there just isn't enough demand out there. >> woodruff: but doug holtz-eakin a loft people are lookingat wall street and they see the numbers climbing, booming for the last several days. today an exception. and they're wondering why isn't that translating on main street. >> well, there is often a disconnect between wall street and main street. and you know one of the great american economists of all time paul samuelsson famously quipped that the stock market had predicted nine of the past nine rescission-- recession. i think the household secretary kerr not spend its way out of the hole they are stretched by debt, diminished house values and their portfolios have been hurt. governments at all levels are bleeding red ink and can't spend in a way that drives this recovery. the business sector is financially set to do it. they have a trillion dollars of cash on their books and they are the one sector toward which our attention should be focused because they can produce that demand that paul was talking about. they can be the source of increased demand that provides the feedback that is--

ç >> woodruff: dougç holtz-eakin, not progress. >> certainly a glass that is neither half full nori mean we saw top line job growth, that's good. we saw wages grow, that's good. we saw hours grow, that's good. but as paul pointed out, in the household survey we saw a quarter of a million people give up and quit looking for work, drop out of the labor force. we saw 330,000 jobs lost. and if you looked inside the places where employers reported adding payroll, it was largely concentrated in health and education. this isn't the kind of broad based job growth you need to declare victory. >> when you look inside the numbers, paul krugman, do you see the same thing. >> just the general point. we are very deep in the hole. we've lost more than $7 million since the previous peak. it takes alot of job growth to make up for that. if you look at the great boom during the clinton years we are adding 230,000 jobs a month for eight years runing are. and so one report of 150,000 jobs is nothing to celebrate. this is not a turning point. >> doug holtz-eakin, i read one economist today who said aft