NW Valley Times

U.S. Representative David Schweikert (AZ-01) addressed the House floor yesterday in his final speech before the 2024 election, highlighting that global governmental debt has now reached a cumulative record of $312 trillion. Rep. Schweikert referenced previous speeches to illustrate that tax proposals targeting the wealthy generate only 1.5 percent of GDP, and hypothetical cuts to discretionary spending would add just another 2.5 percent of GDP.

Schweikert stressed that this borrowing occurs even during favorable economic conditions when tax receipts are high, yet the U.S. is still projected to borrow nearly 7% of GDP.

During his speech, Schweikert made several key points:

On bond rates being cheaper in other countries compared to the United States:

“Congress has made the decision that those who are really running this government, those who run this country, will be called the ‘bond market’. Because if you need to refinance, like we did this fiscal year, we’ve refinanced about $8 trillion and [brought] to market an additional $2 [trillion]. You’re basically sitting on $10 trillion, and that’s not even counting the short term where it was a thirty-day, [and then] six months… those things that had to be rolled. You are subject to the fragility of the bond market, and what interest rate, and how much liquidity… and how many idiots like me come behind these microphones and try to explain the world debt markets to you? Take it seriously; it is not a game. United States is now #14 on the credit stack. That means there [are] 13 other countries today that can sell a ten-year bond cheaper than us. Greece today can sell 10-year bonds cheaper than the United States. Think about that.”

On morality concerning new cures coming to market:

“Remember: in 15 years, the United States has more deaths than births. We are about to have the fifth year where prime-age males are dying younger. In the last six years, 390,000 Americans have died from fentanyl. Well, it turns out next year we might have a fentanyl vaccine. And you might not like it… 390,000 have died in six years! You’re not willing to deal with the moral imperative of saving our brothers and sisters?! We need to think differently. And the fact of the matter is you are living in a time of miracles. We can cure Hepatitis-C; we can cure hemophilia. There are things that are coming out... there [are] Vertex experiments that look to cure Type 1 diabetes... If diabetes is 33% of all U.S. health care spending, what is the morality but what’s also amazing economics if we would fixate– in the Farm Bill– in nutrition support– in the way we deliver health care–to get our brothers and sisters healthier? Turns out it is the single biggest thing you can do to stabilize U.S. debt... How many people have you heard come behind these microphones within last year and be willing say that? Because you upset lobbyists walking up down hallways who need people sick!”

On reiterating interest as one of U.S.'s biggest expenditures:

“If you actually care about debt stop living in fantasy; ‘We’ll just tax rich people takes care everything!’ If look some proposals they’ve already spent money three four times I keep trying present over over; when start realize amount our spending by end decade think this ten years from now if add debt owe trust funds what’s left them we’re at $56 trillion... What happens if interest rates move against us? Remember interest today second biggest expenditure government Number one Social security Behind interest Then Medicare then defense Defense now fourth largest expenditure government... Try over over over See right here—2024-2025—the little tiny movement get 2026 couple years after boom Now because tax hikes coming—they’re already statute they’re coming It’s not vote we’re taking vote say going raise taxes It’s called tax expiration It’s already coming It’s math But boom After three four years back curve back We don’t want tell truth demographics”

Rep. Schweikert serves on several committees including House Ways and Means Committee as Chairman of Oversight Subcommittee and Vice Chairman on Joint Economic Committee among others.

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