Via Ace, remember how angry we all were when he admitted that “shovel-ready” public works projects — the ostensible target of the stimulus — um, don’t really exist? The Democrats spent weeks before he was inaugurated selling voters on the concept and did a good enough job that they ended up with a $787 billion check from Congress for their trouble.

Well, get ready to turn those frowns upside down, America:

It was explained to Obama [at today’s event] that the permitting process can delay projects for “months to years … and in many cases even cause projects to be abandoned … I’m sure that when you implemented the Recovery Act your staff briefed you on many of these challenges.” At this point, Obama smiled and interjected, “Shovel-ready was not as … uh .. shovel-ready as we expected.” The Council, led by GE’s Jeffrey Immelt, erupted in laughter.

If you think that’s funny, wait until you hear his five-minute set on the national debt and the coming S&P downgrade. Although, I don’t know — maybe this could be a good approach for him on the stump next year. If the economy stays flat, there’s no way he’ll be able to spin the numbers to his advantage. He’ll be left saying surreally stupid things like this or, per the second clip below (via Greg Hengler), slightly less stupid things about how he’s “not satisfied” with the way things are but still feels pretty darned proud of all the good economic work he’s done. He’s doomed if he plays it straight, so why not keep it light? Have fun with it. I’m sure the “Daily Show” writers would be willing to work pro bono. We’re the funniest people in the world, damn it. If we’re destined for fiscal collapse, let’s at least greet the Reaper laughing.