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David Schweikert: “Social Security will be at 1,480,000,000,000 [dollars].”

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

'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight

Published June 10, 2024 | Video Starts at 32:50

And actually defense spending is like what's in the Constitution. We have to deal with the reality. And this coming fiscal year, I calculate Social Security will be at 1,480,000,000,000 [dollars]. 1,480,000,000. The shortfall just this fiscal year is about 340 billion in the Social Security tax that comes in and the spending out the door. (32:50–32:57)

CLAIM

Asserts that Social Security spending will reach $1.48 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

“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.”
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“Parts of [the 2017 tax reform] expire next year.”
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“Since [the 2017 tax reform] we haven't had a major organization, major corporation leave the United States.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 01:29-01:34
“In 2018, 19, even 20, we had the biggest movement of closing income inequality in America.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 01:54-02:01
“If you make $20,550 to 83,000 today, your current income tax rate...is 12%. It's going up to 15.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 03:37-03:58
“Current law...you get $500 deduction for a dependent next year...it's gone.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 04:44-06:55
“The child tax credit...doubled...to $2,000 [in 2017]. In 2026...it goes back to 1,000.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 05:32-05:54
“Per child. When you get the tax credit per child, that's about $750 or $753. That's so you remember it's getting cut in half.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 05:50-13:43
“If you don't make more than 26% more today than you did the day Biden became president, you are poorer.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 06:07-06:18
“If you're single, when the [tax] provisions expire, that number gets functionally cut in half, becomes $8,300.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 07:41-07:49
“If you're married today, it's 29,200. This is the standard deduction. It will go back down to $16,600.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 07:48-08:00
“Currently 100% of first year's bonus depreciation. Now, this has been starting to phase down.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 09:29-09:37
“This has been phasing down 20% each year for five years.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 10:57-11:01
“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…”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 12:42-12:52
“The average tax increase in Arizona's Congressional District 1 is $5,921 after tax credits expire in 2025.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 15:20-15:25
“There is almost $400 billion in new taxes coming after the expirations over 4.2 trillion over 10 years.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 16:39-16:52
“The Biden administration bought corporate America by handing out cash.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 20:47-20:52
“Real GDP growth for Nowcast is now down to functioning 1.8%.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 21:06-21:11
“United States is now number 14 on the credit stack.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 21:48-21:53
“Greece today has a better credit stack than the United States.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 22:01-22:08
“We borrowed like $57 billion last week.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 22:27-22:32
“Estimate that we would borrow 2.8 trillion this fiscal year, maybe down to two and a half.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 22:37-22:46
“Over the past four quarters, the total public debt has grown by more than twice the growth of GDP.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 27:55-28:03
“The United States gets about 17, 18% of the economy [in tax receipts].”
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“We're over 120% of debt to GDP in one calculation.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 29:09-29:14
“We're at 140% of debt to GDP.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 29:13-29:16
“Medicare spending, when I checked about six weeks ago, was already up 10% in spending this fiscal year.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 31:32-31:41
“The shortfall just this fiscal year is about 340 billion in the Social Security tax that comes in and the spending out the door.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 32:57-33:14
“Every dime we as members of Congress vote on is borrowed money.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 34:53-34:58
“All defense is borrowed, all non-defense discretionary is borrowed, and about a third of Medicare is on borrowed money.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 35:10-35:14
“I believe we could crash the price of healthcare.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 35:30-35:33
“I believe we could dramatically shrink government.”
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“If we legalize the technology and use it now you gotta deal with the army of lobbyists, the army of people from the bureaucracies who will…”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 35:51-36:03
“The vast majority of the money now. It's earned benefits. You earned it. We just don't have the money for it.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 37:11-37:18
“Obesity is almost half of healthcare costs.”
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“Fertility rates in the United States collapsed under to one point, meaning France has more children than we do.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 38:57-39:08
“In 15 years, this country has more deaths than births.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 39:25-39:30
“A child born today is estimated, particularly a male child Born today is estimated to have a shorter life expectancy than you and I.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 39:36-39:45
“For every dollar you paid when you paid your FICA taxes for Medicare, we now calculate you get five to six dollars back.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 40:56-41:06
“The financing cost of that is the primary driver, U.S. debt.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 41:09-41:09
“Congress has become substantially a protection racket. We protect incumbent bureaucracies, we protect incumbent business models.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 44:02-44:13
“This will be the first generation coming up right now that will be economically more disadvantaged to their parents.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 44:53-45:03
“There is a way to save us. One of our economists has played some math games.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 48:53-49:01
“The bond market is getting close to running this country.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 49:04-49:08
“You may have three, five years, could be longer. Where a movement in the bond market starts to consume all your variability.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 49:10-49:19
“Without a stressor on this place, this place will not do anything.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 50:04-50:08
“We may only have a few more years and then the revolution. It's too late to be able to make the difference.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 50:28-50:33