NW Valley Times

WASHINGTON, D.C. — U.S. Representative David Schweikert (AZ-01) delivered a speech on the House Floor this week that expanded on the newly-released Republican Response to the 2024 Economic Report of the President. The report found alarming statistics that display potential devastating effects on the U.S. economy. Aspects of the President’s budget analyzed by the Joint Economic Committee indicated that deficit growth, rapidly changing demographics, the flawed "tax the rich" solution, and increasing obesity prevalence in America have severely contributed to America’s fiscal crisis. The report concludes by exploring potential policy solutions that capitalize on artificial intelligence benefits and how innovation implementation is actively reducing government bureaucracy.

Excerpts from Rep. Schweikert’s floor speech are as follows:

On income tax receipts contributing vastly to covering interest and Medicare costs:

“Basically, the point is everything you think of as government is borrowed. When I would talk about that a few years ago, I would have members here saying, ‘David, you got to stop making up stuff. You’re scaring my voters!’ Tada! it happened, it’s real. This chart is a little tougher, but I’m trying to point out majority of income tax. If you actually take every dime in income tax, and you add it up, this year, 36.9% of all income tax will go to just cover Medicare. Then, you add in another 36.5% that is net interest. If you’re honest, it’s gross interest, which is closer to 40%. Think about that: [in] this year, almost all the income tax is consumed by interest and Medicare. When we go out in time, it starts being beyond. You start having 43.1%. In nine budget years, all income tax will go to Medicare. Another 42.3% will just go to interest. If you plug in all net interest [it will be] closer to 45%, meaning in nine years all income tax—which remember we are an income-tax based tax system—the majority of U.S receipts come from income tax—we can’t cover our interest and Medicare. We actually cross this threshold in [around] five years; every dime of tax you pay will be just covering Medicare and covering interest.”

On promoting talent-based immigration:

“We have actually found the economic baselines that say you can grow by hundreds and hundreds of billions of dollars the size of the economy—just keep the people who have talent. My argument is talent could be a skilled carpenter or a synthetic biologist. If you are going to grow a society at the same time the number of children—remember we are closing schools all over this country except we don’t like to talk about it because we don’t have enough children—maybe actually keeping those who pay taxes grow the economy make your life better and maybe make you healthier—we should fix our immigration system—you lock down the border—you don’t import poverty—this is a non sequitur—but let’s do it: The immorality of the open border—the cruelty—you are basically selling your talent—you sell your willingness to work—you hang dry wall—what happens when tomorrow I add four five six seven million people with similar skill sets? What happened to your income? The data is showing that what the president did on the border has made poor people poorer—we are working on a paper right now—to also show when you add several million people with a limited housing stock—particularly least expensive types of housing—much reason inflation—and pricing went up [is because of] border policy—you want understand why can’t afford apartment working heart out? Border policy—it’s economics—it’s just math.”

On acknowledging obesity remains as our top health care spend:

“The side car is we’ve known for decades that 5% of our brothers and sisters who have multiple chronic conditions are over half of our health care spending—the data set for this 5% [shows] majority are obese—help them don’t mock them don’t shame them help them! The morality having society when having fifth year prime age males dying many claim ‘Oh it’s drugs.’ No turns out drugs way up there just above drugs actually obesity—I would argue place absolutely immoral because unwillingness tell truth if come say Joint Economic Report spent years putting together data refining data demonstrate excess health care costs obesity next ten years $9 .1 trillion—why isn’t alarm bell? We’ve gotten some nice editorials saying ‘Hey neat Mr Schweikert willing tell truth about where real driver debt deficits things can actually fix’ brain trust around here saying ‘Oh let raise taxes! Cut things!’ It doesn’t get even close change policy oh but changing policy require thinking rooms full lobbyists don’t want change business models bureaucracies think differently well going show replace most bureaucracies AI another thing need do.”

The full 2024 Republican Response can be found here.

A one pager can be found here.

Congressman David Schweikert serves on the House Ways and Means Committee and is currently Chairman of its Oversight Subcommittee; he also serves as Vice Chairman on the bicameral Joint Economic Committee and chairs several other caucuses.

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