(Solution) - During the 1984 presidential election campaign Democratic hopeful Walter Mondale -(2025 Original AI-Free Solution)

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During the 1984 presidential election campaign, Democratic hopeful Walter Mondale criticized the Reagan administration's economic record by arguing that high real interest rates were choking off investment and consumer spending. Vice President (and later President) George H. W. Bush responded famously that interest rates had fallen dramatically from a peak of 21 percent at the end of the Carter administration, and that "the real interest rate is what you pay when you go down and try to buy a TV set or buy a car." Evaluate the logic of President Bush's argument.