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David Schweikert: “We're almost at Armageddon if we go to five and a half.”

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 20:19

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. Oh, you're never going to get that high. Our math, we're not even going up to what the historical average was. (20:19–20:22)

CLAIM

Asserts that reaching a 5.5% interest rate on U.S. debt would be catastrophic.

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
“Understand what the average interest rate was on US sovereign debt, it was 3.5%.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 20:08-20:16
“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