On Monday’s broadcast of the Fox Business Network’s “Mornings with Maria,” Rep. David Schweikert (R-AZ) responded to arguments from the Trump administration that we can grow our way out of debt by saying that relying on growth isn’t feasible and “You would have to grow 7.7% every year, just to cover the growth in debt and borrowing.” Schweikert said, “[O]ne of the great difficulties is when the majority of spending — and so, in less than two years, over 50% of federal spending will go to those 65 and up, and so the earned benefits of Social Security, Medicare, and then interest, are close to consuming half of all federal spending and they would consume the majority of tax receipts. And it’s really hard to get up in front of an audience and say, in many ways, your government is an insurance company with an army.” Guest host Cheryl Casone then asked, “Vice President Vance says that Treasury Secretary Bessent has got a quote discrete plan to address debt. Secretary Bessent is claiming that the U.S. can quote grow its way out of 40 trillion dollars in debt. President Trump has made similar comments. Congressman, is that a reliable plan?
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