David Minge: “Here is a graphic depiction of the type of interest rate reduction that Chairman Greenspan has said is realistic if we…”

“Here is a graphic depiction of the type of interest rate reduction that Chairman Greenspan has said is realistic if we make a substantial reduction in the outstanding Federal debt. On a home mortgage, we could reasonably expect interest rates to drop by 2 percent if we reduce the public debt by about $2 trillion. On a home with a mortgage monthly payment of $844, that would provide a dividend of $155. That is an annual dividend that would be equal to what most families would expect in any tax cut. So not only do we reduce the debt, which is a benefit to our children, but we have this dividend, as well. That is exactly what the gentleman is talking about. And this plays out. We can look at the farmer buying a combine. We can look at the college student with his college loans. And that dividend is important. And that is a type of tax cut, if you will, in and of itself.”