Remember this line? “There is strong and mounting evidence that the recovery act is putting people back to work,” a statement Vice President Joseph R. Biden Jr. made at a recent news conference in Washington.

In a recent post, Not that I told you so, I lamented the woeful results of the stimulus, and the lack of job creation results. Of course, today produced another painful reminder of this truth … that unemployment reached 10.2%, exceeding 10% for the first time since 1983!

In Where’s the Stimulus, I reported that while corporate profits were boosting the market, revenues for those same companies have fallen far more than the amount of the stimulus. While profits help fuel job growth and give companies some headroom to make those decisions, the lack of revenue growth eviscerates any need to rebuild your talent pool.

There is more evidence that the pols in Washington have no clue about how to stimulate job creation, which is the foundation of consumer spending, roughly 70% of GDP. Moreover, the Administration claims of 1 million jobs created are bogus. Among other things, note that of the 640,000 jobs they claim to have created, more than half were teacher jobs in education, and most of those were “saved” jobs not created jobs, an equation that only the Washington bureaucracy could construct to justify their job creation promises.

For a real laugh, you might note that “the Obama administration said the jobs were evidence that the stimulus was on track to save or create 3.5 million jobs by the end of next year.”

Stay tuned ….