Jack Welch: RI drives businesses away

NEW YORK (WPRI/FOX) - He is credited with increasing General Electric's market value by more than 400 billion dollars. His management style is studied by executives around the world.

And, his uncanny business instincts earned him the title of Fortune Magazine's "Manager of the Century." Jack Welch, former CEO of General Electric, talked Rhode Island taxes, jobs and the election with Gretchen Carlson on "Fox and Friends" Thursday.

Carlson said, "Let's talk a little taxes. Because first we had Joe The Plumber, now we have Jack The CEO speaking out, I guess, about Obama's plan to spread the wealth. Tell us your true feelings Jack."

"I think that conversation you just had about films and other things are not the  issue. The american public have already said look, we buy Barack Obama and his past we're forgetting. I think the issue comes down to who is going to create jobs.  This election, this vote, is about jobs, and Barack Obama's tax policy is best looked at when you look at a New York Times article last Sunday. It talked about all the job losses on the front page, and then it swung over to the middle of the paper, and the paper had two pages on the state of Rhode Island, and it had these tragic stories of who was out of work, a hairdresser, a restaurant owner, somebody else, but they didn't make the connection of why they were out of work. Rhode Island had the highest unemployment in the country. 8.8%. 40% higher than the country," said Welch.

"And why do you think that is?" Carlson asked.

"Because Rhode Island has the highest taxes in the country. Second highest in the nation. 48th worst state to do business," said Welch.

"So you believe that Rhode Island is the microcosm of the macrocosm we would see with Barack Obama's tax policy?"

"That's the view I would sell. If I were John Mccain's campaign, I would sell that totally. It's not a right to work state. It's driven all big business out of the state. It is a state that has 80% of the business in the state employ 20 people or less," added Welch.

"So who wants to go to Rhode Island, right? That's what you're saying? What business wants to go to Rhode Island to start up?"

Welch sayd, "Because of the tax environment. It's actually a very nice state, nice coastline, nice everything."

"It is. I've been there," added Carlson.

"But they tax the hell out of you, and you don't want to be there. And that's a small picture, and The Times didn't make the connection with these tragic stories which were tragic -- didn't make the connection with what the tax policies of Rhode Island are with the plight of the state."