candidates aren t telling you about what is and what is not within their power to change. but first, i ll tell you about a storm that s raging in the distance. it s headed to our shores. it s an economic storm. it hasn t hit yet. we re starting to feel the outer bands of it. those who watch me every week know, i m generally an optimist. but i understand the u.s. economy. the u.s. economy is driven about it confidence of its citizens. the customer in this case is the american consumer and is always right. they think things are slowing down, it will welcome self-fulfilling because they ll stop spending. businesses stop hiring. and the economy could grind to a halt. let me tell what you i m talking about. here s the good news. we had 20 straight months of job growth in the united states. the pace of that growth is slowing. the last five months, there have been fewer jobs created each month than were created than in the month before. but jobs are being created, not lost. so that
with groups of young people who work so hard and speak with so much heart about what s best in america even though i knew some of them must have lived under the fear of deportation. mitt romney was critical of the changes. he spoke while campaigning in new hampshire. believe the status of young people who come here through no fault of their own is an important matter to be considered and it should be solved on a long-term basis so they know what their future would be in this country. i think the action of the president he took today makes it more difficult to reach that long-term solution because an executive order is a short-term matter that can be reversed by subsequent presidents. what should the reaction be from u.s. congress? no big surprise here, it comes down along party lines. athena jones breaks that down for us. reporter: senator minority leader mitch mcconnell refused to answer shouted questions about the new immigration policy, but the reaction from other
right. they think things are slowing down, it will welcome self-fulfilling because they ll stop spending. businesses stop hiring. and the economy could grind to a halt. let me tell what you i m talking about. here s got news. we had 20 straight months of job growth in the united states. the pace of that growth is slowing. the last five months, there have been fewer jobs created each month than were created than in the month before. but jobs are being created, not lost. so that should make people feel better, not worse. let s talk about your homes. a lot of your equity is there. the home prices in the routes probably at or near their bottom. the so-called shadow inventory of homes is lower. foreclosures are up. but those are a new wave of foreclosures from the signing scandal. we re probably near the end of this thing. fewer homes, less inventory makes it a good time to buy. if you re buying a home, at 4% mortgage interest rate or lower on a 30-year fixed mortgage, the rate yo
$1.33 trillion. the interesting thing is the last couple of days, you ve been speaking about moral obligations in our country. and i find that yet, here is another topic where one could ask that question, answer it for me. ok. do we have a moral obligation to tax more, spend more, run up the debt more and have more government? is that the morality? the moral stamps of this administration? the answer is yes, it is. this budget, it s not a real budget. it s not a financial document. it s a political statement. it s not written to pass. let s take a look at what s in it because last year s budget was very similar and got no votes in the senate. $350 billion on programs to boost jobs in the short term focusing on manufacturing. $476 billion for rebuilding roads and other surface transportation. isn t that what the stimulus was supposed to do? and $50 billion for teachers and first responders and they want to repair some schools. that s a stop to the unions.
i know ben bernanke said we cannot let this go back, slip back to the way it was. bernanke is deeply rooted in 1937. he remembers when you had a recovery and then the recovery died. i don t think the spending is wrong. i do think revenue increases simply never get passed. look at specifics for nearly $4 trillion in deficit reduction over the next decade. with much of the savings coming from expiration of the bush tax cuts ending of the wars in iraq and afghanistan, cost cutting measures applied to medicare and medicaid and tax increases for the richest americans. the president predicts that there will be a $1.33 trillion shortfall or 8.5% of gdp for this year marking the fourth straight year of trillion dollar deficits. the numbers are historic. we are four years out from the 2008 collapse and we re still