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David Schweikert: “Last Friday they recalculated, put out the official…”

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

'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues

Published April 30, 2024 | Video Starts at 24:15

You gotta understand, as if you have someone also do this, David, we're just gonna grow ourselves out of the debt. Okay. Showed you a chart a moment ago that Last Friday they recalculated, put out the official calculation. It may get updated one or two more times, but the first quarter fell down to 1.6. But here's how you got to understand this. Here's functionally our borrowing. This is publicly held debt. This is the GDP growth from 2023 until. This growth is actually beyond the borrowing. (24:15–24:25)

CLAIM

Asserts that the GDP growth for the first quarter was recalculated to 1.6%.

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

“GDP now from the Atlanta Fed and others had their math wrong. We got an update... it looks like we're about 1.6%.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 01:10-01:32
“Today the two year note went over 5.05%.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 02:13-02:21
“We've already had a couple bond auctions in the last 12 months that were under subscribed the way we thought they would be.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 04:51-05:00
“Interest this year... you're approaching 1.2 trillion. This calendar year, excuse me, this fiscal year.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 05:14-05:28
“The markets price US debt higher, meaning they consider it more risky.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 06:00-06:08
“United States right now pays higher interest rates on a 10 year bond than Greece, [and other countries].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 06:22-06:30
“We're borrowing about eight and a half billion dollars a day.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 08:08-08:13
“Thirty years from now, 100% of that borrowing interest healthcare, almost all Medicare.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 08:47-08:58
“Social Security trust fund has been emptied out and seniors are about to take a 25% cut.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 09:00-09:07
“We've borrowed over 9% of GDP, the running average I think for this fiscal year.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 10:21-10:29
“We only get to vote on about 25, 26% of the budget.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 11:54-11:59
“We're heading towards borrowing about 2.8 trillion.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 12:35-12:39
“Our borrowing is higher during the peak than the peak of the pandemic.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 13:39-13:43
“Today's debt to GDP is dramatically higher than it was back then [in the 1990s].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 14:37-14:45
“This quarter we're going to have to borrow about 41 billion more than we expected.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 15:13-15:18
“This year a little under $10 trillion will come to market. That's the stuff we have to refinance.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 17:06-17:13
“We're already modeling right now approaching 1.2 trillion in interest this fiscal year becoming the second biggest expense in US government.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 17:50-18:04
“United States is probably going to have more deaths than births [in] 15 years.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 20:02-20:12
“United States now has lower births fertility rates [than] much of Western Europe.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 20:38-20:45
“We have 13 countries in the industrialized world that have cheaper 10-year bonds than we do.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 21:26-21:35
“Our bond rates are higher than 13 other industrialized countries.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 21:30-21:35
“The IMF is worried about us and our scale of borrowing.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 22:15-22:34
“United States and China are the two big economies sopping up much of the world credit.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 22:19-22:25
“Interest in health care are our primary drivers [of spending].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 22:52-22:56
“Obamacare was a financing bill. Medicare for all is a financing bill.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 23:00-23:06
“We see deficits reaching 14% of GDP in 30 years.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 25:57-26:03
“Our spending at 31.9% [of GDP].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 26:23-26:30
“The biggest tax in modern history have been the last three years of inflation.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 26:59-27:04
“If you don't make, I think it is 23.6% more than I believe the day President Biden took office, you're poor today.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 28:16-28:31
“Since January 2021 when Biden took office, you're 2.7% poorer.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 28:19-28:31
“The Pentagon is unauditable, okay? They can't audit it.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 31:48-31:55
“A couple of the biggest and a couple small ones, audit companies, CPA companies, compliance companies, have come up with audit AI.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:23-32:36
“You could use AI to audit the Pentagon.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:40-32:44
“You could use AI to look for fraud in Medicare, Medicaid, and other programs.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:44-32:49
“There's been an experiment...when you called the IRS during this tax season, there's a very good chance the individual you were talking to…”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:54-33:07
“I believe we only have three to five years to embrace the disruption.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 36:25-36:30