Mark Neumann: “Reclaiming for just a minute, I do want to point out, interest rates peaked out in November of 1994 when we were first…”

“Reclaiming for just a minute, I do want to point out, interest rates peaked out in November of 1994 when we were first elected. As Main Street America started to understand we were serious, they got all the way down here. It was almost a full year later, if you remember, a full year later we were in that government shutdown period. This peak occurs shortly after we folded in the government shutdown because the American people thought we were going to go right back to the old spending ways. As they figured out that that was not true, you see the interest rates coming back down again. So the idea that we can control spending directly impacts these interest rates, and we should not just talk about this in terms of the numbers and these lines up here. Let me talk about this in a little different way. If the interest rate falls by 2 points on a family that has bought a home for $100,000, that means that they keep in their house $2,000 extra money or roughly $160 a month that they get to decide how to spend for themselves. This is not even taxes we are talking about. This is simply because the interest rates are lower because Washington has got its spending under control. If you take a family of five that went out and bought a three-bedroom, two-bathroom ranch in our neck of the woods, probably $110-$115,000 type home, they have got $100,000 mortgage on it. This means that in that family those parents get to decide what to do with an extra $150, $160 a month.”