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September 19, 2023

Schweikert: U.S. National Debt Will Get ‘Dramatically Worse’ if Fiscal Trajectory Remains Unchanged

WASHINGTON, D.C. — U.S. Representative David Schweikert (AZ-01) delivered a speech on the House Floor last night to react to U.S. national debt surpassing $33 trillion, warning that future debt figures will be dramatically worse if the federal government refuses to take its deficits seriously. Rep. Schweikert also explained that the Social Security Trust Fund is projected to run out in nine budget years, forcing a 25% cut in retirement benefits and risking the doubling of senior poverty.

Excerpts from Rep. Schweikert’s floor speech can be found below:


Click here or on the image above to view Rep. Schweikert’s remarks.

On U.S. national debt eclipsing $33 trillion:

[Beginning at 4:04 mark]
“Today, we finally crossed [$33 trillion in national debt] and some people are going to light their hair on fire — it’s a big deal. It’s about to get dramatically worse. This number we’re going to look back on fondly the way we’re going right now […] remember, the administration is trying to play some games where they’re going to try to credit themselves back some of the student loan money that the Supreme Court said they can’t spend. So, we’re actually looking at the real-life borrowing number, not the fiscal deficit number, which has a journal entry fraud in it. And as of a couple hours ago, so far this fiscal year — and we still have a couple of weeks left — I think we have borrowed $2.158 trillion […] please understand, a year ago, the Congressional Budget Office [estimated] we’d borrow about $870 billion. Does something seem wrong in those numbers? $870 billion over here, now it looks like we’re going to borrow $2.2 trillion, and almost every dime of that growth is health care costs exploding, particularly in Medicare. Tax receipts have fallen fairly dramatically. So much for this Biden socialized economy.”

On inflation making middle-class Americans poorer today than they were when President Biden took office:

[Beginning at 16:14 mark]
“The political class around here on the Left and the Right — we just sell having people be pissed off. Great! Did I mention we’re borrowing $72,000-plus a second? […] The working middle class in this country has every right to be angry. It would be crazy if they weren’t. They are poorer today than they were a couple of years ago. If you live in my [Phoenix-Scottsdale community], and you’re not making 20% more today than you were two years ago, you are poorer today. This is what the Left brought upon us. And when they go, ‘Oh, no, it wasn’t us, it was the supply chains!’ Read your own academic papers. Even the most moderate academic papers [explain that] half of inflation came from the excessive spending the Democrats engaged in — their insanely-named Inflation Reduction Act. And now the last several months is 100% the derivatives of their excessive spending. Read your own literature. […[ To my brothers and sisters on the Left, take responsibility for what you did. You made people poorer. Now you want to know why they’re angry?”

On the Social Security Trust Fund running dry in nine budget years:

[Beginning at 26:48 mark]
“So, let’s tell the truth. Let’s talk about Social Security. In 2033, the Social Security Trust Fund is empty, and that causes about a 25% cut to the average recipient in America. This is nine years away. That average cut will be $17,400. As we had testimony in the Ways and Means Committee — that will double senior poverty. Doubling of senior poverty is nine years away. I was here on the House Floor last week already showing you that because of rents and other things and Biden inflation, you’re already seeing the number of baby boomers in retirement who are ending up homeless. This is nine years away — [the $616 billion shortfall]. So when you say show this to someone on the Left, ‘Well, David, if we would just tax people over $400,000 a year and not give them any benefits, where we make them pay the entire 12.4% FICA tax, we’re going to be fine!’ Then you do the math and you realize they’ve never actually put a calculator to that, have they? So one more time, in nine years, $616 billion is the shortfall. In nine years, everyone’s getting a 25% cut.”

On time running out to stabilize future deficits:

[Beginning at 34:09 mark]
“[The] reason I keep coming behind this microphone is I truly believe there are people out there in the public that want to be talked to like adults. Yes, you like getting the stimuli of having someone say something angry and crazy […] but that’s not how you save the Republic. There are ways to stabilize this. There are ways for this to be another American century. But that clock is ticking on us. You think we’re going to recapitalize if the Medicare Trust Fund is how many billion dollars of shortfall starting in seven years? I just showed you [the shortfall in Social Security] is $616 billion in its first year. The [Highway Trust Fund] has also [run out] in that time. Plus, we’re heading into $3 trillion-per-year deficits at the end of the decade. We’re going to do $2.2 trillion this year. This is moving away from us very, very, very fast. I do need people out there to understand the difference between a million, a billion and a trillion. Play with your calculator. See how many zeros are the difference. Don’t let someone trying to get your vote pander to you by making crap up if they’re not being serious with you because I will argue this is the thing that destroys your Republic. This is what will make you much less free. This is what will take your freedoms from you, destroy your retirement, and heaven knows the misery we’re leaving to our kids.”

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