Subway founder says company 'wouldn't exist' if started under today's regulations

The founder of Subway restaurants is slamming the government for harsh regulations he says hurt small businesses, saying he would not have been able to successfully start his company in today's climate.

Fred Deluca told CNBC Wednesday that he believes government regulations are preventing entrepreneurs from creating value in the economy, saying the environment for U.S. entrepreneurs is getting continuously worse.

"If I started Subway today, Subway would not exist," Deluca told CNBC.

Deluca named a number of government regulations, including a possible increase in the minimum wage, the end of the payroll tax holiday and the the Affordable Care Act or ObamaCare.

Deluca said ObamaCare is "the biggest concern of our franchisees."

"They don't know what to expect," he told CNBC.  "It's causing a lot of concern, but that too will be passed on to the consumer."

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