Arizona Rep. David Schweikert says cure for diabetes could help national debt crisis
Dec 5, 2022, 4:35 AM
(Photo by Jemal Countess/Getty Images for Peter G. Peterson Foundation)
(Photo by Jemal Countess/Getty Images for Peter G. Peterson Foundation)
PHOENIX — U.S. Rep. David Schweikert of Arizona said on Friday he believes the biggest thing that could relieve national debt and the deficit is the cure for diabetes.
Schweikert explained on KTAR News 92.3 FM’s The Mike Broomhead Show as the national debt recently topped $31 trillion, over the next three decades 75% of the projected $114 trillion in debt will go toward a shortfall in Medicare.
“The primary reason why we are heading toward a $2 trillion-year deficit, the primary reason today we have $31 trillion, but over the next 30 years we add $114 trillion in today’s dollars — every dime of that $114 trillion, 75% of it is Medicare — shortfall in Medicare — and 25% is the shortfall in Social Security. The rest of the budget is in balance,” Schweikert said.
He noted there could be a light at the end of the tunnel as Arizona remains an epicenter of revelations in telehealth and sensor data.
“There are ways we could use technology and … we think we’re on the cusp of — at least we know for Type 1 — a cure for diabetes. Diabetes is 33% of all healthcare spending in America,” he said.
“It would be the single biggest thing you could do for U.S. debt, oddly enough, to cure diabetes.”
Diabetes care accounts for one in four health care dollars in the U.S., according to the American Diabetes Association.
According to the Centers for Disease Control, 5%-10% of people with diabetes have Type 1, and there are no known prevention efforts.
About 1 in 10 Americans have diabetes (more than 37 million people), and between 90% and 95% of them have Type 2 diabetes.
The representative said he doesn’t think his belief aligns with Republicans or Democrats but is rather an issue of his moral concern.
He also believes there is certainly a connection between inflation and federal spending.
“Congress has pumped out stunning amounts of dollars and the Federal Reserve financed it. The Federal Reserve basically acted like the uncle who buys beer for the alcoholic nephew,” he explained.
Among the things Congress could do to step up, Schweikert said, was fixating on productivity.
He suggested adding on a spiff for everyone to incentivize them to save money, which is basically a bonus for the sale.
Schweikert explained the spiff example as: “If you put your money in your retirement account, we’re going to give you the spiff, or by doing that, we remove the liquidity. We remove these excess dollars from chasing and we improve your retirement liquidity.”
The Republican congressman said he’s been working with Democrats but has run into roadblocks.
“If it’s a Republican idea, one of our greatest frustrations the last two years, you functionally, you don’t get heard,” Schweikert said.
There are investments in technology and other sectors that both parties could work on together, he said.
“Remember, we have to double tax rates over the next 25 years, and it’s already baked in the cake. That is just to maintain baseline services,” he said.
“So (if) you’re a young person right now, when you hit your peak earning years, um, I’m sorry, you’re screwed unless we have a revolution changing these costs.”
President Joe Biden has heralded his administration’s deficit reduction efforts this year, but economists say October’s debt numbers should be concerning.
“People are getting poorer in America every single day because their wages are going up, but they’re not going up as fast as inflation,” Schweikert said.
He added: “Hopefully we’ll be able to hold the door to stop some of the crazy spending, which has set off inflation and it’s bankrupting the rest of the world.”
The Associated Press contributed to this story.
