President Barack Obama's administration has an "anti-business" bias which manifests itself through intimidation, trade, taxes and regulation, Welch also said.

"Our businesses across the board look like 1.5-2 percent gross domestic product (advance) businesses," he said.

"The facts are in most businesses there's 20 to 25 percent excess capacity that they can fill in without adding any new people," Welch added.

Technology, which is improving business "exponentially", is also a factor in not adding jobs.

The government should make it easier for companies to invest and expand but instead they are hampering business, according to Welch.

"I still maintain that the economy's been terrible and they have not done things to move the economy forward," he said.

"He's there a month and he vilifies Las Vegas… he kills the hotel business," Welch said.

Soon after he came into office, Obama slammed companies that benefitted from taxpayer money for taking corporate trips to Las Vegas.

Businesspeople said tourism in Nevada took a hit partly because companies decided to cancel trips to Las Vegas following his comment.

"You get all these little things that have consequences beyond 'we can't have corporate jets and fat cats going to Las Vegas,'" Welch said.

If Republicans win in the mid-term November elections it would be better for the economy because it generally is better if the president is of one political color and Congress of another, he added.

"President Bush misbehaved when he had all his boys in the House and the Senate. These guys don't know how to behave," Welch said.

Clinton "was good when he had Newt Gingrich being a pain in the neck at his side." The Obama administration has done some "nice things in education," he said, "but they weren't focused on economy and jobs."