With the Bureau of Labor Statistics set to announce presumably another dire unemployment figure tomorrow, it's a certainty that politicians from both sides of the aisle will issue all manner of statements suggesting if we just let them make more laws and spend more money, jobs will be plentiful. Politicians bloviate about numerous things, but none more than job creation.

"Job creation" is the altar at which politicians worship. Last spring President Obama defended his administration's near trillion dollar "stimulus" plan because it would supposedly lead to the creation of 3 million new jobs, while House Minority Leader John Boehner explained Republican opposition to Obama's plan because it would create too few jobs.

It seems both sides miss the...