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David Schweikert: “We see deficits reaching 14% of GDP in 30 years.”

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

'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues

Published April 30, 2024 | Video Starts at 25:57

It doesn't come anywhere mathematically close to closing the gap of our borrowing. And you got to understand how dystopian this future looks. This chart is already getting a little out of date. But We see deficits reaching 14% of GDP in 30 years. Well, we seem to be racing pretty hard to get there. You see this gap. So this is the history of tax receipts. (25:57–26:03)

CLAIM

Asserts that U.S. deficits are projected to reach 14% of GDP in 30 years.

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

“GDP now from the Atlanta Fed and others had their math wrong. We got an update... it looks like we're about 1.6%.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 01:10-01:32
“Today the two year note went over 5.05%.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 02:13-02:21
“We've already had a couple bond auctions in the last 12 months that were under subscribed the way we thought they would be.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 04:51-05:00
“Interest this year... you're approaching 1.2 trillion. This calendar year, excuse me, this fiscal year.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 05:14-05:28
“The markets price US debt higher, meaning they consider it more risky.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 06:00-06:08
“United States right now pays higher interest rates on a 10 year bond than Greece, [and other countries].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 06:22-06:30
“We're borrowing about eight and a half billion dollars a day.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 08:08-08:13
“Thirty years from now, 100% of that borrowing interest healthcare, almost all Medicare.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 08:47-08:58
“Social Security trust fund has been emptied out and seniors are about to take a 25% cut.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 09:00-09:07
“We've borrowed over 9% of GDP, the running average I think for this fiscal year.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 10:21-10:29
“We only get to vote on about 25, 26% of the budget.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 11:54-11:59
“We're heading towards borrowing about 2.8 trillion.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 12:35-12:39
“Our borrowing is higher during the peak than the peak of the pandemic.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 13:39-13:43
“Today's debt to GDP is dramatically higher than it was back then [in the 1990s].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 14:37-14:45
“This quarter we're going to have to borrow about 41 billion more than we expected.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 15:13-15:18
“This year a little under $10 trillion will come to market. That's the stuff we have to refinance.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 17:06-17:13
“We're already modeling right now approaching 1.2 trillion in interest this fiscal year becoming the second biggest expense in US government.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 17:50-18:04
“United States is probably going to have more deaths than births [in] 15 years.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 20:02-20:12
“United States now has lower births fertility rates [than] much of Western Europe.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 20:38-20:45
“We have 13 countries in the industrialized world that have cheaper 10-year bonds than we do.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 21:26-21:35
“Our bond rates are higher than 13 other industrialized countries.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 21:30-21:35
“The IMF is worried about us and our scale of borrowing.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 22:15-22:34
“United States and China are the two big economies sopping up much of the world credit.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 22:19-22:25
“Interest in health care are our primary drivers [of spending].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 22:52-22:56
“Obamacare was a financing bill. Medicare for all is a financing bill.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 23:00-23:06
“Last Friday they recalculated, put out the official calculation. It may get updated one or two more times, but the first quarter fell down…”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 24:15-24:25
“Our spending at 31.9% [of GDP].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 26:23-26:30
“The biggest tax in modern history have been the last three years of inflation.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 26:59-27:04
“If you don't make, I think it is 23.6% more than I believe the day President Biden took office, you're poor today.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 28:16-28:31
“Since January 2021 when Biden took office, you're 2.7% poorer.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 28:19-28:31
“The Pentagon is unauditable, okay? They can't audit it.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 31:48-31:55
“A couple of the biggest and a couple small ones, audit companies, CPA companies, compliance companies, have come up with audit AI.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:23-32:36
“You could use AI to audit the Pentagon.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:40-32:44
“You could use AI to look for fraud in Medicare, Medicaid, and other programs.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:44-32:49
“There's been an experiment...when you called the IRS during this tax season, there's a very good chance the individual you were talking to…”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 32:54-33:07
“I believe we only have three to five years to embrace the disruption.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 36:25-36:30