During the 2024 Annual Meeting, themed “Capturing the Future,” Congressman David Schweikert (AZ-01) delivered an in-depth legislative update highlighting the United States’ fiscal challenges. Congressman Schweikert is serving his seventh term in the United States Congress, holds a seat on the Ways and Means Committee, and is the current Chairman of the Oversight Subcommittee. He warned that the government
is essentially “an insurance company with an army” as interest payments are set to consume over $1.2 trillion this year alone.
Schweikert stressed that the country’s demographics and entitlement programs pose significant long-term risks, with the Social Security Trust Fund projected to be depleted in just nine years.
Addressing the energy leaders in attendance, Schweikert cautioned that many of the tax provisions that have fueled economic growth are set to expire next year. He emphasized the need for a “revolution in politics” to tackle the country’s fiscal challenges. He noted that vested interests will likely resist efforts to address issues like obesity, which he described as the “single biggest savings” opportunity for healthcare costs.
As Schweikert concluded, he struck an optimistic tone, stating, “There is hope. Almost no one will tell you the truth about our numbers, but there is hope. We will find a way to make it work. We need first to tell ourselves the truth and then decide that we’re going to go break. We’re going to break
bureaucracies. We’re going to challenge a whole bunch of industries’ models to do business cheaper. We’re going to legalize technology.”
Karina Erickson, Communications Director, writes about the Energy Workforce & Technology Council. Click here to subscribe to the Energy Workforce newsletter, which highlights sector-specific issues, best practices, activities and more.
