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David Schweikert: “Social Security is going to spend 1,450,000,000.”

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 11:25

I underestimated it. And if you saw what interest rates did this week with the higher inflation data, the number is going to go higher. Understand the hierarchy right now. Social Security is going to spend 1,450,000,000. But that's how tax receipts and the trust fund. Now the trust fund's gonna be gone in eight, nine years. But right now it's self contained interest is the second biggest spend in this government. (11:25–11:30)

CLAIM

Asserts that Social Security spending is projected to be $1.45 trillion.

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

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“China may be spending multiple billions of dollars in influence operations here in this country to basically distort reality.”
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“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.”
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“The vast, vast majority of our spending is on autopilot.”
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“Every dime you as a member of Congress vote on is borrowed.”
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“$800 billion of Medicare is borrowed.”
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“We're borrowing $100,000 a second.”
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“Interest will be 1,143,143.6 trillion.”
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“Medicare spending will be 22% of all income tax, all corporate taxes [in five years].”
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“Medicare spending is up 10% this year.”
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“The Transportation trust fund, the Medicare Part A trust fund, the Social Security trust fund, all are gone this decade.”
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“CBO will be updating all these numbers because it turns out interest has gotten more expensive.”
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“The average on U.S. sovereign debt was 7.5% [from 1975 to 2001].”
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“From 2001 to 2022 absolutely suppressed interest rates. It was down to 2.2%.”
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“We're borrowing over 9.6 [percent of GDP] right now.”
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“In nine budget years you're going to have 60, 62 trillion dollars of borrowing.”
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“The president's budget in nine budget years has us at 70 trillion [dollars].”
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“In my district we've had the highest inflation in the continental United States.”
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“If you do not make 23.6% more money today than you did the day President Biden took office, you are poorer.”
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“Interest now is the second biggest expense in our government.”
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“In a few years actually Medicare even passes Social Security and total spending.”
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“There was what, 67 million baby boomers for how long? What, 65 years?”
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“As we get near the eight year window, 10 year window, we get back closer to 18% [of GDP coming in as taxes].”
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“GDP, the size of the economy in 2023, grew a trillion and a half dollars.”
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“For that growth you only get 17, 18, maybe even 19% of that in tax receipts.”
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“You guys borrowed two and a half trillion dollars, but the economy grew one and a half.”
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“If interest rates continue to go where they're going, you maybe have three years, five years.”
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“The bond market will decide what our priorities are.”
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