That makes a grand total of 142,000 jobs. Yes, I think it's safe to say we all have a stake in your success. And that's why the recent upsurge in housing is good news for all Americans. Now, there's a lot of moaning about deficits up on Capitol Hill, a lot of confusing talk about where they come from, and even some argument about how important they are. Deficit spending represents one of the most alarming dangers to our Republic and to the prosperity of our people.
Deficit spending spurs inflation and crowds the private sector out of the credit market.
This, in turn, could squeeze up interest rates like toothpaste through the tube. Deficit spending and budget-busting bailouts are no solution. If we're to have long term improvement in interest rates, the Congress needs to join in a bipartisan effort to cut irresponsible spending. Now, working together, we can and must reduce these intolerable budget deficits that have haunted us for so many years. But while there's a lot of talk about reducing deficits these days, I can't see much evidence that very many people are really serious about it.