Jack ‘I wrote my retirement plan that the SEC investigated’ Welch says Obama is anti-business

For starters, yes, the GOP will now start to pile on Obama with this charge since the White House brain trust decided to hint that they wanted a Larry Summers replacement who was more “business friendly.” The GOP always knows when to go on the offensive and time after time, Team Change provides the Republicans with plenty of ammo for the attacks. As little as I care to defend Obama for another self made problem, it is something to listen to Welch talk about anyone other than himself ruling by intimidation. Welch himself proposed his own retirement plan that included unusually high financial payments, a free house for life in Manhattan, the use of the GE jet, sports tickets and the kitchen sink. Oh sure the GE board agreed to those terms but we all know that boards are rubber stamp teams who have often been hand picked by the CEO. After listening to Welch I wonder how he compares his perks to Americans receiving a minimum wage that enables them to live above poverty. How did his excessive retirement plan provide benefit to GE or anyone besides Jack Welch? How competitive were his perks since he wrote them?

Welch is blaming Obama for the Republican-created recession and babbles on about entrepreneurs, though it’s not clear how Obama has done anything to hurt entrepreneurs. If Bill Gates was worried about taxes when he launched Microsoft, he has never complained about the 70% tax rates of that era. Then again, what does Welch know about being an entrepreneur as the former CEO of GE? Squashing competition thanks to piles of lobbyist money to grease the skids of Washington, sure, but that’s not what most Americans think of when they hear the word.

While he remains popular on CNBC, he sounds increasingly out of touch, especially when we know his own work history. He misses the point that some Americans actually care about the social benefit that business provides. Giving away jobs that keep families stuck in poverty while the executives take home superstar pay is no longer in fashion. Sorry, Jack, but the times have moved on and you now sound like a dinosaur. The more pleading he does for the wealthy like him, the more out of touch he sounds.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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