LARRY KUDLOW, host:

We welcome back to THE KUDLOW REPORT an old friend, the great famed CEO Jack

Welch.

Mr. Welch, thank you for coming back, sir.

Mr. JACK WELCH: Larry, it's great to be here.

KUDLOW: Let me just begin, as we have all day, luminaries like yourself, the way too soon passing of the brilliant entrepreneur Steve Jobs, what's your thought on that?

Mr. WELCH: Absolutely tragic. I mean, his family has certainly had the biggest loss, but America and the world has lost something. He wasn't just a genius entrepreneur, he was an executor. He got--people are not giving him enough credit for getting a million or two million or five million to the customer on time with great quality. That's a real job.

KUDLOW: He was a great retailer and a great marketer you got there.

Mr. WELCH: Great marketer. Great--a supply chain manager and a great genius of an entrepreneur. He--to show you his impact, though, I had an experience at home. My stepson's grandmother called, 85 years old, upset as could be.

KUDLOW: Mm-hmm.

Mr. WELCH: The kids called from college, two of them. They don't call when CEOs die.

KUDLOW: Yeah.

Mr. WELCH: They were so impacted. What this guy did for business, he invented cool.

KUDLOW: Yeah.

Mr. WELCH: He made cool--most business guys are in suits like you are and I am right now.

KUDLOW: Right.

Mr. WELCH: This guy, though, delivered products that made business cool.

KUDLOW: And he made a better world of it. I think...

Mr. WELCH: You know...

KUDLOW: ...everybody agrees that his impact was just vastly beyond just being a businessman.

Mr. WELCH: Oh.

KUDLOW: Just vastly beyond.

Mr. WELCH: I mean, he was a true visionary.

KUDLOW: Yeah. All right, I appreciate that very much.

Let me come back to some of the current events of the day. President Obama had a lengthy news conference today, over an hour. Among the many points he made, I want to get your take on this, he is endorsing the Senate Democrats' idea of a 5.6 percent surtax on millionaires. And the president also indicated, however, that other tax increases