Bernie Marcus co-founded Home Depot in 1978, a bad economic time of rising unemployment, accelerating inflation and Jimmy Carter’s downhearted feelings of malaise.
Home Depot prospered, but in an interview with Investor’s Business Daily (IBD) in July 2011, the third year of Obama’s presidency, Marcus said the company wouldn’t have survived if it was launched in 2011 because of the federal government’s overblown and ever-increasing regulations.
At the time of the interview, the official July 2011 unemployment rate was 9.1 percent, with 13.9 million people unemployed and a labor participation rate (the percentage of the civilian non-institutional working-age population who are in the labor force) in decline, dropping by 193,000 people in July 2011 alone.
Here are several of the interview’s highlights:
IBD: “What’s the single biggest impediment to job growth today?”