The UK government launched, in April 2011, a £1.4 billion growth fund for unemployment black spots, particularly those which were left heavily reliant on public service employment by Mrs Thatcher's mass destruction of industry (and jobs) in the 1980s.
So far the scheme has created £2,400 jobs and maintained a further 2,762.
And the Public Accounts Committee heard yesterday that it has cost a total of £200,000 to create a job under the scheme.
What the hell are they doing? If they'd given that money to me I could have had half of unemployed Scotland working, regenerating the run down infrastructural, creating wealth by paying people, and therefore creating demand for other people's services and products...
But no, the money has been left in banks' and in local councils' accounts, doing nothing, except I'm sure, earning interest for these organisations.
"The fund will create", said Nick Clegg at its launch, "a huge snowball effect which ... creates hundreds of thousands of jobs"
Two tranches of money totalling £1.4bn were made available last year for bids from potential employers. They are assessed by a panel headed by the former Deputy Prime Minister Michael Heseltine.
Clegg predicted that the private sector would stump up £6 for every £1 provided from the Regional Growth Fund from the public purse. He estimated that more than 325,000 jobs would be created or protected.
But the scheme has got off to a sluggish start with just £60m reaching the front line so far and another £470m "parked" in other bodies. Only one-third of offers of funding have been finalised.
Why is it, when the rest of us have targets for every damned thing we do, that Michael Heseltine can fall so short of HIS targets and still be in a job, paid or not?