Job Growth Falters Badly, Clouding Hope for Recovery  —  The United States economy added a meager 18,000 jobs in June, up from a gain of a revised 25,000 jobs in May, the Department of Labor said on Friday.  The unemployment rate rose to 9.2 percent from 9.1 percent in May, the department said.

Michelle Bachmann Signs Pledge that Says Black Children Better Off During Slavery  —  In Iowa, there's a social conservative pledge called “The Marriage Vow - A Declaration of Dependence upon Marriage and Family” that is anti-abortion, anti-same sex marriage, anti-divorce etc etc that GOP candidates are being urged to sign.

A Ceiling We Can't Wish Away  —  ON May 16, the United States hit its legal debt limit of $14.3 trillion.  Unless that limit is raised, the Treasury will, on Aug. 2, be unable to pay its bills.  It will then have to either stop spending money on government programs, or default on paying the nation's creditors.

What Obama Wants  —  On Thursday, President Obama met with Republicans to discuss a debt deal.  We don't know exactly what was proposed, but news reports before the meeting suggested that Mr. Obama is offering huge spending cuts, possibly including cuts to Social Security and an end …

Obama weak in Pennsylvania  —  Pennsylvania is looking more and more like it could be a tough hold for Barack Obama in 2012.  His approval rating in the state continues to be under water at 46/48.  More voters have expressed disapproval than happiness with Obama on all three polls PPP has done in the state so far in 2011.

6 False Lessons Of The Space Shuttle  —  With the final flight of shuttle Atlantis sparking inspired debate over where NASA should go from here, PM contributor Rand Simberg warns against some of the conclusions that observers are drawing from 30 years of shuttle flights.  —  The last space shuttle flight has now launched.

Pentagon suspends DADT in wake of court ruling  —  The Pentagon has ordered a halt to all separations of gay troops under “don't ask, don't tell” and will begin accepting applications from prospective recruits who identify themselves as homosexuals.  —  The moratorium issued Friday came …

TSA Agent Caught With Passenger's iPad in His Pants; Allegedly Took $50,000 in Other Goods, Cops Say  —  While most Transportation Security Administration employees are busy groping people or taking naked pictures of them, the cops say one of those employees was putting fliers' electronics down his pants.

Bachmann: ‘I Hope’ Higher Unemployment Will Help My Campaign  —  Appearing on CNBC this morning, presidential candidate Rep. Michele Bachmann (R-MN) was asked about this morning's dismal jobs report and whether higher unemployment rates might help her chances of winning in 2012.

Falling Wages  —  Ugh.  That was a seriously ugly jobs report (pdf).  Almost no job creation, with slow private-sector growth offset by falling public-sector employment; a falling employment-population ratio; and (I don't know how many people have picked this up), an actual decline in wages, albeit a small one.

CHART: Over 500,000 Government Jobs Lost Since Obama's Inauguration  —  So should we blame today's bad jobs numbers on Barack Obama's big government policies?  Again, I doubt it.  What we continue to see are decent—though not great—private sector job numbers offset by tumbling public sector employment:

The Cost of Austerity  —  The main problem with the job market is the lack of hiring by private employers.  Above all, they aren't sure what the future will bring.  —  Financial crises have long hangovers, and this one is no exception.  Home sales and car sales remain depressed …

Sen. Mike Lee, Ex-Huntsman Aide, Says Former Governor Is ‘Unknown Quantity’ In Utah  —  Utah's elected officials are rallying around Mitt Romney instead of former Governor Jon Huntsman because Huntsman is an “unknown quantity” even in his own state, according to Senator Mike Lee (R-UT).

Why the GOP should reject tax increases, in one chart  —  Why are Republicans demanding a debt deal that has big spending cuts but no tax increases?  (Besides, of course, the fact that spending is the problem and the last thing this weak economy needs is a tax hike?)

Buffett Bets ‘Heavily’ Against Double Dip  —  Billionaire Warren Buffett said he is wagering on continued economic expansion and doesn't expect a second recession.  —  “I would bet very heavily against that,” Buffett told Bloomberg Television's Betty Liu on the “In the Loop” program today after data showed slowing U.S. job growth.