East Arizona News

U.S. Representative David Schweikert (AZ-01) delivered a speech on the House Floor, highlighting the Congress's failure to address the nation's fiscal crisis. He expressed concern about the long-term consequences and the impact it would have on future generations. Comparing inflation-adjusted wages, Schweikert emphasized that working-class Americans are poorer today than they were three years ago.

Schweikert criticized Congress for its inability to tackle the debt crisis, stating, "Congress has decided they don't want to be in charge." He expressed frustration with the constant bickering over discretionary spending while ignoring the larger issue of the nation's growing debt. Schweikert warned that this fiscal irresponsibility could jeopardize retirement savings and the future of our children.

He highlighted the importance of the bond market in forcing Congress to take action, citing the example of the 1990s when interest rates spiked, prompting the government to address the budget deficit. Schweikert urged Congress to act before the bond market intervenes, emphasizing that the current situation is far worse than it was in the 1990s.

Schweikert outlined the urgency of the situation, stating that every day of inaction adds billions to the national debt. He debunked the notion that taxing the rich alone can solve the problem, explaining that even with significant cuts and increased taxes, the debt is still growing at an alarming rate.

Turning to the issue of debt growth surpassing economic growth, Schweikert pointed out that although the economy grew by $1.5 trillion, the government borrowed $2.6 trillion during the same period. He highlighted the challenge of generating enough tax revenue to cover the debt, especially considering the demographic changes that contribute to the debt increase.

Schweikert also addressed the economic struggles faced by working-class Americans under President Biden's administration. He presented a chart showing that income growth has been stagnant, and when adjusted for inflation, working-class Americans are actually poorer than they were before. He called on both sides of the political spectrum to show compassion and understand the hardship faced by many Americans.

In conclusion, Schweikert emphasized the need for immediate action to address the nation's fiscal health. He urged Congress to set aside political differences and take responsibility for the future of the country.