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

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

'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West

Published April 11, 2024 | Video Starts at 15:40

The average for all those years was 7.5%. That was actually the average, considering Now, I accept that has some of the 1980s, you know, Paul Volcker, but that was the average. Then go From 2001 to 2022 absolutely suppressed interest rates. It was down to 2.2%. 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. (15:40–15:51)

CLAIM

Asserts that U.S. 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

“We have map after map what China just did to Taiwan.”
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“China may be spending multiple billions of dollars in influence operations here in this country to basically distort reality.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 04:26-04:37
“Look what Russia's done to Ukraine, what people believe about Ukraine.”
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“Look what the Palestinians and their, you know, their teammates in Iran and oddly enough coming through China are doing to Israel.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 06:13-06:24
“The vast, vast majority of our spending is on autopilot.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 07:51-07:56
“Every dime you as a member of Congress vote on is borrowed.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 08:23-08:28
“$800 billion of Medicare is borrowed.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 08:37-08:41
“We're borrowing $100,000 a second.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 09:59-10:03
“Interest will be 1,143,143.6 trillion.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 11:00-11:13
“Social Security is going to spend 1,450,000,000.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 11:25-11:30
“Medicare spending will be 22% of all income tax, all corporate taxes [in five years].”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 12:09-12:33
“Medicare spending is up 10% this year.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 12:41-12:46
“The Transportation trust fund, the Medicare Part A trust fund, the Social Security trust fund, all are gone this decade.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 13:59-14:07
“CBO will be updating all these numbers because it turns out interest has gotten more expensive.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 14:35-14:43
“The average on U.S. sovereign debt was 7.5% [from 1975 to 2001].”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 15:22-15:41
“We're borrowing over 9.6 [percent of GDP] right now.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 18:23-18:23
“In nine budget years you're going to have 60, 62 trillion dollars of borrowing.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 19:12-19:20
“The president's budget in nine budget years has us at 70 trillion [dollars].”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 19:28-19:33
“In my district we've had the highest inflation in the continental United States.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 22:09-22:14
“If you do not make 23.6% more money today than you did the day President Biden took office, you are poorer.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 22:13-22:23
“Interest now is the second biggest expense in our government.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 25:00-25:04
“In a few years actually Medicare even passes Social Security and total spending.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 25:23-25:30
“There was what, 67 million baby boomers for how long? What, 65 years?”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 26:21-26:28
“As we get near the eight year window, 10 year window, we get back closer to 18% [of GDP coming in as taxes].”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 26:56-27:04
“GDP, the size of the economy in 2023, grew a trillion and a half dollars.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 28:23-28:31
“For that growth you only get 17, 18, maybe even 19% of that in tax receipts.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 28:36-28:46
“You guys borrowed two and a half trillion dollars, but the economy grew one and a half.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 28:53-28:59
“If interest rates continue to go where they're going, you maybe have three years, five years.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 30:42-30:49
“The bond market will decide what our priorities are.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 31:00-31:06