, said that new regulations under the Obama administration were hindering economic recovery, saying that Obamacare and Dodd-Frank have an “enormous” cost.
“You’ve got this incredible regulation overload,” Welch, who said several months ago that the Obama administration had manipulated the jobs report, said, according to The Huffington Post.
Welch said that the cost of regulation, excluding Obamacare, under President Obama is nearly four times that of Bill Clinton’s first term and five times that of George W. Bush’s term, Yahoo reports.
“That is holding back this economy from really taking off,” Welch said, according to Yahoo. “All the conditions are right to take off, if the regulatory burden could be taken down.”
Economists predict that automatic, across-the-board spending cuts that took effect at the beginning of this month, as well as an increase in the payroll tax, will stunt economic growth.
Late last year, Welch said that the Obama administration had manipulated the jobs report to make it look better than it really was.
“Unbelievable jobs numbers…these Chicago guys will do anything…can’t debate so change numbers,” Welch said on Twitter, The Huffington Post reports.