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David Schweikert: “If you live just on monthly cash flow from FICA tax…”

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

Congressman Schweikert on America's Spending Crisis. And what to do about it.

Published April 2, 2024 | Video Starts at 17:49

So Social Security lives on today's tax collections and then a little bit of the trust fund. Every month that trust fund is, is going away. So in eight, nine years, the trust fund is gone. And If you live just on monthly cash flow from FICA tax collections, you get a 25% cut. We double senior poverty. So if you just take health care costs and the growth of interest, just those are what drives your debt today. (17:49–17:56)

CLAIM

Asserts that relying solely on FICA tax collections would result in a 25% cut in benefits.

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'll spend 1.1 trillion in interest this year.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 12:24-12:31
“We're getting close to borrowing $100,000 every second.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 13:36-13:41
“GDP growth is fairly solid and yet the borrowing is still exploding.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 14:45-14:53
“Most of America today is poorer today than they were three years ago.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 16:23-16:29
“The vast majority of US government spending is your earned benefits.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 17:16-17:25
“For every dollar you put in, you functionally get $5 back for Social Security.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 17:27-17:34
“In eight, nine years, the [Social Security] trust fund is gone.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 17:46-17:50
“Just raise the cap on Social Security... covers 40% of the problem, 30% of the problem.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 18:20-18:29
“Maximize everything... You get about a point and a half percent of GDP. We're borrowing 9, 9.6% this year.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 19:09-19:24
“Unless you've had a 23.6% wage increase since the day President Biden took office, 23.6, you are poor today.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 20:18-20:31
“The mean is the average working class individual is about 7% poorer today.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 20:40-20:47
“The burn rate right now is 9.6% of the entire economy is being borrowed this year.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 22:52-22:59
“We're borrowing about 8 to 9 billion a day.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 23:54-23:57
“Pentagon's unauditable.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 25:25-25:28
“Everything a member of Congress votes on today is borrowed.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 25:46-25:50
“You now have about 7% of the budget that you as a member of Congress get to work on.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 26:01-26:09
“Diabetes is 33% of all healthcare spending in America.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 26:53-26:57
“Goldman Sachs... did a report saying... you may actually pick up another half a point of GDP growth.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 27:28-27:55
“The IRS is the second biggest unionized organization in the government.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 28:35-28:40
“United States population in 15 years will actually start to fall.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 30:06-30:12
“We will start having more deaths than birth in 15 years.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 30:11-30:17
“Every dollar they're talking about sending to Ukraine is functionally five days of borrowing.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 32:37-32:43
“Half those comments are actually robots. They're not even real.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 33:00-33:03
“They're Russians, they're Chinese, they're Iranians.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 33:06-33:09
“We've offered multiple pieces of legislation to put more artificial intelligence into, like the billing side of healthcare.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 34:44-34:52
“The military budgeting experts say [the Ukraine situation] may turn out to be the greatest value United States has recently received…”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 36:08-36:22
“If today we were able to at least balance the budget, tomorrow it's out of balance again because you have another 10 to 12,000 Americans who…”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 37:11-37:23
“100% of borrowing, 100% from today through the next 30 years, interest and demographics.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 38:55-39:04
“Working class vote for Republicans. Rich people vote for Democrats. Very poor people vote for Democrats.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 40:15-40:22
“Democrats crush the working poor in their country.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 40:18-40:22
“They do a VAT tax at the end of the decade. A value added tax like this is in Europe and Asia, which kicks the middle class in the head.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 40:23-40:32
“Countries arbitraging us when they send us their goods, they get a tax arbitrage, meaning they remove a bunch of the tax so they can sell it…”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 41:21-41:34
“President Trump locks down the border, numbers drop dramatically.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 44:20-44:25
“Democrats subsidize big business, hand out cash to big pharma, and open up the borders.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 45:43-46:03
“Democrats have so angered much of the nation on the absurd policies.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 45:43-46:03
“Just tax rich people will be fine. The tax cuts did all this damage. And none of that's mathematically true.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 48:01-48:12
“There actually is something called synthetic biology that we're learning how to manipulate genomes, proteins, these things.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 55:36-55:47
“We now know how to cure sickle cell anemia.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 55:59-56:02
“We now have a cure for hemophilia.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 56:11-56:14
“Our population is going to be flatlining and starting to fall.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 57:02-57:07
“Its living standards are based on productivity. Productivity comes from innovation.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 58:14-58:24
“People only get paid more from really two things. Inflation... Or productivity.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 58:53-59:03
“When productivity goes up, you can pay more.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 59:02-59:06
“A substantial portion of the 2017 tax reform expires in 2025.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:06:53-1:07:01
“Individual tax rates are going up, your LLC are going up, your sole proprietorship, your tax rates are going up, your pass through is going…”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:07:01-1:07:14
“16%, 17% of the US economy is actually just in the non tax free world.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:07:54-1:08:05
“Harvard and you have billions and billions and billions and billions of dollars that you invest just like a hedge fund.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:08:26-1:08:33
“Next year's gonna be a hell of a year with all the expiring tax cuts.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:09:39-1:09:44
“Almost 40% of what we call the non-defense discretionary budget is cash we borrow and then send to your county, to your city, to your state.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:13:22-1:13:30
“Congress is incapable of doing things that are intellectually difficult and robust.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:15:48-1:15:54
“I've been trying to get this debt and deficit commission.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:16:03-1:16:06
“Some of my biggest oppositions are... the conservative industrial complex.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:16:08-1:16:14
“We're chewing up our small dollar donors. The Democrats have stunning amounts lined up for those of us in Arizona.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:20:49-1:20:59
“We hold the legislature just barely and the outside groups are going to spend millions and millions and millions on legislative races to…”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:20:59-1:21:12
“If you care about election integrity, understand what happens to you if you lose your state legislature with a left wing governor.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:21:11-1:21:20
“The thing that has made Republicans look good is the incompetence of the Biden administration policies.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:21:22-1:21:29
“They're basically a planned economy party now. They buy big international big businesses, they subsidize them, they hand out checks.”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:21:35-1:21:45
“Democrats owned young people, at least up until now. There's something happening out there where that sort of under 35, under 40 crowd is…”
Congressman Schweikert on America's Spending Crisis. And what to do about it. | Uploaded April 2, 2024 | 1:22:15-1:22:29