NE Valley Times

Arizona Congressman David Schweikert addressed the House this week, focusing on the demographic challenges posed by declining birth rates and aging populations. Schweikert emphasized the importance of economic growth to sustain prosperity and proposed solutions including capital investments, technological advancements, a talent-based immigration system, and the adoption of artificial intelligence.

Schweikert highlighted concerns over the U.S. debt crisis, noting that rising interest payments and mandatory spending on Social Security and Medicare are consuming tax revenues. He argued for honest discussions about fiscal discipline to prevent economic decline.

During his speech, Schweikert remarked on the views of world bond traders regarding the U.S.'s growing debt: “Japan has almost 300 percent debt to GDP... When Larry Fink, when Ray Dalio are basically saying, 'You guys have got a problem and it’s coming fast,' ... Understand if the United States ever went back to what was normal before the Great Recession of 2008... In nine years, 45 percent of all tax collections are interest.”

He also discussed how productivity impacts wage growth: “How many can afford a car loan? ... When you are lacking population growth... great tax policy that makes it so you are investing in plant and equipment... we calculate from 60 percent to 70 percent of every dime they got went into wages because once again, the primary way people make more money is productivity.”

Schweikert challenged both political sides to acknowledge fiscal realities: “I challenge my brothers and sisters on the Left and the Right: know your math and start telling the truth... We want to protect hard-working people! ... That moment of telling the truth about math is really important.”

Schweikert serves on several committees including as Chairman of both the Oversight Subcommittee under House Ways and Means Committee and the Joint Economic Committee.