How to create jobs

I heard a story on the radio this morning regarding the tenuous situation in which Greece and now Italy find themselves financially. They have tried the "Socialism or bust" experiment and are now going for bust. The International Monetary Fund (aka The IMF) has told both countries that in order to stay solvent they must reduce labor costs and also cut government spending to create growth.

I wonder if anyone at the December "Job summit" in the White House suggested something similar: Cut government to create jobs. With a laser-like focus on creating jobs I wonder how many would have been naturally (organically even) created if He and his administration had simply gotten out of the way.