In an interview on CNBC's Squawk Box, Welch explained why he believes an energy-rich and independent America in the 21st century could create a bigger boom in the economy than the Internet did in the late 20th century.
"We have a chance in this country to make this the American century," Welch said. "This gas thing is huge. The gas that we have found is in the first inning - it's like the Internet in 1990. This is the first inning of a great American century."
Natural Gas Companies Need Less RegulationThe former CEO of General Electric Co. (NYSE: GE) warned that the regulations natural gas companies face are an impediment to the industry's development and in turn to America's economic success.
To him the issue is as important, if not more, than any other topic in and after the election.
"The regulatory wall is a huge deal. It's equal in my opinion to what happens in the marketplace as the fiscal cliff," Welch said.
Welch, currently the head of Jack Welch Management Institute at Strayer University, noted that states such as West Virginia and Pennsylvania will flourish from fewer regulations while states like New York will see their growth delayed.
Editors Note: This huge oil lie could be the one thing standing in your way of profiting from energy.
Jack Welch on the Election, JobsNatural gas will not be the only industry to flourish under less regulation, according to Welch.
He believes that a Romney victory and a bipartisan effort to attack the fiscal cliff will lead to better job creation and a healthier economy.
"I think under another president, President Romney, we will get a more positive job creation," Welch said today. "If I were working in a factory, even in a union factory, I would want to have somebody who is going to break through this regulatory wall and attack this fiscal cliff because my future and my kids' future are better off from the factory floor to the executive office."
Welch made headlines when he questioned the reliability of September's jobs report, saying "Unbelievable jobs numbers...these Chicago guys will do anything...can't debate so change numbers."
When asked about the last two jobs reports today, Welch commented that September's job report only confirmed his idea that the reports are rigged and that something is "wacky" concerning the data.
"When the 7.8 came out in September, we had gone from 8.3 to 7.8 in two months," said Welch. "That means we had a booming economy. There is nothing in my view of looking at all my businesses, or looking at the general economy that said that was true."
And with Election 2012 one day away the uncertainty surrounding the economy could soon be over, but Welch doesn't expect everything to suddenly be fine.
"I don't think it will make things better no matter who wins. If you get one winner you'll get a surge, but the other winner, the current president, you'll get more of the same," said Welch.
Despite his support for Romney, Welch thinks President Obama will eke out a victory in the election due to his edge in certain swing states and the nature of the Electoral College.
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