Home Depot co-founder: ObamaCare is having an effect on jobs

This is a rush transcript from "Your World," April 11, 2014. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: All right, right to Bernie Marcus, the Home Depot co-founder, on focusing on the problem itself, which he says is the law, not whoever is in charge of administering it.

And, Bernie, that is still alive and ticking, isn't it?

BERNIE MARCUS, CO-FOUNDER, HOME DEPOT: Oh, it's alive and ticking.

You know, Neil, you -- I -- you could cover -- you could take the cover off a book, but the book is the same book. And we have ObamaCare, and I can tell you, the last few weeks, I have been spending a lot of time with small business people all over the country, actually, made some speeches, talked to small business people.

And I can tell you that the effects of ObamaCare are out there. You don't see it. You don't hear it. But small business people are reacting and what they're doing is, very simply, number one, they're not hiring people. Number two, they're putting people on part-time. And, number three, even worse -- even worse than that, they're creating a situation where they could do without -- without people.

I hear this from them. They say, Bernie, don't mention my name, don't tell my name, but I will tell you that this is costing jobs in America and whether they -- the people in Washington evidently, they have -- they have got to be so insulated from the rest of this world. They don't have a clue of what is happening out there.

And I'm telling you, this is happening, Neil. I have talked to these people. I have been around them. So, ObamaCare is having an effect, and just wait until...


CAVUTO: Well, are they saying, Bernie -- just to be clear, are they saying that the law's regulations, costs, what have you, are impeding their able to hire folks, that it's getting in the way of hiring folks?

MARCUS: No. They're actually trying to figure out how to do away with folks.

And the fast-food industry, or you go into restaurants today, I have -- I have seen it myself, where you have an iPad on the table. That little iPad does away with the waiter. That waiter probably is some college student that was working there, trying to make money, not in the field that he went to school for.

So this is another -- this is going to have an effect on jobs and it's going to continue that way. They aren't -- listen, they're smart businesspeople. They're entrepreneurs. They have to save their business. They're going to do whatever they can to do it. They're not publicizing it, but slowly but surely, jobs are disappearing, and jobs are not being created in America. And I thought that what -- that is what it was all about.

CAVUTO: Do you get a sense that that sentiment might be popping up in the market downdraft of late, or is that separate from this, this is just a needed correction or close to it, and that this is -- this other stuff is noise, might be a worry, but it's not an immediate market worry? What do you think?

MARCUS: No, I -- I -- look, I don't know.

This is a long-term thing. I thought that jobs is what drives the economy, and jobs is what drives everything that happens out there. Every store depends on people having the money to pay for it.

Look, we just saw today that the dollar stores are closing stores. They're doing it because people don't have the money. Many people have gotten their new insurance rates. Insurance rates have gone undramatically. Their deductibles have gone up. They don't have the money to spend anymore.

And so you think that this is a short-term thing. It's not short-term. It's out there for a while and it's going to hit more and more people. And I -- I'm very worried about it.

That's why Job Creator Network was started, to really bring this up and -- and to -- to talk about the plight of small businesses in America, and we're seeing it everywhere we go. Every state I go into, I hear the same thing over and over again. Regulations are killing us. ObamaCare is killing us. Taxes are killing us.

The minimum wage in the food industry is going to be another job-killer, and actually is going to stop the young kids who start out in their life, perhaps the first job they ever had, they're not going to find jobs in the years to come, because slowly but surely, they're just trying to figure out a way...

CAVUTO: All right.

MARCUS: ... that they can do without hiring people. It's not good for America, Neil.


MARCUS: This is not a good deal. It's not good.

CAVUTO: Bernie Marcus.

MARCUS: Who is this good for?

CAVUTO: We will watch it closely. Thank you, my friend.

There might be something to what Bernie says here...

MARCUS: Thank you.

CAVUTO: ... besides the Dollar Store, besides The Gap, best -- we're seeing more of these guys saying that their customers are drying up. There's obviously a little less cash flow. Why that is, how that is, whether it's the health care law, something is causing the consumer to retreat. She's retreating.

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