The U.S. economy can return to its glory days of growth and prosperity by continuing to lead the world in innovation, said former General Electric CEO Jack Welch.

A Mitt Romney victory in November’s presidential elections would help even more.

While Asian economies have grown to become the world’s manufacturing hub due to their cheaper labor and other costs, the United States still leads the world with innovative products and services.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist. 

“Who’s innovating? Who’s coming up with all the new stuff? We are,” Welch told CNBC.

“You don’t see innovation coming this way very often. Innovation’s coming from here, we need more of it, we need better education. We need all the things we know we need. We need a more supportive government. We need a lot of these things.”

Can the country push those things through?

“Yeah, if we get the right administration and if we do the right thing,” Welch said.

“Regulations are going to escalate,” if President Barack Obama is reelected, Welch said, adding, “You’re going to drown in regulations.”

Romney, meanwhile, needs to get past his current problem of dealing with a taped address to supporters grabbing headlines in which he said 47 percent of the country would go with Obama because they are dependent on the government.

He needs to focus on the future and Obama’s track record, Welch said.

“The challenge for the Republicans is they’ve got to get this thing out of whether or not Romney said 47 percent or Obama said that Egypt was an ally or not. We’ve got to get a big, big picture,” Welch said.

“He’s got to, in my opinion, he’s got to take America and paint 2016 with him there and with Obama there,” Welch added.

“He’s got to go right down the list. He’s got to go ‘here’s what my tax plan is. And my tax plan’s going to do this and here’s what I’m going to do about regulations and here’s what I am going to do about energy.’”

Some groups do point out that too many Americans are drawing federally funded services while not putting money back into the system, arguing that half of all Americans receive some form of direct federal benefit.

More than a quarter of Americans are on Medicaid, 16 percent receive Social Security, 15 percent are on Medicare and nearly 16 percent receive food stamps, according to The Associated Press.

“When the number of people riding in the wagon outnumber the people pulling the wagon, how do you ever reform?” said Dan Mitchell, an economist for the Cato Institute, the AP added.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.