Sure, He's Serious About Federal Spending

Per Friday's unemployment report, via Richmonder Kent Engelke, chief economic strategist and managing director of Capitol Securities Management, and one of the country's leading stock market commentators:

Regarding the establishment or nonfarm payroll survey, I believe a major reason why jobs declined by 20,000 instead of rising by the expected 15,000 were that state and local governments eliminated 41,000 workers. The federal government added 33,000 for a net loss of 8,000 jobs.

So, President Obama is serious about reducing federal spending? Can he pronounce "corpsman"?