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"?