Former General Electric CEO Jack Welch appeared on CNN’s “Piers Morgan Tonight” to discuss the economy and the race between President Barack Obama and the presumed Republican presidential nominee, Mitt Romney.
Morgan challenged Romney’s claim that, by virtue of the fact that he worked in private equity, he created jobs.
“That’s not why any private equity company buys a company,” Morgan said, “They don’t buy it to create jobs. They buy it to turn it around and make a profit.”
“I agree with that,” Welch immediately.
“So is [Romney] wrong to say 'it’s about job creation?'" Morgan asked.
Welch conceded that the former Massachusetts governor’s current “job creator” argument may not be the correct one, but he also pointed out that Romney is not wrong when he says private equity helps create good, durable, and well-paying jobs.
“You don’t create scads of jobs, but you do create good paying jobs in a continuing industry,” Welch said.
Morgan moved on and asked Welch whether he thinks the discussion over who’s more qualified to create jobs will be the thing that decides the election.
“If it is, Romney oughta’ wipe it out,” Welch said, “When you look at those things I gave you for the qualifications, compare it to someone who was handing out leaflets as a community organizer, the global experience of doing all this -- Piers! It’s not even close!”
Watch the discussion of Romney’s qualifications (via CNN):
And in regards to who's better suited to handle the economy, Morgan asked Welch if he could think of anything President Obama should be credited for.
"What do you give him credit for in terms of the economy?" Morgan asked.
Welch's answer, though non-verbal, speaks volumes (via WFB):