David Schweikert: “we are going to actually do something with a little meat on the bones today. I have to walk through the math.…”

“we are going to actually do something with a little meat on the bones today. I have to walk through the math. Repeatedly, I have come behind this microphone over the last decade, trying to walk through our Joint Economic Committee's, my office's, and my personal unified theory. The unified theory is a fairly simple concept: We have an incredibly complex problem. Last year, for every dollar this country took in, we spent $1.43. Yesterday, we hit over $39 trillion in borrowing. We have been borrowing, so far this year, about--actually, if you do this fiscal year, it is over eight, but over the last 12 months, it is like $7 billion a day. You realize that yesterday we hit $87,400 per second in borrowing. Our unified theory is, you can't just pretend and say, oh, we are going to pass a balanced budget amendment, so everything will be fine. I am going to show you in the charts where the math, where the money, and where the demographics actually go, but you are going to have to do lots of things. You are going to have to adopt technology. You will have to adopt smart regulations. You will have to legalize competition, which, remember, this place constantly uses legislation, rules, and other things to basically stop competition. Creative destruction is actually a basic economic principle of free markets, except here in Congress.”