Unemployment is elevated also, in part, because of layoffs in the nation's capital, not because of government largesse. There are other structural factors, keeping unemployment higher than it would otherwise be, but they have nothing to do with the big hand of government interfering with the proper functioning of the economy.
The Fed, as I have long maintained, did more than just keep the economy from crashing into a depression in 2009. Its zero interest-rate policy (ZIRP) and quantitative easing (QE) reliquified the system, reflated the economy and substantially aided the rebound in both stocks and real estate.
That, in turn, took GDP, retail sales, household net worth and auto sales to, or above, their 2007 peaks.
Read MoreIt's about the jobs, stupid!: Jake Novak
I do not think that the Fed's policies will cause some great future calamity, a spike in inflation, a significant decline in the value of the dollar and an associated explosion in interest rates.
None of those things has materialized. Indeed, inflation remains stubbornly below the Fed's 2-percent target, while the dollar and rates remain range bound. If anything, the Fed needs to remain stimulative in order to avoid the deflation trap that Japan has been caught for decades and that is threatening Europe today.
It has been suggested that the U.S. perhaps follow France's lead and lower tax rates. I disagree for two reasons: 1) Europe's growth, at best, is muted and 2) The only reason French President Francois Hollande is trying to lower tax rates is because of the backlash when he raised them in the middle of a recession — and how high he raised them (he proposed 75 percent for those earning 1 million or more.) This prompted an exodus of individuals from Paris, and a crushing defeat for Hollande's party in recent local elections.