Growth Before Jobs?

According to Treasury Secretary, Geithner testifying before a House subcommittee on financial reform, "growth comes before jobs."

The hypothesis is that the accumulation of capital is invested to produce growth and, therefore, jobs.

With trillions of dollars having been accumulated, why is employment continuing to decline?

The logical inference, based on the working hypothesis (the practical model in operation), is that the economy is still in an accumulation phase of the business cycle.

The deprivation of the capital accumulated is considered an investment that, a la Reaganomics, will cause employment by causing unemployment--by readjusting the cost basis of the capital's value. The logical inference from that is: being unemployed is beneficial because it leads to employment.

This is what a political-economic tragi-farce looks like in the purest form of the art.