have more flexibility after his reelection. that is it for us. we thank you for being with us. please join us here tomorrow. good night from new york. neil: tonight on cavuto, a sudden recession is a wake-up call to us. something that triggered over there is already happening over here. president obama said he hasn't decided on keystone, but we have proof he has. he's going to reject the pipeline and the thousands of jobs that will come with it. there's dumb and dumber. the white house tries to distance themself from geush, now, a current white house aide who may have just outgruberred gruber. ken said he would get the job done at gm, but now he's demanding to work overtime. how much longer does he need? wait until you hear what he's saying to us.

cavuto kicks it in overdrive tonight. welcome, i'm neil cavuto. don't know if you've heard, but japan is back in a recession. you know why? because of something we're doing in this country right now. hiking taxes, but here's the real killer about japan. the economy went south on just the promise sales tax would be heading north. it's true. now, prime minister, has taken that tax hike off the table. he's going to postpone what would have been a 10 percent sales tax from 8 percent. no wonder they were girding for the worse. no wonder household spending grew barely at all. in the overall japanese economy. they were holding back. companies were holding back. i've seen it time and again. just talk of taxes going up. gets populations hunkering down especially when they actually do go up. like in this country,

when taxes go up and a variety of health related taxes combined to reduce what is now the worst recoveries we've seen in history. for uncle sam to spend on stimulus that barely estimates and government initiatives that have yet do initiate. mangle where we'd all be if all americans had more money if the tree funneled to washington had been kept in the hands of regular folks. imagine from everywhere from the well to do had more of their own dough. imagine the possibilities. you don't to have try too hard. ronald reagan proved with his own across-the-board tax cuts that a economy gets a lot more bang for their buck. but, again, i'm biased. i like history. like remembering a bounceback the likes we haven't seen before or since. liberals will say, but, yeah, look at at the

deficits. yeah, but look at washington's ability to spend all the tax revenue it gets and then some. no matter what. both parties are responsible for overspending. that doesn't mean it's irresponsible to cut back on the money we give them. why do you think we're in the funk today. look at your own family and bills. of course, you're reluctant to go nuts when you know health care costs are going up like crazy. of course, you conserve. of course, you would hold back. that's what happens when the government all, but announces took us come. whether in japan or the united states, people all people, no matter what their dialect or nationality start becoming frugal. this is where recessions are made. don't look at me. look at japan. the tax hike triggered a recession here. and just the same expectation of them coming down the pipe. did the damage there.

what's the lesson for us? >> hi neil, the big story about japan, i want to crystallize one point. they raised their national sales tax from 5 percent to 8 percent. there were a lot of people -- they said don't do this. this will be a disaster when the winds of a recession were already blowing. that cratered the economy. their economy fell by 7 percent. another almost 2 percent this yaryt. thiquarter. this is serious. show me another theory that says it's a good thing to raise taxes during a recession. it is completely backfired. you said, neil, that the president is going to cancel the scheduled increase that's supposed to happen next year. i would add to that. they have to go further. they have to repeal the tax increase that's taken place.

neil: the markets took a hit there falling 3 percent. he's only talked about delaying, not shelving that hike which you're quite right. that 5 percent. so there seems to be a frantic search for how we can get revenue to replace that revenue. which i thought was a liberal conun drum. what are we doing? >> you won't raise any revenue in a recession. another one of those enduring lessons from history. ronald reagan proved when we cut tax rates we have plenty of tax revenues. the problem for japan is getting the economy moving. putting people back to work. let me add to that, you did a great summary of the problems with their economy. in the broader context they've not only raised taxes, they've had massive public spending over the last 20 years. their share of gdp has gone from one of the lowest in the world to one of the highest.

140 percent debt to gdp. that's higher than the united states. neil: wow. that's not a good position to be in. steve moore, thank you very much. forget about shelving that tax rate. now, japan has to find some way to pay for all this spending which is off the charts. does that ring a bell. tracy byrnes say it's been ringing all our bells. politicians very creative getting money from folks not creative when it comes to saving money for those folks. so, tracy, wacky. >> i don't know where these people have money left to spend. they pay 14 percent into social security. they have a dying work force. very few people spending in their social security. their demographics against them. lots of old people. no babies coming up the ranks. lou: they like the old people.

they're kind there. again, the point lizzie, the emfaa if a sis is auto o keeping the government going not starving that government. >> it wasn't always like this. it did not have these policies until the early '90s watch what happened when they raised their taxes in 1970s or there abs. (?) japan went into recession. the housing market got really hurt. we see consumers in japan, the household spending going down for six straight months. so taxes spent is not the path to prosperity. neil: go ahead, jonathan. >> liz, hits the nail on the head. japan has been in a recession for 20 plus years. their policy hasn't been one of taxation, but one of intervention winning quantitative easing, literally bridges to nowhere. japan has been known for this. the net result has not only been enormous

amounts of public debt, but low quality of living. high unemployment and lower job opportunities for all. we've seen people leaving japan. and, of course, here in the us neil, they're following the same route. higher taxes. higher regulation. >> why isn't anyone looking at this and back at history. neil: as a rock star who was not going to do this same old stuff, then he started doing it. >> then he fell into it. this is where we're headed though. >> the grand experiment, we're going to come in here, we'll do a lot of government spending. we'll do infrastructure build out. bridges and roads. we'll raise sales taxes to pay for that. 51 billion of japan's tax hike was supposed to go toward roads. it didn't work. when any politician, republican or democrat, goes into office and thinks they can pull the

levers magically and make things work, make jobs, it falls apart. >> the fear of this one day catastrophe, this one day collapse of the economy. the real fear is what we've seen in japan thanks to all the big spending. twenty plus years of a terrible economy not only for the young who are saddled with that debt, but for the old people who were trying to save and getting 0 percent on their money. intervention is what creates that. neil: governments have made too many promises to too many people. to dewean themselves from that is easier said than done. >> you can't get reelected if you back out on promising playgrounds back home. >> try cutting back on medicare. neil: this will happen here. >> it's already happening. >> and it will continue. we'll try to print money just to get ourselves out of this. that's not going to

work. neil: they had their own quantitative easing to keep the puppy afloat. it didn't work. >> we have higher taxes coming down the pike. >> we get trapped into conversations about raising the minimum wage. we want to help people make money. we're devaluing the dollar while at the same time we're causing possible inflation down the road, i mean, come on. neil: it's a mess. you can go to facebook.com/teamcavuto. let me know what you think about the country spending and whether we follow japan. more than a few people including the people on this panel think that's exactly what's happened. if you think washington is noticing any of this and doing all it can to avoid it this, i hate to tell you this, it's not. to rich on how the white house is quick to pour cold water on all this. >> sorry. the post election spirit of comprise has quickly faded in washington. republicans are decrying

president obama's intent to issue an executive order on immigration to allow millions in the country to stay. some republicans are attaching a must pass funding bill to reverse immigration. that has added more to the bickering. progress in the few areas where they and democrats seem to share some common positions, tax reform and trade, could stall if president obama does announce that executive order. reaching a deal, promises to be difficult. dispems republicans are arguing how much money the government should be taking in. how much wealthier americans should pay. republicans refuse to sign off on corporate tax reform without overhauling the original code. analysts point out, the already heightened rhetoric over immigration is taking precious time and energy away from congress to strike comprises on other issues, just like tax reform.

neil. neil: that kumbaya lasted about ten seconds. >> i missed it entirely. neil: i think so. well, keystone, let's say the president isn't moving on that either. obama: i have to constantly push back against this idea that somehow the keystone pipeline is either this massive jobs bill for the united states or is somehow lowering gas prices. neil: really? next the business honcho says the president sticks to that can stick a fork in this recovery or whatever is going on or whatever is going on right now. (receptionist) gunderman group.

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neil: if you build it, jobs won't come. president obama on why

he said approving keystone wouldn't benefit anyone. obama: understand what this project is. it is providing the ability of canada to pump their oil, send it through our land, down to the gulf, where it will be sold everywhere else. neil: john angler says the president needs to check with his own state department. the keystone will create thousands of us jobs, regardless of the debate as to where that oil goes or doesn't go. the governor joins us now. what do you think of what the president is saying. he's hell-bent on not approved. we have this six-year thing that's been going on and on. >> we need a national energy strategy. this is an important part. a couple of billion dollars of investment. a few thousand jobs. many more thousands while we're doing the construction. canada, long-standing, great neighbor. our largest source of petroleum, our greatest

market, and we ought to be treating it better. we ought to be getting the pipeline bill. we ought to be moving onto the other important issues. this is a great opportunity for north america. we should seize it. neil: i wonder why it was mentioned it only benefits canada. if it's on our land, they're not all canadian jobs. the oil could go to tibet as far as i'm concerned. it would seem like a twisted argument and almost go through verbal gymnastics to avoid the issue at hand. >> i think you're seeing bipartisan support. landrieu is leading the charge in the senate to get congressional approval. everyone is ready to put this issue behind us. we have a lot of other energy issues on the agenda, neil, we need to think about what the economic impact is of doubling down on the energy that canada and

the north america enjoys today. the pipeline is part of that. i can't for the life of me understand the opposition, even the state department environmental studies really kind of clear the way on this. it's not substannive, it's political. that's a disappointment. neil: do you think there is enough there -- do they have enough votes to override a presidential veto. >> i don't think so. i don't think there's a two-thirds vote to override. that wouldn't the case in the senate at the present time. it just is, i guess a favor to people who somehow think us postal on this pipeline construction, and remember, the president helped dedicate -- he was there. this has nothing to do whether or not canada will produce oil from there. they're doing that. that's their call not ours. it just means more

trucks. more train. crowding out grain shipment. cement shipment is even impacted. it's a silly thing to be spending time on. we've got so much opportunity, and i think when you look at, you know, japan going into the recession. we're seeing economic stress in europe. the us should be stepping forward. we can get our gdp up significantly. if we can get people back into the work force, energy is a part of it. keystone is a part of energy. neil: thank you very much. do any of you remember this. obama: all this will lower premiums. it will make health care more affordable. give you more security lowers premiums by $2,100. whenever insurance premiums go up, you're being told it's because of obamacare even though there's no evidence that that's the case. neil: well, whatever is the case, those costs are going up. and they continue to go up. that's not me saying that. that's now the administration saying that. after this.

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obama: is americans buying comparable coverage to what they have today, i already said this, would see premiums fall by

14 percent. neil: about that, the administration now warning that if you have health insurance from the affordable care act you could see big price jumps so you better shop around. if the uninsured aren't being insured at the prices they thought and theorizing and the newcomers are facing deductibles that would make anyone blush, where are we going here. >> higher unfortunately. premiums just going higher. in some states up to 20 percent. neil: they said they would go up higher without this thing. how can you prove that. >> that's the thing. 7 million who bought through a federal and state exchange actually have to get a new plan already because the one they have is going up. if they want it, they have to switch again. we're talking about all these people switching plans. no one getting the coverage they want. you don't get to stay with your doctor like you said. neil: so many things that were promised fall off one after another. >> yeah, one after another.

like autumn leaves. no, i'm kidding. jumping into the obamacare exchange is like jumping -- it feels like you're jumping into a pool of live hair dryers right now. neil: what is that like? >> insurance is going up. taxes going up. the gao has done a study, kaiser, and they've said, listen, the insurance companies have a monopoly now. the gao found there are three dozen insurers available to consumers now there's three on average. when insurers have a monopoly, they can raise prices that is what is going on. >> the only monopoly this has enacted has been government. this was the whole objective wasn't to lower people's premiums. it was simply to get health care established as a right of this country and get government right in the middle of this. everyone knew the math was faulty.

they knew the numbers didn't add up. they were cockamamie. they bought into the premise that health care is a right. neil: ithe ends justify the means. >> the millennials got smart. they're saying, no, we don't want anything to do with this. >> they've dialed down the people signing up. neil: it was from 13 million to nine. >> to just nine people. neil, what about the people who lost their insurance. 6 million last year who lost their insurance coverage from work or for whatever reason. when you net it out, what, 3 million we're talking about? or 5 million or nine, or whatever. neil: they're saying your premiums would be up a lot more without this. i don't know. so mine has gone up a lot. ours has gone up a lot. >> neil, what you point out, you can't prove a negative. the left often try to

suggest that. if we hadn't intervened with this trillion dollar stimulus program, who would have known what would have happened. free market always create wealth. they always create production. why not in health care? government is taking control -- they're continuing to. >> single-payer. do we really think the government can do single-payer after all this. neil: no, we don't. do we? gruber, who. the latest case of when the latest case of when liberals ameriprise asked people a simple question: in retirement, will you have enough money to live life on your terms? i sure hope so. with healthcare costs, who knows. umm... everyone has retirement questions. so ameriprise created the exclusive confident retirement approach. now you and your ameripise advisor.... can get the real answers you need. start building your confident retirement today.

dad,thank you mom for said this oftprotecting my future.you. thank you for being my hero and my dad. military families are uniquely thankful for many things, the legacy of usaa auto insurance could be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. neil: and forget about the audacity of jonathan gruber and his stupid voter comments, what is the deal with top democrats saying now they don't even remember the guy? the president saying he wasn't a key player at all. >> the fact that some adviser who never worked on our staff expressed an opinion that i completely disagree with in

terms of the voters is no reflection on the actual process that was run. neil: but he visited the white house 19 times. we'll put that aside. then there's nancy pelosi. look at how her gruber memory evolved. >> our bill brings down rates. i don't know if you have seen jonathan gruber's analysis. i don't know who he is. he didn't help write our bill. let's put him aside. neil: easier said than done. kylie asks: democrats love you when you're helping them, forget you when you're not. terry e-mails: are we really surprised? look at all the candidates who didn't even have the guts to say whether they voted for obama. howard b.: you and joe discopoe were great, but professor gruber was not accurate as much as immoral. sunny: if we paid gruber that salary plus those e nortous consultant fees, he had every

right to call us stupid. bob in arkansas: regarding group gruber cease -- gruber's services, taxpayers for his and the administration's lies. joni in atlanta: of course, i'm offended but not surprised, mr. gruber, i knew exactly what you and your supreme leader were doing. but sadly, i am also a victim of your fraud. i lost my insurance and have been forced into another plan. then there's lyons at yahoo! who writes: gruber stated our president was intensely involved in the deception and approved the lie. did visit the white house 19 times. taylor i via aol: i give gruber the edge over kim kardashian. oh, i see where you're going here. kathy in michigan writes: hey, cavuto, enough about the kardashians, i thought your show was about business.

it is, kathy, the business of how this ass makes so much money. so follow me. linda in arlington, virginia: you marvel that kim kardashian has stayed relevant for ten year, i dispute that. she has stayed in the headlines, but that's entirely different. sadly today any reasonably good looking young person with a flair for publicity can stay in the pop culture headlines for some time. that is evidence of the total collapse of civilization. ping via yahoo!: you and kardashian have, well, things in common. she just shows her ass, you act like one. oh, that's so clever. johnny: you never showed the kardashian nude butt shot. you even said out loud that you wouldn't, you just showed images of her fully dressed. that's what i found offensive, cavuto, you didn't go full ass. to me, that makes you half ass. [laughter] okay. clever. annie e-mails: you've got a

serious butt problem. tina: a big, fat, clueless ass. not kardashian, you, cavuto. tim and sara e-mail: as parents of eight wonderful kids, we find your even giving this lady dignity of any coverage proof that your show is every bit as cracked as that headline-seeking slut. what do you think of her, just go out there and say it. and ty: or shame on you, cavuto, i suspect your morals are tucked in the same dark crack -- can we say that? -- as kardashian. you're supposed to set an example who continues to focus on the sorry issues that have become all too expected. all right, so, ty, i'm taking a leap and saying you didn't like our coverage of the kardashians. sorry. carrie writes: even intelligent men such as yourself, one of the finest brains on tv, once again led by a far tinier brain that wipes all of the bigger brains'

virtues. pity. dapper puts it all in perspective though: kardashian gets it, and so do you focusing on it. you were talking about what's become a society while brilliantly featuring the rump who's cragging it all down -- dragging it all down. i say you did us all a public service. that's what i'm all about here, public service. i do what i can to save the country. but i can only do so one ass at a time. go to facebook.com/teamcavuto, let me know what you think. meanwhile, ken feinberg always said that gm was not calling the shots on these faulty emissions. -- faulty ignitions. (trader vo) i search. i research. i dig. and dig some more. because, for me, the challenge of the search... is almost as exciting as the thrill of the find. (announcer) at scottrade, we share your pas that's why we rebuilt scottrade elite from the ground up -

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business network. neil: ken is not ready to call it quits, and you've got to wonder whether that alone is giving gm fits because kenneth feinberg wants to give more victims and victims' families more time. as it is, feinberg's identified more than twice as many deaths to the faulty part than gm did, did,33 by his count versus 13 by gm's count, and feinberg just extended by another month the deadline for death and injury claims. now families have until january 31st to file. feinberg here with me now to say he is going, doing all of this out of an abundance of caution. ken, welcome. what did you mean by that, an abundance of caution? >> i mean that i doubt very much, neil, that there are many people out there in the country who don't know about this program. but since gm is sending out this week an additional 800,000

individual notices to new owners, to changed addresse sexer, to new -- addressees, new registrants, let's give it another 30 days to get the claim in. now, that doesn't mean it's going to be processed by the 31st, but get the claim in by january 31 so we can queue it up and process the claim. neil: when do you think this will all be resolved? let's say they get all the claims, the paperwork has to get in by the end of january. how long will it take you to finish the job? >> first, they don't have to get all the paper in, paperwork in by the end of january. they've got to get their claim in even if they supplement that claim with additional documentation. neil: gotcha. >> i think it'll take a few months after january 31 to wrap up the claims, finalize the program and move on. neil: ken, does anyone at gm say

really, ken, you want to go to the end of january? anyone stop and say just curious, ken, what are you doing? >> they ask why, i explain why, they understand, they are determined to live up to mary barra's promise to do the right thing. they have been very cooperative. i have no qualms whatsoever about gm wanting to make this program work. and it is working. neil: but they did ask you why. >> well, of course. why do we need another month? and i explained it's because we're sending out these new notices -- neil: right. >> -- to people who didn't get the old notice. so you have to give people a chance to evaluate the program, learn about it, try and gather together as much documentation, you know, photos of the accident, police reports, maintenance records that will help us determine whether it was the switch that caused the accident resulting in death or physical injury. neil: you have to discern which

is the case. if someone falls asleep at the wheel having nothing to do with the switch, that person is not going to get compensated or his family rewarded, right? >> that's right, but -- neil: you to determine exactly what is switch relateed, and obviously something leads me to believe, i don't want to put words in your mouth, that you were not quite sealed and done with this. >> well, but let me just remind you unlike going to court, i'm not interested in whether or not the driver fell asleep, whether or not she or he was drunk, texting, speeding. contributory negligence is irrelevant under this program. i'm focused on the link between the switch and the accident. neil: but how would you discern? do you even bother that there were other factors besides just the bad switch? someone who might have fallen asleep and had a bad switch? i mean, how do you deal with that? >> how i deal with it is i don't care about falling asleep.

i ignore what the police report says about drinking or speeding. now, what about the switch? show me the photographs of the accident. if there's a head-on collision, neil, and the airbag didn't deploy because the power was off, heavy evidence. great circumstantial evidence linking the switch to the accident. police report, no air a pga deployment. airbag deployment. stalling, power off, maintenance records two weeks before the accident, brought in the automobile to the dealer. i'm having trouble with the switch, or my power steering is stalling, that's the type of thing we're looking at. neil: but nevertheless, it's more than double the original fatalities that gm pegged to this switch. and close to double the amount of injuries pegged to it from what gm had said. there are others who are not part of this compensation fund who say that the injuries and fatalities are into the hundreds. that isn't your purview because

they're not part of this, but do you think they could be right, that it could be a substantially higher group, many of whom are not participating in this for whatever reason, but direct and indirect causality is such that many, many more than you're talking about were affected. >> i don't see it, maybe. it's pure speculation. i must say the only people i think -- and i could be wrong on this, but i don't think so -- i think the only springs who are not -- the only individuals who are not participating in this are individuals, as you point out, neil, who drove automobiles that are not subject to this program. but i think if somebody was injured or a loved one was killed and it's an eligible automobile, an eligible vehicle under this program, i urge everybody to participate to at least see what the dollars are and what the eligibility determination's going to be. you can always decide not to accept. neil: right. >> it's a voluntary program.

but come in and get, in effect, a pre-preview to see what the program will offer in the way of are you eligible, was the switch the problem and what are the dollars. and then you make that decision whether to stay in or go to court. neil: but the fact that since we last chatted, ken, gm has indicated -- or at least it's been reported now that gm was already looking at replacement parts or safety issues prior to its public admission of its safety switch issue, does that color whatever you're doing now? >> no. i'm focused, as you pointed out five minutes ago, i'm focused on a very specific question. not gm's culpability. that's for the courts, liability. did the switch, the defective switch, did it cause the death or the injury, physical injury?

if it did, there'll be compensation. if the compensation is adequate, the person will accept, sign a release, won't sue, will get a check. if the decision is wrong in the eyes of the claimant or doesn't like the dollars that are being offered, they can voluntarily decide we'll take our chances in court. neil: all right. real quickly then, would you as a driver or your family, would you ever feel funny about driving a gm vehicle or remming a gm vehicle -- recommending a gm vehicle knowing what you know about this particular brand? >> no, i mean, i don't know. i can't answer that existential question. i mean, i try and focus on these particular automobiles, these particular accidents. neil: gm or ford, what does ken feinberg err to more? >> i'm sorry? neil: gm or ford, what does ken finering bear to more?

>>

♪ ♪ neil: all right, we've all heard now jonathan gruber saying that voters are stupid. that wasn't a sound bite. but is a current white house aide assuming voters are stupid in a tweet? president obama's economic adviser, betsy stephenson, tweeting this, and i quote: did you know that more than half of minimum wage workers are women? it's time to raise the wage. and info attached saying this should surprise you, but when you look at this, not too surprising. more than half of minimum wage workers are women. tweeters quickly catching on to this and blasting right back, did you know that more than half the population are women? hashtag not news. aren't there more women in the

usa than men? so wouldn't that make perfect sense? another, so if i'm against the minimum wage increase, i'm sexist? and finally, oh, betsy, you're just the kind gruber loves. and another: the administration hopes voters are simply too stupid for all these latest so-called irrelevant facts. where was she going with this? i had a tough time understanding it. >> well, it's pretty clear the politics of the current administration are to focus on women as a subset of voters that they want to appeal to. this has been a tactic they've been using for years, but really the pattern that i see connecting the obamacare debate and the debate over minimum wage is to focus solely on the purported benefits of these issues, these policies instead of also having an honest conversation about voters about the costs and consequences here. neil: and just about looking at it in a mathematical perspective, that it's a small

slice of the slice of the total working population? we get so distracted on this subset of a group that the middle class, the vast middle class is totally forgotten. >> exactly. well, it is true that women do tend to copping regate in lower paying jobs and in minimum wage jobs, but actually the percentage of hourly paid women working in those minimum wage jobs has decreased very much since 1979 when about 20% of hourly paid jobs were working in minimum wage jobs, today it's about 5%. really our economic policy shouldn't focus so much on dividing the economy into men and women's interests, but to recognize that at the end of the day, we want to maximize opportunity for social mobility and maximize real wage growth regardless of sex or socioeconomic status. neil: do you think this is all a strategy when these types of groups are more inclined to vote than they would at, let's say, a midterm election. so get the young, get minorities, get those who are

fired up to come out for an election they didn't come out for this time, and these wedge issues -- say what you will of them -- are effective at doing that? >> well, hopefully, you know, i don't believe that the american voters are too stupid to understand that there is another side to these arguments, you can argue that maybe some women could experience a short-term increase if minimum wage were to increase, but the long-term effect of this kind of policy will put the very same group of minimum wage workers at risk for losing their jobs when you raise the cost of employment. so my hope is the discussion surrounding these policy issues would not be a sound bite during but actually focus on the true economic impact. and that way voters are vote with a truly independent way of thinking and one that considers all sides to have argument. neil: you make way too much sense, so you're going nowhere fast. hadley, thank you very much. it's true. meanwhile, forget the 86 million americans who have given up looking for a job, what if i told you they don't even want a job, but they do want something job, but they do want something (receptionist) gunderman group.

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neil: in tonight's business splits, 86 million americans that do not want a job. according to the bureau of labor statistics, not likely to get off the couch anytime soon. that's 93% not in the labor force. >> get up and get a job. it's much easier to correct that by getting a job instead of collecting unemployment. so why not just stay home? because that's where these people are. >> i was shocked with these numbers. >> none of these welfare programs come in none of these social safety net existed before. the poverty rate in this country had fallen by half and what

happens is that people want handouts at times. i don't think they are bad and happy. they buy into this culture of dependency that keeps them down at the same time and not just dependent. neil: some of them think it makes sense to stay home because benefits are generous enough to tip it in that favor. >> also the job openings per applicant since the crisis. there are only three job openings now for some applicants. but i'm not sure when welfare to work became such a bad term. that is what clinton campaigned on in 1992. then he pitched delivery health care for welfare to work after the midterm debacle. the democrats lost.

but it worked and now we have waivers. where we have states getting waivers where people don't have to have welfare to work. and i think that needs to be turned around. >> you can have a strong economy if you have this many people on welfare. we have more people on welfare than ever before in our history. >> now over to this issue. the big deal and the value of u.s. oppositions, $1.3 trillion, up 50%. and it's just the latest example of that. jonathan, what are we to make of that? and that is the fuel of the markets. >> i think it is the result of these markets. >> i think there's no question because while most of americans have trouble getting a mortgage,

these huge companies aren't exactly the ones that have then at ultralow interest rates. i'm a little concerned because big multibillion dollar deals tend to happen at the end of the old market rather than the beginning. >> you can't keep cash, they have all this cash and they've cleaned this up so beautifully. so what are you going to do it two they are borrowing and they're getting that cheap and then they get vista boot area there is a win-win for corporations. >> it is a come conglomerate and the thing is when you see that data point, i think jonathan is right. it feels really tough and 17 deals fall apart. >> keep an eye on shares like

this because they track the high-yield market and they have been weak. neil: guys, thank you so much. we'd lik