East Arizona News

U.S. Representative David Schweikert (AZ-01) expressed concern about the record borrowing costs of the federal government, which have reached almost $100,000 per second since the beginning of Fiscal Year 2024. Speaking on the House Floor, Rep. Schweikert highlighted that the national debt has increased by $2.2 trillion since the passage of the Fiscal Responsibility Act and emphasized the need for policies to stabilize the debt-to-GDP ratio.

Rep. Schweikert pointed out the alarming rate at which the government is borrowing, stating, "We're a little over one quarter into this fiscal year. If you add up everything, we're borrowing about 9.6% of the economy. In the last 365 days, we borrowed 8.4% of the entire GDP. Does anyone see a math problem?... Over the last 365 days, we are borrowing $83,377 every second, and if you do just this fiscal year, [we're borrowing] $99,480 per second."

He also highlighted the rapid increase in the national debt since the passage of the Fiscal Responsibility Act, noting, "We burnt this place down last June... What was the debt of the United States when we did that debt ceiling deal? It was $31.8 trillion... How much progress did we make since then?... We [reached $34 trillion in debt] last week. [We'll hit $35 trillion] this April."

Furthermore, Rep. Schweikert drew attention to the impending challenges posed by demographics and rising healthcare costs, stating, "We don't seem to understand 100% of the debt that is growing from today through the next 30 years... 100% is demographics. It's the interest, it's healthcare costs... In about 8 or 9 years, we are going to have a major, brutal cut in retirement benefits... That is a 25% cut for seniors in 8 or 9 years. We will double senior poverty."

Rep. Schweikert proposed using technology as a means to stabilize the debt-to-GDP ratio. He emphasized the need for policy changes that embrace technological advancements in sectors such as healthcare, environmental protection, and transportation. Rep. Schweikert stated, "There is a way to stabilize the debt-to-GDP [ratio], but it has to be done through policy... Technology creates revolutions... The technology, the engineering is here... If we want to save the country... we cannot survive a few more years of borrowing another $1 trillion every 140 days."

In conclusion, Rep. Schweikert warned of the consequences of unsustainable borrowing, stating, "If you want to understand what takes republics down, it's ultimately when they have to inflate their currency, when they have to crush anyone with savings, destroy your kid's future, your retirement. And that's where we're heading to. There's hope, but every day we sit on our hands here, that hope gets a bit dimmer."