Former General Electric CEO Jack Welch has a couple ideas for the government to revive private hiring – freeze government regulations and lower tax rates.

"I would absolutely freeze all regulations until the unemployment rate got to 6 percent or less," he tells CNBC. The jobless rate totaled 9.1 percent in August.

"And I would go at every regulation hard that is there now and see whether or not the cost-benefit really does work to get that stuff out of there," Welch says.

He advocates tax reform to spur new investment. "I would give tax holidays for a period of time," Welch says. "I would get rid of loopholes and lower rates. I would have marginal tax rates go down, so incentive goes up dramatically."

Welch says he doesn’t support legendary investor Warren Buffett’s proposal to raise taxes on the rich, despite Buffett’s status as "the smartest investment head in years."

Surprisingly enough, President Barack Obama’s “Buffett rule” proposal to increase taxes on those making more than $1 million a year is receiving only lukewarm reception among Democrats in Congress.