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Ron Johnson: “President Biden's projecting $5.5 trillion of revenue.”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors

Published February 4, 2025 | Video Starts at 04:02

They are as they are. And interest, according to President Biden's budget, we would have a spending level of $5.5 trillion. President Biden's projecting $5.5 trillion of revenue. That's how close we are to a balanced budget. Is that reasonable, Mr. Ferri? I don't think I followed all your numbers, Senator. You're saying that the Clinton budget of 1998 would lead to tax revenue. (04:02–04:09)

CLAIM

Asserts that President Biden projects $5.5 trillion in revenue.

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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Ron Johnson

“Inflation is really bad for seniors and they pay a really heavy price.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 00:08-00:12
“A dollar Americans held in 1998 is now only worth 51 cents.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 00:18-00:24
“A dollar you held only 10 years ago, in 2014 or 12 years ago, is now worth 74 cents.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 00:24-00:30
“A dollar we held before the pandemic started was about 80 cents.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 00:29-00:34
“Massive government spending, deficit spending, printing the dollar too many dollars, chasing too few goods [causes inflation].”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 01:39-01:42
“We certainly didn't need the Inflation Reduction act, which sparked 40 year high inflation.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 02:49-02:54
“Last five years we've averaged $6.5 trillion [in spending].”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 02:54-02:58
“Last year we spent 6.9 [trillion]. This year we'll probably spend about $7 trillion.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 02:59-03:02
“If you go back to Bill Clinton's 1998 budget...we would have a spending level of $5.5 trillion.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 03:29-04:03
“We shouldn't be spending at $7 trillion level over 50% higher than the start of the pandemic.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 05:20-05:35
“Interest payments in December 2024 were $140 billion.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 06:06-06:11
“Biden's budget number at 965 [billion for interest expense]...interest is going to be 1.2 trillion.”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 06:28-06:36
“The 965 is a reasonably accurate [number for net interest].”
‘They Pay A Really Heavy Price’ Ron Johnson Warns About How Inflation Affects Seniors | Uploaded February 4, 2025 | 07:07-07:10