Jack Welch Defends Jobs Conspiracy Theory

Compares backlash to 'Soviet Russia'

By Kevin Spak,  Newser Staff

Posted Oct 10, 2012 10:09 AM CDT

(Newser) – Jack Welch took to the Wall Street Journal's op-ed page today to double down on his assertion that the Bureau of Labor Statistic's latest unemployment numbers look too good to be true. The ex-GE CEO's accusation drew a massive backlash, which he says seemed like something out of "Soviet Russia" or "Communist China." Welch says the number still seems fishy to him, pointing out that they indicate the largest number of workers added since 1983. "I doubt many of us know any business person who believes the economy is growing at breakneck speed."

Welch quit his columnist gigs with Fortune and Reuters yesterday, after both outlets published stories about his comments, and Fortune editor Andy Serwer criticized them on Morning Joe. "Jack Welch has left our building, metaphorically that is," a senior Fortune editor wrote in a post titled "Welch Can't Take the Heat." In his email to the publications, Welch told them about today's Wall Street Journal piece, Bloomberg reports. "In terms of traction, it's just a better fit for us," he wrote. Click for Welch's full column.

In this Sept. 27, 2006 file photo, former General Electric CEO Jack Welch addresses students at the Massachusetts Institute of Technology, in Cambridge, Mass.
In this Sept. 27, 2006 file photo, former General Electric CEO Jack Welch addresses students at the Massachusetts Institute of Technology, in Cambridge, Mass.   (AP Photo/Elise Amendola, File)
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