AS MARKETS COOL DOWN IT RAISES HEAT ON THE PRESDIENT

Last's weekse economic event - the government's Employment Situation Report for Juen - was not a cause for optimism. Only 80,000 jobs were added to America's payrolls last month, while the unemployment rate stayed at 8.2%. With only four months until the election, the jobs reports takes on serious political significance. Mitt Romney pounced on this third straight month of five-digit job growth. He says that "the President's policies have not gotten America working again and the president is going to have to stand up and take responsibility for it." President Obama admits that the past few moths have been disappointing. He says " we can't be satisifed because our goal was never to just keep on workig to get back to where we were back in 2008. He wants to get back to a time when middle-class families and those working to get into the middle class have some basic securtiy. Layoffs in the cash-strapped public sector - the police, teachers and other civil service employees - have been consistenly dragging down hiring numbers. Some cities are so starved that they are defaulting on their debt.