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David Schweikert: “You guys borrowed two and a half trillion dollars, but the…”

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

Schweikert: It's Time for Members of Congress To Start Acting Like Adults

Published April 22, 2024 | Video Starts at 28:46

So in the gross, that's wonderful, but it's not dollar for dollar. And so I will get people that say, okay, You guys borrowed two and a half trillion dollars, but the economy grew one and a half. Yes, it did grow one and a half, but I only get 18, 17, 18, 19% of that in tax receipts. (28:46–28:52)

CLAIM

Asserts that the U.S. borrowed $2.5 trillion while the economy grew by $1.5 trillion.

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

“Microsoft doing huge data analytics [on foreign infiltration].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 01:58-02:03
“The number of data points we have here showing particularly China, Russia, Iran, and it's getting weaponized.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 02:17-02:30
“We have map after map of what China just did to Taiwan.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 02:57-03:02
“Taiwan actually has built a policy on how to help combat [disinformation].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 03:02-03:07
“Article after article, and some of these are huge... tracking entire troll farms.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 04:03-04:18
“China may be spending multiple billions of dollars in influence operations here in this country to basically distort reality.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 04:20-04:31
“The vast, vast majority of our spending is on autopilot.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 07:45-07:50
“Every dime you as a member of Congress vote on is borrowed.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 08:16-08:22
“$800 billion of Medicare is borrowed.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 08:30-08:34
“We went over $100,000 a second in borrowing.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 09:16-09:22
“Interest will be 1,143,000,000,000.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 10:30-10:43
“Social Security is going to spend 1,450,000,000.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 11:18-11:24
“Medicare spending will be 22% of all income tax, all corporate taxes [in five years].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 12:03-12:26
“Medicare spending is up 10% this year.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 12:34-12:40
“The transportation trust fund, the Medicare part A trust fund, the Social Security trust fund, all are gone this decade.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 13:53-14:00
“CBO will be updating all these numbers because it turns out interest has gotten more expensive.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 14:29-14:36
“The average on US sovereign debt was 7 1/2% [from 1975 to 2001].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 15:15-15:21
“From 2001 to 2022 absolutely suppressed interest rates. We lived in a fantasy world. It was down to 2.2.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 15:34-15:45
“We're borrowing over 9.6 [percent of GDP] right now.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 18:17-18:17
“In nine budget years you're going to have 60, 62 trillion dollars of borrowing.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 19:05-19:14
“The president's budget in nine budget years has us at 70 trillion and the CBO has us at 62 trillion.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 19:21-19:31
“Unless we revolutionize the cost of healthcare, I can't make the numbers work.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 19:59-20:05
“The actual now number projections where some of the years it's over 120 billion outlays, that's cash money subsidies to corporate America.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 20:35-20:46
“In my district we've had the highest inflation in the continental United States.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 22:02-22:08
“If you do not make 23.6% more money today than you did the day President Biden took office, you are poorer.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 22:07-22:17
“Interest now is the second biggest expense in our government.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 24:54-24:57
“In a few years, actually Medicare even passes Social Security and total spending.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 25:16-25:24
“There was what, 67 million baby boomers for how long? What, 65 years?”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 26:14-26:21
“As we get near the eight year window, 10 year window, we get back closer to 18% [of GDP coming in as taxes].”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 26:50-26:58
“GDP, the size of the economy in 2023, grew a trillion and a half dollars.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 28:17-28:25
“For that growth you only get 17, 18, maybe even 19% of that in tax receipts.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 28:29-28:39
“We have to find a way to stabilize the borrowing to that growth of the economy.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 29:46-29:53
“If interest rates continue to go where they're going, you maybe have three years, five years.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 30:36-30:42
“The bond market will decide what our priorities are, because they will control the price of our debt.”
Schweikert: It's Time for Members of Congress To Start Acting Like Adults | Uploaded April 22, 2024 | 30:53-31:03