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David Schweikert: “Today the world has the highest level of debt since the…”

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 06:18

We're on different types of committees. I do ways and means and financial services and those. So maybe my whole world is trying to think about the math. Today. The world, Today the world has the highest level of debt since the Napoleonic Wars. You may not remember your history, but after that the world went into a massive depression. For years. The amount of debt. And do you know which two countries are borrowing at extraordinary rates? (06:18–06:26)

CLAIM

Asserts that global debt levels are the highest since the Napoleonic Wars.

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
“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
“Raising interest rates could push the national debt towards 300% of GDP within 30 years.”
'If You Are Under 40—I'm A Baby Boomer—I'm Sorry...': David Schweikert Delivers Passionate Warning | Uploaded May 17, 2024 | 29:18-29:26
“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