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Welch on Obama: “He’s Fooling People”

Posted by Larry Doyle on May 20, 2009 11:57 AM |

“Fool me once, shame on you. Fool me twice . . . ”

Jack Welch, former CEO of General Electric scorched Barack Obama’s plans in a presentation yesterday in Boston. Welch, author of Jack, Straight From the Gut, pulled absolutely no punches. Bloomberg  reports:

Jack Welch, former chief executive officer of General Electric Co., criticized the government- backed bankruptcy of Chrysler LLC for favoring unions at the expense of creditors and said President Barack Obama’s economic stimulus programs will cause budget deficits.

“I don’t particularly like where he’s taking us,” Welch said, referring to Obama, during an interview yesterday at the Boston Convention Center. Welch, 73, who led GE from 1981 to 2001, was a guest speaker at the New England Business Xpo.

“To get the money he needs, he has to have a fake budget,” Welch said. “He’s fooling people about how we’re going to have the top line support the programs in the middle without enormous taxes and some programs not going.” 

Who in Washington and our mainstream media are calling Obama and team on the carpet for this charade? In order for capitalism, free markets, and ultimately democracy to thrive there needs to be accountability and transparency in the process.

We will not achieve the necessary accountability and transparency without serious questioning and rigorous debate on the issues. Given the current makeup of our legislative bodies, the risks to our country are significant. Without a legislative check, the pressure on the media to expose the massive costs – financial and otherwise – of the Obama agenda are paramount. Aside from Bloomberg and typically the Wall Street Journal, what other outlets are holding Obama accountable?

Who will challenge Obama on his anemic cuts to his MASSIVE budget? When an administration is only able to cut one half of one per cent from a $3.5 trillion budget, you know we have problems.

I will admit I am no fan of Welch. However, he is retired and not making policy. Welch does offer faint praise to Obama. Bloomberg offers: 

Welch praised Obama’s communication skills, particularly his speech at the University of Notre Dame on Sunday.

Smooth talking ‘salespeople’ can sell ice to the Eskimos, but ultimately our country needs substance over style!! 


  • I’m a Linda too

    Hey Larry, you should get a twitter account and every time you write a post, tweet that with a link to this site.

    The more you educate, the BETTER!

  • I’m a Linda too….my trusty sidekick, editor, and better three quarters recently did set SoC up with Facebook, Twitter, and an RSS feed.

    I am beginning to appreciate the impact and importance of these social networking sites.

    Thanks for the input.

    **Additional comment from Valerie (aka the trusty sidekick/editor/better 3/4):
    Linda –
    Please check out the links to RSS feeds, Twitter and Facebook at the top right of the page. Thanks for visiting Sense on Cents!

    • I’m a Linda too

      THAT’S GREAT! Thank you. And, was that there and I missed it? Looks like it’s time for those glasses my hubby’s been teasing me about. 🙁

      • Valerie

        My pleasure, Linda! We added the RSS/Twitter/Facebook links about a month ago, but the icons may not be the easiest to spot on the page.

  • Where have you been? We have had “fake budgets” since 1981. Do not see the point you are making unless you are just looking for a reason to post negatively on Obama. And also, you should recognize (for better or worse) what Obama and the Legislative branch is doing, reflects the will of the people. It is called voting. People want to see progress of some sort and a sense of direction.

  • So we are just supposed to blindly close our eyes and say “have at it” and come back in 4 years?

    My point is that if you canvassed a lot of business execs, they are very concerned about Obama’s budgets. I also believe NOBODY is truly holding him accountable.

    I am all for a democratic process but that does not end with voting and election results.

    An electorate which is not engaged, and I do not believe as a country our people are truly engaged and understanding of what is occurring, perhaps deserves what it gets. Our media is definitely not doing its job.

    All this said, visit and comment often!!

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