East Arizona News

U.S. Representative David Schweikert delivered a speech on the House Floor addressing the pressing issue of the $34 trillion national debt. Schweikert emphasized the urgency of the situation, highlighting the projected depletion of the Social Security Trust Fund and escalating borrowing costs.

Regarding the Social Security Trust Fund running out of money by 2034, Schweikert explained the mechanics behind the fund and its impending depletion. He stated, "The Social Security Trust Fund builds up, builds up, builds up... So every month they have to take a little bit of one of their T-bills... and hand it to the Treasury... It’s that savings account — the trust fund — that is emptied in 2033 or 2034."

Schweikert also raised concerns about the skyrocketing borrowing costs, noting, "almost 100% of that growth is interest... it’s things that we’re not allowed to talk about that are on autopilot." He highlighted the current borrowing rate, stating, "we’re borrowing about $7.9 billion every day... almost $3 trillion this year borrowed."

Addressing the declining fertility rates in the United States, Schweikert pointed out the implications for Social Security and Medicare, stating, "United States fertility rates have collapsed... The Trust Fund was the shock absorber. The Trust Fund is disappearing. But my future generation of workers is going to be smaller."

In proposing solutions to change the nation’s fiscal trajectory, Schweikert emphasized the importance of demographics, interest on borrowed funds, and healthcare costs. He urged Congress to take immediate action, stating, "Take it seriously. Put together the debt and deficit commission... Take it seriously that my very young kids deserve a future."

Schweikert's impassioned plea serves as a stark reminder of the critical need for Congress to address the looming crisis posed by the $34 trillion national debt.