GOP Rep. Schweikert urges Congress to avoid 'financial Armageddon'.
Financial term for our situation, "we are absolutely screwed".
Gross Federal Debt: 37.2T
Increase in Debt by 2036: 22.0T (added in next 10 years)
Change in Primary Deficit: 6.8T
President's Requests:8.0T
National Debt by 2035:74.0T
Took 240 yrs to reach, 37.2T, will now, more than double, in 10 years, not factoring in interest.
Our bonds are the 14th on the desirability listing.
Interest is now leading expense for US Govt, defense is #4.
Mentions 'British Govt' collapsed this summer', it did?
2023 Congress took another 'couple hundred billion' from Social Security, law requires CBO to not show a Zero balance, so they borrow to replenish it, which will add another 600 Billion by 2034 and they'll still have to cut benefits by 20% doubling senior poverty in America.
Dismissing 40K employees w/benefits, saves $6Billion, only provides "24hours" of borrowing relief. Yet, "we still have to do it".<get worse.
20:15-Eliminating Federal Tax Subsidies for Pro Stadium owners provides "7 seconds" of borrowing relief, and we still have to do it. <gets worse.
21:50-Cutting Dept of Ed Salaries, saves $2.75 Billion, provides "9 hours of borrowing relief", still have to do it. <yes, it get's worse.
22:17-Cutting Emergency Services for Undocumented Migrants, saves 2.75 Billion, "9 hours of borrowing relief, and still have to do it.
22:37-Cutting all Foreign Aid (not USAID), $57.25 Billion in savings, "1 Week of borrowing relief", and we have to do it.
23:40-Close 'carried interest loophole', revenue increase of 13 Billion over 10 years, "couple hours" of borrowing relief.
24:30-This year we will have to borrow "2 Trillion virgin" and "refinance another 9-10 Trillion". Because we hold short term debt if interest rates move against us "we are absolutely screwed".
27:10- Global 10-Year Borrowing Rates; US is 14th, so there are 13 countries w/better credit rating/cheaper option for bonds.
28:10- Seventy five percent (75%) of our debt is mandatory spending.
30:00- CBO's projected Deficit: $115 Trillion 2024-2054 and he states the numbers are probably much higher since Medicare/Social Security will be approximately $115-$116 Trillion.
32:16- "I think those of us on the 'right', those of us who are Republicans have an absolute moral obligation to fix it and let those on the other side lie about it".
33:00-Per the US Census Bureau, United States will have more deaths than births in next 8 years.
34:05- "If you're watching this, your obviously unusual, smart". <Thanks…
Link; https://youtu.be/6RQEebQnejo?si=EFEr2HWg2Vvbs1yx