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David Schweikert: “Real GDP growth for Nowcast...wasn't 3%. It's now down to…”

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

Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy

Published June 6, 2024 | Video Starts at 20:48

It turns out when you look at the Bureau of Labor Statistics we got another revision. I think it was yesterday or the day before. Turns out that Real GDP growth for Nowcast...wasn't 3%. It's now down to functioning 1.8. We are seeing a crashing back to where our expectation was was a 1-817 GDP growth. (20:48–20:57)

CLAIM

Asserts that the revised real GDP growth rate is 1.8%, down from an expected 3%.

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

“In December 2017 there was a tax reform bill. It was the first time in 30 plus years that the United States had updated its tax code.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 00:29-00:41
“Parts of [the 2017 tax reform] expire next year.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 01:01-02:26
“Since [the 2017 tax reform] we haven't had a major organization, major corporation leave the United States.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 01:09-01:15
“2018, 19, even 20, we had the biggest movement of closing income inequality in America.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 01:31-01:41
“If you make $20,550 to 83,000 today, your current income tax rate...is 12%. It's going up to 15.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 03:18-03:38
“Current law...you get $500 deduction for dependent next year...it's gone.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 04:24-06:35
“The child tax credit...doubled...to $2,000. In 2026...it goes back to 1,000.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 05:09-05:34
“Per child. When you get the tax credit per child, that's about $750 or $753. That's going away.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 05:31-13:20
“If you don't make more than 26% more today than you did the day Biden became president, you are poorer.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 05:47-05:59
“If you're single, when the provisions expire, that number gets functionally cut in half, becomes $8,300.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 07:21-07:29
“If you're married today, it's 29,200. This is the standard deduction. It will go back down to $16,600.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 07:28-07:40
“Currently 100% of first year's bonus depreciation. Now, this has been starting to phase down.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 09:09-09:18
“This has been phasing down 20% each year for five years.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 10:37-10:42
“The expensing and the research and development expensing may have represented almost half of the economic growth after the tax reform.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 11:42-11:56
“We actually passed a short term couple years extension of this, got it through the House, it was even bipartisan, and it's been sitting in…”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 12:22-12:32
“Your taxes are going up $2,541 if you live in the Phoenix Scottsdale congressional district one in Arizona.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 14:23-14:26
“The average tax increase in Arizona's Congressional District 1 is $5,921.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 15:00-15:05
“Here's almost $400 billion just after the expirations in new taxes coming in over 4.2 trillion over the 10 years.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 16:20-16:32
“Diabetes is 33% of all healthcare spend, 31% of all Medicare spend.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 18:36-18:42
“United States is now number 14 on the credit stack.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 21:28-21:34
“Greece today has a better credit stack than the United States.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 21:42-21:48
“We would borrow 2.8 trillion this fiscal year, maybe down to two and a half.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 22:12-22:26
“Fourth quarter wage and salaries we had to revise down again another 73 billion.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 26:40-26:47
“Over the past four quarters, the total public debt has grown by more than twice the growth of GDP.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 27:35-27:43
“The United States gets about 17, 18% of the economy [in tax receipts].”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 28:07-28:15
“We're over 120% of debt to GDP in one calculation. We're at 140% of debt to GDP.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 28:49-28:56
“Interest, they have us at $1,144,000,000,000 of interest this fiscal year.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 30:07-30:16
“Medicare spending, when I checked about six weeks ago, was already up 10% in spending this fiscal year.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 31:13-31:21
“Social Security will be at 1,480,000,000. The shortfall just this fiscal year is about 340 billion.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 32:34-32:50
“I believe we could crash the price of healthcare.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 35:10-35:14
“I believe we could dramatically shrink government.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 35:13-35:17
“You could revolutionize the size and cost of this government tomorrow [with AI and technology].”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 35:16-35:32
“Obesity is almost half of healthcare costs.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 38:18-38:23
“Fertility rates in the United States collapsed under to 1.6.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 38:38-38:45
“In 15 years, this country has more deaths than births.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 39:05-39:11
“A child born today is estimated...to have a shorter life expectancy than you and I.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 39:16-39:26
“For every dollar you paid when you paid your FICA taxes for Medicare, we now calculate you get five to six dollars back.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 40:37-40:47
“This right here and the financing cost of that is the primary driver US Debt.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 40:47-40:54
“Congress has become substantially a protection racket. We protect incumbent bureaucracies [and] incumbent business models.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 43:43-43:49
“This will be the first generation coming up right now that will be economically more disadvantaged to their parents.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 44:33-44:43
“The bond market is getting close to running this country.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 48:44-48:48
“Are we nimble enough to use the stressor of the expiring tax provisions to get us to think about things we could do to change the cost of…”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 49:27-49:40
“Without a stressor on this place, this place will not do anything.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 49:45-49:49
“We may only have a few more years and then the revolution is too late to be able to make the difference.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 50:08-50:14