On May 22nd, David Schweikert used what he calls his “talent for numbers” to inform constituents via email about the numbers he thinks matter.
But there’s a problem. His numbers are wrong.
|Social Security and Medicare will have a $1.2 trillion shortfall by 2027.||Schweikert’s vote in favor of the Trump Tax Cuts will cause a revenue shortfall of $1.5 trillion by 2027 (CBS, CNBC, & CBO).
|Medicare Part A Trust Fund will be bankrupt by 2025.||False. It depletes by 2029, but it won’t be bankrupt. Funds into the program will cover 81% of expenses by 2041 and 88% of expenses by 2091 (Center on Budget and Policy Priorities).|
|Social Security Trust Fund Balance will be bankrupt by 2030.||False. It depletes by 2034, but it won’t go bankrupt. Funds into the program will still cover 74% of benefits by 2090 (ASU W.P. Carey).|
David Schweikert believes to reform and protect entitlement programs, we need to cut them. For justification, he cites that for every one person receiving benefits from Medicare and Social Security, they are supported by two or three people. But voters in Arizona are smart enough to know that our retirees are not the threat to our children’s economic future, Schweikert’s votes to deplete our revenues are the threat.
This tax bill (H.R. 1) lowered the corporate tax rate from 35 percent to 21 percent, offers permanent cuts for corporations, only taxes on domestic profits and no longer incentivizes research and development, a crucial component to building an economy of the future.
To make this bill possible, he also voted to repeal the individual mandate. This increases insurance premiums because 13 million Americans are no longer going to participate in the health care exchanges by 2027 (Reuters).
Rep. Schweikert goes on in his letter to tout not voting for the Bipartisan Budget Act of 2018 and the 2018 Omnibus Appropriations Act. Conveniently, he fails to mention that he voted against H.R. 601 and H.R. 2266.
Rep. Schweikert didn’t believe that an additional $36.5 billion for hurricane and disaster relief was needed, that we could do without $15.25 billion package for FEMA, community development, and small business disaster loans during times of crisis (NPR & The New York Times).
His continued solution to ensuring this country’s financial stability is to shutdown the government, reduce taxes for his corporate donors, and cut programs that Americans rely on for their dignity during retirement.
Here are some practical solutions we can and should make to protect our communities.
- Gradually increasing the payroll tax from 6.2% to 7.4% by 2042, preserving the current cap, and introducing a new cap for earnings over $400,000 increases Social Security’s solvency to 2100. Under this proposal, a worker that makes $50,000 a year would contribute an additional 50 cents a week to Social Security payroll taxes.
- Increasing the federal minimum wage and tying it into inflation will also increase Social Security’s revenue stream, raise wages, and strengthen our social safety programs.
Rep. Schweikert is threatening the American way of life and jeopardizing the foundation of our families. His policies are hurting our retirees, our kids, and our grandchildren. They are hurting all of us.