NE Valley Times

Mar 11, 2025

WASHINGTON, D.C. — Congressman David Schweikert addressed the United States' fiscal challenges in his weekly House Floor speech, emphasizing that the looming crisis is driven by inevitability rather than ideology. Schweikert criticized the political class for being caught in partisan disputes and highlighted the nation's debt trajectory, which already accounts for 40 percent of global sovereign borrowing. He warned that interest payments could soon overshadow essential expenditures.

Schweikert expressed concern over Social Security's trust fund, predicting its collapse by 2033 and a potential doubling of senior poverty. He argued that outdated bureaucracy contributes to fiscal recklessness and proposed technological modernization as a solution.

He criticized Congress for failing to utilize data science and AI-driven efficiencies, warning that neglecting innovation would burden future generations with an unsustainable economy. Schweikert stated: “We take in about $5 trillion in tax receipts. We’re going to spend about $7 trillion– meaning about 7.25 percent of the entire economy is borrowed this year.”

Discussing interest rates and economic modeling, he noted: “When interest rates go down... our tax receipts fall.” He cautioned against viewing lower interest rates as a purely positive development.

Addressing debt composition, he said: “In 2033, the Social Security trust fund is empty... raising the cap only covers about 38 percent of the shortfall.” He urged truthfulness over blame games when communicating with voters.

Schweikert proposed using technology to identify inefficiencies: “Would you hire an army of auditors? An army of lawyers? Or would you hire data scientists?” Citing reports from 2023 revealing $236 billion in improper payments, he advocated for employing data scientists to address these issues efficiently.