The nightmare that is our fiscal and monetary policies are on full display today in the so-called “jobs report”.

It’s time to banish the Fed. It’s time to re-embrace capitalism. The same way watered down academics are destroying our preparedness for the future, so too is monetary policy that water’s down the dollar, providing cover for White House policies that are the antithesis of capitalism, are destroying our economic future as the policies punish and dissuade achievement. You cannot give away the accomplishments of others through tax policy, and you cannot create real wealth by printing money.

The Federal Reserve and the White House have spent the last six years doing more spinning of their policies than making honest assessments of their success…or lack of success.

Headlines can focus on 200,000 jobs created six months in a row, but this is America- these are not great numbers, just a fraction of our potential.

You’ll hear about the 6.2% unemployment rate, but not about the millions of Americans that gave up.  You will also not hear about the composition of jobs.

The facts that 27 million people are working part time and on top of that, 3 million people remain long term unemployed are serious red flags.

When Janet Yellen talks about “slack” in the labor market, she’s spot on…try 92 million people out of the labor market.

So, yesterday, Wall Street got spooked by a sharp increase in wages that in the grand scheme of things was a puny increase with respect to historic levels of increases. Wages being up 0.7% month-to-month is great in the era of mediocrity, but a +2.0% from a year earlier is half a normal American economy.  Equity futures snapped back a little, but are drifting. I’m actually more concerned about signs of economic weakness, not inflation, and I think the market is too.