Former GE CEO blasts regulations in ObamaCare
Jack Welch on what can be done
- Duration 7:27
- Date Mar 19, 2013
Jack Welch on what can be done
Also in this playlist...
This transcript is automatically generated
Is it any wonder the chamber commerce today is demanding a delay on this -- health care law at least it's implementing its finer features that aren't so fine.
It wants for example the IRS to put off collecting something called the employer mandate in the president's health care law.
For at least one year -- that support the requires large employers provide health insurance or just pay it today and it could be a big thing.
Demanded a -- expected to -- US businesses more than a hundred billion bucks.
Over the next decade a former GE chief Jack Welch who says that money is gonna cost jobs just -- -- you -- -- now the onion unravels write -- -- what do you make of even the chief architect come back and saying all right well.
-- -- Well we're involved in saying the number of regulations which.
Nobody knew were coming Jeffrey what you were and now raining down on the business community and they causing -- -- But I mean this is more than a -- right and -- is a hundred billion dollars over the next ten years some argue Jack that's a conservative estimate.
You argue that had businesses who have to spend that.
Don't spend on out of time.
Right then and there are all kinds of -- -- the temporary worker -- impossible.
Going from 35 dollars to thirty people are gonna have to.
Make a trade after they have 29 dollar -- employees.
And then take that money away from them.
The employees that have been there it is temporary where work is for that long they don't wanna you know this salary.
And so all these different little rules -- shop for the first time like -- company today in a meeting that was happy about it.
The about -- -- it runs emergency rooms.
And they they they're gonna have an enormous.
The Massachusetts law that went -- when Romney was -- took emergency room business through the roof.
If people were forced to go there weren't enough doctors.
And therefore stronger and you -- And ironically -- out of the one thing as -- as opposed to avoid rights of people who don't have coverage go to emergency care coverage actually.
Tell a little bells and amp Vilma on what -- to do the quality of care I mean I know when you were running GE -- were very big making sure.
New employees and used to work we're at a very generous very good plan you pay dearly for.
Well -- it's just showed similar at that we are gonna make up many more doctors.
And we're pumping pumping thirty to forty million more people into the system.
Something -- -- again we're gonna have to do a lot more home care -- a lot more clinical work outside the hospital.
Got an instrument they should be a problem that hadn't.
But in the other hand will will cope with it -- -- -- But is it realistic for folks -- doctor Ben Carson -- even Paul Ryan talk about.
Junking their health care.
I don't think that's tough writing -- that's a bad pathogen that hopefully will get some -- modifications to it.
When you're gonna -- the president's signature bill.
He's not gonna sign it.
So it's silly and let -- modifications would sort of be like touch ups on the Titanic I mean you can't.
Well it's a tough deal but I mean did did the chamber you pointed out of the chamber has an idea of delaying a year while people get used to some of the things they have to do.
If we get regulators that don't end up being -- about everything but trying to help people through the process you know -- it's so complicated.
How many hours war tell me a -- employees here have this and then.
It's just an apparent violation -- -- -- -- -- that -- -- -- and very turned down on -- obviously -- -- -- talked to since its home market rally and record -- and -- subsided since and minor uptick today.
On the administration turns around -- -- lets -- that's on government spending on the markets doubled under his stewardship.
We're off to the races is because we got off its.
Suspending an -- and investing in this economy -- he's.
My kids they can thank the Fed they can -- Ben Bernanke every night before they go to bed.
And they've gotten themselves.
I'm lucky and that's way ahead of the economy -- -- -- in the economy.
-- the economy's not doing badly.
-- about what -- what is behind all these companies.
Now spending all this cash.
In Apple's case hiking its dividend and everything else -- -- doing stuff they didn't used to do.
Are you encouraged by that are you looking the way they're spending well.
Well hiking -- had dividend.
Increasing the buybacks.
Don't do allowed to increase the competitiveness.
So if if you don't get demands in this economy you don't get growth this whole idea about junk we have this conversation all the time people are talking about.
Let's have more more jobs why -- people -- because we don't have the demand that we've got to create a society.
Looks at growing the pie making the pride they did getting GDP of the three and a half to 4%.
And letting everybody -- Benefit from the growth that's or after the.
So you are back running GE and -- -- vastly expanded that empire and jobs and opportunities.
You would not be inclined to expand plant equipment.
And this it is all the world may be if you had to cancel or to work with you'd be doing a -- of Apple's doing you do you do the kind of stuff.
-- -- Comcast is doing and and and finishing off the rest of the deal to close you don't need that kind of stuff.
A lot of the -- -- and her acquisitions.
And have we got some economy growth.
I'd be out investing.
When you would see little reason to invest in this environment work.
While we do what we've got to get a regulatory environment that supports growth.
You know you don't it -- absolutely.
I think it suppresses growth and lead we should be putting all -- -- Look at North Dakota on private plans 3% of the Ryan -- good growing like crazy creating jobs everywhere I mean.
Three new high schools -- -- -- schools being built there -- does not all kinds of things being built in in in the Dakotas.
Not new hospital.
All kinds of things because employment is booming.
Housing is going up defenses again that's what you get from opening up the world we have so some of that boom and ignore ignore the New York if we can get.
New New York to improve approve.
But I want Barack they want -- -- and finally you know your modest guy but your -- one of the most requested.
Voices from the speaker's circuit.
And and a lot of CEOs seek you out for advice.
I don't want you to -- the secrets but when they seek your counsel.
What what are they generally.
Need help on what are they telling you these days they need your guidance.
But generally -- involved a lot and organizational structure.
Froze to -- Acquisitions.
It's -- -- involved in in their policy discussions with government I think you are you're not saying.
Not at all okay.
-- I look I think they did this economy would this free money is gonna grow -- two and a half to 33% the first corner it's a different monitor -- And we got and we don't know what's gonna happen very good point Jack it's always it's always fun to seeing you thank you very very much Jack Welch right.