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David Schweikert: “We're at 140% of debt to GDP.”

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

'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight

Published June 10, 2024 | Video Starts at 29:13

The United States, if you do our gross debt, that is the borrowing from our trust funds, which we have to pay interest on, we have to pay it back. We're over 120% of debt to GDP in one calculation. We're at 140% of debt to GDP. If you do just borrowing from the public, which now you're subject to the bond market being in charge of your government, we're just shy of 100% of debt to GDP and this number tells you it's moving fast away from us. (29:13–29:16)

CLAIM

Asserts that U.S. debt is at 140% of GDP in another calculation.

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

“In December 2017 there was a tax reform bill. It was the first time in 30 plus years that the United States had updated its tax code.”
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“Parts of [the 2017 tax reform] expire next year.”
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“Since [the 2017 tax reform] we haven't had a major organization, major corporation leave the United States.”
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“In 2018, 19, even 20, we had the biggest movement of closing income inequality in America.”
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“If you make $20,550 to 83,000 today, your current income tax rate...is 12%. It's going up to 15.”
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“Current law...you get $500 deduction for a dependent next year...it's gone.”
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“The child tax credit...doubled...to $2,000 [in 2017]. In 2026...it goes back to 1,000.”
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“Per child. When you get the tax credit per child, that's about $750 or $753. That's so you remember it's getting cut in half.”
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“If you don't make more than 26% more today than you did the day Biden became president, you are poorer.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 06:07-06:18
“If you're single, when the [tax] provisions expire, that number gets functionally cut in half, becomes $8,300.”
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“If you're married today, it's 29,200. This is the standard deduction. It will go back down to $16,600.”
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“Currently 100% of first year's bonus depreciation. Now, this has been starting to phase down.”
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“This has been phasing down 20% each year for five years.”
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“We actually passed a short term couple years extension of this, got it through the House. It was even bipartisan, and it's been sitting in…”
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“The average tax increase in Arizona's Congressional District 1 is $5,921 after tax credits expire in 2025.”
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“There is almost $400 billion in new taxes coming after the expirations over 4.2 trillion over 10 years.”
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“The Biden administration bought corporate America by handing out cash.”
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“Real GDP growth for Nowcast is now down to functioning 1.8%.”
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“United States is now number 14 on the credit stack.”
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“Greece today has a better credit stack than the United States.”
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“We borrowed like $57 billion last week.”
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“Estimate that we would borrow 2.8 trillion this fiscal year, maybe down to two and a half.”
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“Over the past four quarters, the total public debt has grown by more than twice the growth of GDP.”
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“The United States gets about 17, 18% of the economy [in tax receipts].”
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“We're over 120% of debt to GDP in one calculation.”
'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight | Uploaded June 10, 2024 | 29:09-29:14
“Medicare spending, when I checked about six weeks ago, was already up 10% in spending this fiscal year.”
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“Social Security will be at 1,480,000,000,000 [dollars].”
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“The shortfall just this fiscal year is about 340 billion in the Social Security tax that comes in and the spending out the door.”
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“Every dime we as members of Congress vote on is borrowed money.”
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“All defense is borrowed, all non-defense discretionary is borrowed, and about a third of Medicare is on borrowed money.”
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“I believe we could crash the price of healthcare.”
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“I believe we could dramatically shrink government.”
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“If we legalize the technology and use it now you gotta deal with the army of lobbyists, the army of people from the bureaucracies who will…”
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“The vast majority of the money now. It's earned benefits. You earned it. We just don't have the money for it.”
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“Obesity is almost half of healthcare costs.”
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“Fertility rates in the United States collapsed under to one point, meaning France has more children than we do.”
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“In 15 years, this country has more deaths than births.”
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“A child born today is estimated, particularly a male child Born today is estimated to have a shorter life expectancy than you and I.”
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“For every dollar you paid when you paid your FICA taxes for Medicare, we now calculate you get five to six dollars back.”
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“The financing cost of that is the primary driver, U.S. debt.”
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“Congress has become substantially a protection racket. We protect incumbent bureaucracies, we protect incumbent business models.”
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“This will be the first generation coming up right now that will be economically more disadvantaged to their parents.”
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“There is a way to save us. One of our economists has played some math games.”
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“The bond market is getting close to running this country.”
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“You may have three, five years, could be longer. Where a movement in the bond market starts to consume all your variability.”
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“Without a stressor on this place, this place will not do anything.”
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“We may only have a few more years and then the revolution. It's too late to be able to make the difference.”
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