The United States' job "creation" figure in May was actually 345,000 jobs lost — bad, but less than the average loss for the previous six months. The Labor Department also reported Friday that the unemployment rate rose from 8.9 percent to 9.4 percent.

... The other worrisome tendency in the economy is that the national debt is growing at such a rate ... that the interest paid by the government on that debt cuts into what is, in effect, America's disposable income.

... The national debt now stands at $11.4 trillion and interest rates to finance it continue to rise. The rate on the basic 10-year Treasury note went from 2 percent at the beginning of the year to 3.54 percent now.

This is not necessarily an argument for cutting spending ... but it does call into question what the United States is spending on overseas wars and it requires a sharp look at any future bailouts like that of General Motors.