High unemployment may last for a long time because of the sluggish economy, bad politics and advances in technology, Jack Welch, author of "Straight from the Gut," told CNBC Thursday.
President Barack Obama's administration has an "anti-business" bias which manifests itself through intimidation, trade, taxes and regulation, Welch also said.
"Our businesses across the board look like 1.5-2 percent gross domestic product (advance) businesses," he said.
"The facts are in most businesses there's 20 to 25 percent excess capacity that they can fill in without adding any new people," Welch added.
Technology, which is improving business "exponentially", is also a factor in not adding jobs.
The government should make it easier for companies to invest and expand but instead they are hampering business, according to Welch.
Read more: http://www.cnbc.com/id/39321858
Now we know it's true. Straight shooting Jack said it.
Yeah, that would be why unemployment is only 6% for over-25s with college degrees and over 16% for under-25s, or around 25% in construction. Not because large swaths of our people are unemployed, leading to a lack in demand, but because Obama is mean.
BTW, Oklahoma's overall unemployment rate is about 7% right now. We've been adding jobs steadily since March. We don't have much cause for complaint compared to a lot of folks..