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David Schweikert: “Raising interest rates could push the national debt towards…”

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

'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning

Published May 17, 2024 | Video Starts at 29:18

Medicare spending is up around 10 this fiscal year. If that rolled over and wasn't 7% was closer to 4, 5. You want to talk about a bloodbath? Okay. Raising interest rates could push the national debt towards 300% of GDP within 30 years. How many of you think the bond markets are going to let us get anywhere near 300% of GDP with our savings rates? If you're Japan, maybe you can do it. (29:18–29:26)

CLAIM

Asserts that increasing interest rates could significantly increase the national debt relative to GDP.

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

“The bond market is the one that pretty much now will run this country.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 00:55-01:01
“We are approaching $1.2 trillion of interest this year.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 02:16-02:20
“The spending, particularly what the Democrats did with the Inflation Reduction Act, [means] we're going to be pumping out a couple trillion…”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 02:24-02:35
“Because of our debt and these higher interest rates, we're also pumping out $1.2 trillion of interest payments out.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 02:37-02:47
“The day Joe Biden became president, from that day till today, if you're not making a little over 26% more in your paycheck, you're poorer…”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 03:05-03:18
“Every data point, if you're functionally under 40, 45 years old, you will be poorer than my generation, my parents' generation.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 04:14-04:23
“The inflation we've had the last three years is the biggest tax in modern history.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 05:03-05:10
“Today the world has the highest level of debt since the Napoleonic Wars.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 06:18-06:26
“United States and China [are] borrowing at extraordinary rates.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 06:35-06:44
“Greece has a better credit rating than the United States.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 06:47-06:52
“Our burn rate is actually substantially higher than we expected.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 10:41-10:46
“Much of the Democrats Inflation Reduction act, the most Orwellian name piece of legislation in modern history, its distortion effects in the…”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 10:59-11:12
“About 74, 75% of all spending is on autopilot.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 11:34-11:39
“Every dime a member of Congress votes on is on borrowed money.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 11:53-11:57
“We're just shy of borrowing about $100,000 a second.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 12:01-12:05
“Nine years from now when the Social Security trust fund's gone.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 12:38-12:42
“National debt increase in the first seven months of this fiscal year [2024] is $1,450,000,000,000.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 15:00-15:05
“CBO baseline was like 5% [of GDP for borrowing].”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 16:27-16:40
“Our borrowing is closer to 9% of the entire economy this fiscal year.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 16:39-16:47
“Almost half of U.S. healthcare has a relationship to obesity.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 16:46-20:00
“Over half the population statistically is obese [in some states].”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 19:50-20:00
“About $380 billion a year in tax hikes [are coming next year].”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 21:21-21:30
“Your taxes are already going up next year. It's the law as it is already.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 21:36-21:42
“We're going to legalize technology and healthcare.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 22:24-22:28
“When we've had very high marginal tax rates, we get about 17, 18% of GDP.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 24:01-24:08
“When we've had very low marginal tax rates, we get about 17, 18% of GDP.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 24:08-24:14
“When we've done lots of extra corporate taxes, we get 17 to 18% of GDP.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 24:14-24:21
“Social Security, $1.452 trillion.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 25:53-25:58
“Treasury's own number, $1,144,000,000,000 is the interest this year.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 26:29-26:39
“Interest now is the second biggest expense in this government.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 27:19-27:22
“Interest will be the number one spend in this government [in a couple of years].”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 27:26-27:36
“Tax receipts are up about 7%. Medicare spending is up around 10 this fiscal year.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 29:00-29:07
“Deaths are projected to exceed births [in the US] in about 15 years.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 32:13-32:18
“The 2023 fertility rates [in the US] are down to 1.62, meaning we are way below replacement rates.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 32:20-32:30
“There is no industrialized country that has succeeded in adopting policy that changed their fertility rates on the long run.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 32:36-32:48
“US fertility started to roll over in 1990, it's just now accelerated.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 33:50-33:56
“Social Security actuary report, they're making crap up. They have fertility numbers in here. They have us growing.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 35:41-35:50
“CBO actually has numbers growing. And yet we talked to the Census Bureau and the Census Bureau is down here.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 35:50-35:57
“The red portion here is when you pay your payroll tax, that's the portion that goes to the Medicare trust fund.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 37:00-37:09
“The majority of spending in Medicare is not the trust fund.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 37:38-37:46
“Rising Social Security and Medicare shortfalls drive nearly the entire 2019-2023 deficit rise.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 38:31-38:39
“30 year number is not $116 trillion, it's 143 trillion is now our model.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 39:23-39:31
“Every dime of borrowing from this day through the next 30 years, interest Medicare.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 39:36-39:48
“100% of that borrowed Medicare and the interest financing on that back filling of Social Security and the interest financing on that.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 39:36-39:48
“We're about to have our fifth year of prime age, males dying younger.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 41:18-41:23
“The US is an outlier in disease and disability trends. We're sicker than the rest of the industrialized world.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 41:36-41:44
“If we could make our society healthier, it's the single biggest thing I can do to reduce U.S. debt.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 42:55-42:55
“Putting technology into this government to make government smaller and more efficient [would be incredibly moral].”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 43:33-43:50
“Legalizing technology to crash the price of healthcare [would be most effective for us to take on the US Debt].”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 43:42-43:46