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David Schweikert: “Understand what the average interest rate was on US…”

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

Schweikert: Congress Has Handed Control of Nation Over to the Bond Market

Published April 22, 2024 | Video Starts at 20:08

Here's what we were during the 2001-2022, sort of the suppressed years of the Federal Reserve suppressing interest rates. But when we go back to 1975 to 2001, Understand what the average interest rate was on US sovereign debt, it was 3.5%. I just showed you a chart a moment ago that said we're almost at Armageddon if we go to five and a half. So don't think it's some sort of crazy dystopian fantasy. (20:08–20:16)

CLAIM

Asserts that the historical average interest rate on U.S. sovereign debt was 3.5%.

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

“39 cents out of every dollar you sent in went just interest.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 00:31-00:38
“Every 110, 115 days, we're clicking off another trillion dollars of borrowing.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 01:13-01:20
“Yesterday we had $100,000 a second we were borrowing.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 01:27-01:31
“Even if you do the public borrowing, we're crossing over 2.8 trillion this year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 03:21-03:29
“Tax receipts so far this fiscal year are up 7%.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 04:49-04:54
“Medicare is up 10% so far this year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 05:06-05:11
“Medicare [has an] 80, $90 trillion shortfall. Actually I think it's closer to 90 something now.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 05:06-26:08
“We functionally only get to vote on about 26, 25% of all spending.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 06:22-06:29
“The non defense appropriations in this place, it's like 12%, 13% of our spending.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 06:41-06:49
“We already know the interest number now looks like it's going to be 1.1 [trillion].”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 07:15-07:24
“Medicare spending has already moved up almost 10% this year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 07:34-07:39
“We were supposed to only be borrowing about 1 trillion and a half this year. Looks like we may double that.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 08:15-08:24
“At 3.5% in functionally nine budget years, we're borrowing almost close to $4 trillion a year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 08:38-08:45
“If we go up to the 5 5, which is historically closer to what we were before... almost 5 trillion in a single year interest.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 08:54-09:23
“Next year a bunch of tcja, which was the tax reform expires, your tax rates go up next year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 11:10-11:17
“We still functionally get a little less than 18% of the size of the economy in taxes.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 11:23-11:31
“From today through the next 30 years, 100% of growth of borrowing and most of the growth of spending is demographics.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 12:58-13:11
“Today we spend about $5 for a senior for every dollar we spend for those under 18.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 13:28-13:33
“The 2024 budget will only borrow about 1.3, then it was 1.5, then maybe 1.6. And we're looking at numbers now that the public borrow, that…”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 14:35-14:58
“They're at now 1,143,6,000,000,000 interest this fiscal year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 15:07-15:20
“39 cents out of every dollar you paid went just to cover the interest and it will be worse next year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 16:34-16:42
“In eight years, nine years, when the Social Security trust fund is exhausted.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 17:22-17:28
“At that moment, you get a 25% cut in your Social Security check.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 17:43-17:47
“2033, first year Social Security is empty. The shortfall is 616 billion dollars.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 19:27-19:35
“Every dime of defense is in the 800 billion dollar range.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 19:34-19:41
“We're almost at Armageddon if we go to five and a half.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 20:19-20:22
“Medicare is at 6 point functioning in the 30 year window, gets as high as 6.9% of the entire economy.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 22:19-22:27
“Social Security is another 5.9% of the economy and that's just the two earned retirement programs.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 22:27-22:35
“Government spending starts getting around 31, 32% of the entire economy.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 22:51-22:57
“Social Security trust fund, it still has another eight years or nine years.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 23:35-23:40
“Top 20% today pays 70, 71% of all taxes.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 24:28-24:34
“Social Security faces a 39 trillion dollar shortfall over the next 30 years.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 24:53-24:59
“Single greatest thing you could do to lower the debt of the United States, produce growth, family formation, all those things.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 28:52-29:00
“We were coming up with 5 trillion, 7 trillion. We're right now doing the math, updating that chapter. Turns out I'm not committing to it…”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 28:59-29:20