Fred Deluca founded Subway in 1965 and grew it into one of the biggest fast food restaurant chains in the nation. Appearing on CNBC on Wednesday, the entrepreneur said if he tried to start the very same business today “Subway would not exist” due to burdensome government regulations that seem to continuously increase.
He said other small business owners have also been impacted by the payroll tax hike, most experiencing a roughly 2 percent decrease in sales. Additionally, Duluca explained businesses are bracing for the increased costs that will come with “Obamacare,” adding that any cost increases will be passed along to customers through higher prices.
It was while describing the current business climate for up and coming entrepreneurs that Deluca said “Subway would not exist” if he started his business today because of massive government regulations.
“It’s continuously gotten worse, because there’s more and more regulations. It’s tougher for people to get into business. Especially a small business,” he said. “I tell you, if I started Subway today, Subway would not exist, because I had an easy time of it in the ’60s when I started. I just see a continuous increase in regulation.”
Watch the clip via the Washington Free Beacon/CNBC below: