Billionaire co-founder of Paul Mitchell John Paul DeJoria said the government's attempts to help the poor and middle class have been woefully ineffective Monday on CNBC.
DeJoria encouraged the federal government to allow the private sector to take a more active role in advising on economic policy and job creation.
In response to host Carl Quintanilla's suggestion that President Obama's complaints about the wealth gap are misplaced considering his own Federal Reserve is responsible for low interest rates and higher stock multiples, DeJoria agreed and questioned the president's business acumen:
CARL QUINTANILLA: Some say if the president is really going to complain about a wealth gap he should have a conversation with his Fed chief who made rates low and companies have bought back stock and issued debt and the stock market has gone up, but it hasn't reached the kinds of people are you talking about.
JOHN PAUL DEJORIA: That is correct. What they need, no disrespect to government, is they need we the business people, we that started with nothing and made something advising the government or helping the government. And we'll do it for nothing because they, no disrespect, I don't know if the president has even ran a lemonade stand, ok, but he is a good man and means well. No disrespect to him please understand that. You need business people that have come from [nothing to something] and built organizations where people have good jobs are paid really well and influence to do more. I am a serial entrepreneur. I have ten companies. It makes me happy to give people jobs forever. That's what I like to do.
DeJoria also explained the efficiency model he employs at his firms is based on employees performing multiple roles such that when there are economic downturns he does not have to lay anyone off.
The federal government, DeJoria said, would be better off if it emulated his model.
Full interview: