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David Schweikert: “The bond market will decide what our priorities are.”

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 31:00

… most of what this government does is we've handed over the power of this government to the bond market because the bond market will be in charge of us. Because The bond market will decide what our priorities are. Because they will control the price of our debt, they will control our resources. Make a decision. (31:00–31:06)

CLAIM

Asserts that the bond market will control government priorities if debt issues persist.

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