Xavier Becerra: “When we look at the bottom-line facts, not what projections are, because, by the way, 3 years ago it was projected that…”

“When we look at the bottom-line facts, not what projections are, because, by the way, 3 years ago it was projected that we would have a $5.6 trillion surplus, not deficits. When we look at the bottom-line facts, we are in some real trouble. Interest rates, which is really the determiner of whether or not Americans have more money in their pocket or not, have gone up in the last 2 months alone about a point, 1 percentage rate. What does that mean? Well, if you have a mortgage of about $200,000, 30-year rate, fixed, not flexible and not one that goes up and down, you are probably going to pay about, on that $200,000 mortgage, you are going to pay about $120 more per month now. That means at the end of the year, you are some $1,500 more out of pocket, and over the life of that 30-year loan, about $43,000. That is the cost of seeing an economy that is not fiscally righting.”