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Eric Hovde: “The federal government has been taking money out of Social…”

Featuring: Eric Hovde, Republican | Former Candidate, U.S. Senate Wisconsin

Eric Hovde interview on Western Wisconsin Journal

Published September 5, 2024 | Video Starts at 28:38

In areas of cutting expenditures, because you said that, because of the ballooning debt. It's putting Social Security in jeopardy. Do you believe in a lockbox for Social Security? I do. I do. Because The federal government has been taking money out of Social Security and it's wrong. in Social Security. The CBO, Congressional Budget Office just came out and said that within ten years, Social Security will be cash flow negative on and on its way to bankruptcy. (28:38–28:44)

CLAIM

Asserts that the federal government has been misappropriating funds from Social Security.

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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Eric Hovde

“My father served President Reagan. He was the highest ranking official from Wisconsin in President Reagan's administration.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 01:24-01:32
“I started my first company, Hovde Financial, and then started Hovde Capital and started building a variety of different companies.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 01:43-01:58
“I started taking every dollar I had and buying troubled community banks, fixing them up, and that became a main business for me.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 01:57-02:08
“I have a real estate development company that builds properties all over the state of Wisconsin.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 02:15-02:23
“I have a real estate development company here in Madison. But we do projects all over the state of Wisconsin.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 02:15-06:12
“My MS has been stable now for 20 years.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 03:09-03:13
“I have a foundation that has nine Hovde homes outside the United States, four in Africa and five in Central South America.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 03:27-03:38
“I funded something called Spotlight, which is a tool that law enforcement uses to track children that are being trafficked over the…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 03:59-04:11
“I went to Madison East High, graduated there, and then I went on to the University of Wisconsin, and I graduated in 1986.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 05:07-05:17
“We have a big project finishing up in Racine, 210 nice apartment units. We've got another big project starting down in Janesville.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 06:11-06:21
“My first community bank I bought was in New Jersey. I've owned banks on the East coast and on the west coast.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 06:43-06:51
“I have one banking enterprise right now that has operations throughout the Rocky Mountain states, California and Florida. It's called…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 06:50-07:02
“My country is failing.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 07:34-07:36
“Our founding fathers gave us with our constitution, gave us more freedom, civil liberties and prosperity than any country in human history.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 07:50-08:00
“We're leaving our next generation worse off.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 08:56-09:00
“Our health care system has become so expensive and access to care is collapsing.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 09:12-09:19
“The inflation that has been caused in the last three and a half years has devalued the purchasing power of most Americans.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 09:26-09:35
“We brought in anywhere from ten to 16 million illegal immigrants.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 09:59-10:05
“We're losing over 100,000 young people a year to this poison that's produced in China, brought over to the drug cartels in Mexico, and…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 10:52-11:06
“Washington DC has become so partisan and nobody's willing to compromise.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 11:45-11:53
“Our country's in a debt crisis.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 12:09-12:12
“Obamacare, they passed it and said it's going to make healthcare better. No, the cost of health care has only gone up faster and the access…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 12:36-12:48
“President Obama said you could keep your family doctor. Well, we pretty much wiped out the family doctor.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 12:54-13:01
“The National association of Home Builders estimates that 25% to 30% of housing costs by state to state is result of excessive regulations…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 13:29-13:44
“Senator Baldwin, she voted to open our southern border.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 13:59-14:05
“We lost 108,000 Americans last year to [fentanyl], 112,000 the year before.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 14:22-14:30
“It's the number one leading cause of death of 18 to 45 year olds.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 14:30-14:35
“That border bill was an utter disaster. And once most every senator figured out what was in it, they rejected it.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 15:13-15:23
“All it did was codify that you could bring in 4000 illegal immigrants a day.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 15:25-15:31
“Under President Trump, the last year of President Trump, yet a little over 300,000 illegal border crossings.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 15:45-15:53
“President Biden lifted stay in Mexico. Section 42, section eight, did a whole host of things that brought in over 3 million in the first…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 15:52-16:08
“One sheriff on the Arizona border said in 2000, they confiscated 6 million fentanyl pills. By 2023, they confiscated 111 million fentanyl…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 16:52-17:10
“We've racked up more debt in the last three and a half years. In our country's 1st 230 year history, our total debt is now $35 trillion.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 19:12-19:22
“The interest cost on our debt is a trillion dollars a year. That means it's bigger than our Defense Department budget.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 19:21-19:31
“Within one year they say it may be bigger than the cost of Social Security.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 19:31-19:36
“Our spending now is 50% higher than pre Covid levels.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 20:54-20:59
“Our population didn't grow by 50%. It's grown by a couple percent.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 21:00-21:08
“The cost of regulations now are over $3 trillion per year.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 23:00-23:07
“The National Association of Home Builders estimates that the cost for any new home, newly built home, 25% to 30% of it, are due to…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 23:57-24:13
“The deregulation was not the issue. It was, they didn't even enforce the regulations that were in place.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 25:23-25:32
“Wall Street got away with basically murder.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 25:38-25:42
“The federal government promoted some policies that were not constructive at all.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 25:41-25:48
“There was all the regulations in place to enforce and stop Wall Street from doing that.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 26:04-26:11
“The federal government played a big role of trying to encourage and push more and more people into housing with looser and looser lending…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 26:11-26:21
“The mortgage docs were so complicated for the average American to read that they never read them because they had so many regulations.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 26:54-27:03
“The CBO, Congressional Budget Office just came out and said that within ten years, Social Security will be cash flow negative on and on its…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 28:45-28:56
“We have too many seniors that are very dependent on Social Security.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 28:57-29:02
“The easiest thing is just immediately bring all spending back to the 2019 budget before the COVID lockdowns.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 29:12-29:22
“When you have your own printing press, it's very easy to go, we'll spend money here, we'll spend money there. And you put no governor on it…”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 29:33-29:47
“The last time we dealt with Social Security was under President Reagan. I mean, we're talking 40 years ago.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 31:56-32:07
“They've been robbing money from the Social Security trust fund.”
Eric Hovde interview on Western Wisconsin Journal | Uploaded September 5, 2024 | 32:18-32:23