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David Schweikert: “From 2001 to 2022 absolutely suppressed interest rates. We…”

Featuring: David Schweikert, Republican | U.S. House, Arizona, District 1

Schweikert: It's Time for Members of Congress To Start Acting Like Adults

Published April 22, 2024 | Video Starts at 15:34

That was actually the average considering now I accept that has the some of the 1980s, you know, Paul Volcker, but that was the average. Then go From 2001 to 2022 absolutely suppressed interest rates. We lived in a fantasy world. It was down to 2.2. Okay, that's your juxtaposition. What is the real interest rate? What's the real cost of money here? We're only right now at 3.3. Our economists and the Joint Economic Committee, Republican side, and even myself. (15:34–15:45)

CLAIM

Asserts that interest rates were suppressed to 2.2% from 2001 to 2022.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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David Schweikert

“Microsoft doing huge data analytics [on foreign infiltration].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 01:58-02:03
“The number of data points we have here showing particularly China, Russia, Iran, and it's getting weaponized.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 02:17-02:30
“We have map after map of what China just did to Taiwan.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 02:57-03:02
“Taiwan actually has built a policy on how to help combat [disinformation].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 03:02-03:07
“Article after article, and some of these are huge... tracking entire troll farms.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 04:03-04:18
“China may be spending multiple billions of dollars in influence operations here in this country to basically distort reality.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 04:20-04:31
“The vast, vast majority of our spending is on autopilot.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 07:45-07:50
“Every dime you as a member of Congress vote on is borrowed.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 08:16-08:22
“$800 billion of Medicare is borrowed.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 08:30-08:34
“We went over $100,000 a second in borrowing.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 09:16-09:22
“Interest will be 1,143,000,000,000.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 10:30-10:43
“Social Security is going to spend 1,450,000,000.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 11:18-11:24
“Medicare spending will be 22% of all income tax, all corporate taxes [in five years].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 12:03-12:26
“Medicare spending is up 10% this year.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 12:34-12:40
“The transportation trust fund, the Medicare part A trust fund, the Social Security trust fund, all are gone this decade.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 13:53-14:00
“CBO will be updating all these numbers because it turns out interest has gotten more expensive.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 14:29-14:36
“The average on US sovereign debt was 7 1/2% [from 1975 to 2001].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 15:15-15:21
“We're borrowing over 9.6 [percent of GDP] right now.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 18:17-18:17
“In nine budget years you're going to have 60, 62 trillion dollars of borrowing.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 19:05-19:14
“The president's budget in nine budget years has us at 70 trillion and the CBO has us at 62 trillion.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 19:21-19:31
“Unless we revolutionize the cost of healthcare, I can't make the numbers work.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 19:59-20:05
“The actual now number projections where some of the years it's over 120 billion outlays, that's cash money subsidies to corporate America.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 20:35-20:46
“In my district we've had the highest inflation in the continental United States.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 22:02-22:08
“If you do not make 23.6% more money today than you did the day President Biden took office, you are poorer.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 22:07-22:17
“Interest now is the second biggest expense in our government.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 24:54-24:57
“In a few years, actually Medicare even passes Social Security and total spending.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 25:16-25:24
“There was what, 67 million baby boomers for how long? What, 65 years?”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 26:14-26:21
“As we get near the eight year window, 10 year window, we get back closer to 18% [of GDP coming in as taxes].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 26:50-26:58
“GDP, the size of the economy in 2023, grew a trillion and a half dollars.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 28:17-28:25
“For that growth you only get 17, 18, maybe even 19% of that in tax receipts.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 28:29-28:39
“You guys borrowed two and a half trillion dollars, but the economy grew one and a half.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 28:46-28:52
“We have to find a way to stabilize the borrowing to that growth of the economy.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 29:46-29:53
“If interest rates continue to go where they're going, you maybe have three years, five years.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 30:36-30:42
“The bond market will decide what our priorities are, because they will control the price of our debt.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 30:53-31:03