US Lacks Vision, Strategy to Be Exceptional: Welch
The United States lacks a "fundamental strategy" for being the "most innovative, the most productive, the most competitive country on Earth," former General Electric chairman Jack Welch told CNBC Monday.
"If you walk down the street you couldn’t get anybody to say what’s the strategy of the country," said Welch, who has a show, "It's Everybody's Business,"on CNBC and whose former company owns 49 percent of CNBC parent NBC Universal. "You can’t run a country or any place—a grocery store—if you didn’t have an idea of what the basic strategy of the thing was."
Welch says the U.S. has too many regulations that are blocking innovation and growth. He believes all regulations — Dodd-Frank and the Obama health-care plan among them — should be scrutinized as to whether they can make this country innovative. If not, they should be "put on the back burner," he said.
Welch sees a slowdown rather than a double dip in the second half, citing such factors as improvement in the gross domestic product, lower oil prices and increasing automotive production as well as the absence of what weighed on the economy in the first half — severe weather in the U.S. and the earthquake in Japan.
"Unless something dramatic changes ... we will see an economy that, because so much money is out there, will not tank, will keep muddling along at a modest rate," he said. "We’re going to see good GDP numbers in the second half of this year because everything is coming together."
Still, he said, that may not translate into a big improvement on the job front.
Welch said he wants the U.S. to be exceptional but "I’m not sure the administration does. The Brazilians think they are exceptional and the Chinese think they are exceptional but we’re not in America. I think we could be. That’s what used to set us apart."