I believe that part of the reason why I was elected to the Senate was because of my promise to change that legacy by supporting a balanced budget, and to do so by cutting spending and eliminating fraud and abuse. Today, I am proud to witness as a Member of Congress, the first balanced budget in thirty years. It is an historic event much as Neil Armstrong's first steps taken on the Moon in 1969 the last year there was no budget deficit. As a result of this achievement, the American taxpayer is enjoying historically low interest rates on mortgages, car loans, and students loans. Those who could only dream of buying a home are becoming homeowners.
Automobiles are more affordable than ever.
And students with college loans are finding the burden of their debt lessened as they graduate and enter the work force. Businesses are benefitting as well. Lower interest rates mean more money to invest in capital, and expanded capital means more jobs. The unemployment rate is at an historic low of 4.5 percent. The effects of this tight labor market combined with such low interest rates has meant returns to workers in the form of higher wages.