Too many regulations: that’s the judgement of Fred Deluca, founder of the Subway restaurant chain. In an interview with CNBC, Deluca said he couldn’t start his business in today’s economic climate.

The Subway founder pointed to a number of government regulations that are degrading the business environment for entrepreneurs. Examples include the Affordable Care Act, an increase in the minimum wages and the end of the payroll tax holiday.

The Affordable Care Act, often referred to as “Obamacare,” is “the biggest concern of our franchisees,” Deluca said. “They don’t know what to expect. It’s causing a lot of concern, but that too will be passed on to the consumer.”

Deluca also said payroll taxes are a burden passed on to customers, and sales then decline. He said that if he were to try and start his business in today’s tangle of regulations and burdensome costs, “…Subway would not exist.”

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