Not many of those names you mentioned actually say HOW or WHERE jobs are going to be created, they just look at their graphs and say "hey, look, the second derivative is improving, just like 1983/1992/etc".

In addition to the points you bring up, I would add that a lot of the temporary workers hired in the last year were in the non-value-added mortgage sector, either originating, underwriting, or processing refinances spurred on by Bernanke's Hunt Brothers-style cornering of the agency MBS market, or hired to clean up the mess created in the bubble.

Once those non-value added jobs are gone, where will those folks work?

The Administration better hope someone develops a new bubble, soon. Maybe we can convince Norwegian municipalities to buy pet rocks from us, or something.