Eric Hovde pitches cutting all federal programs, which would slash veterans’ benefits and benefits programs

During an appearance at the Rotary Club of Milwaukee on Tuesday, Wisconsin U.S. Senate candidate Eric Hovde repeated his proposal to slash all federal spending to pre-COVID-19 levels, which would put benefits programs at risk.

When pressed by TMJ4 News’ Charles Benson, Hovde said to simply go back to where the budget was in 2019.

“All you have to do is go to the budget that was in 2019 and pull those levels right back again, pre-COVID levels,” Hovde said.

The banking executive then downplayed arguments against spending cuts, saying that leaving spending levels where they are would lead to economic catastrophe.

“And we could all be, ‘Oh, we don’t want to make cuts. We don’t want to do anything,’” Hovde said. “Okay. Then you better be prepared for massive bouts of inflation that will destroy the standard of living for all Americans.”

Hovde first floated the idea of significantly decreasing federal funding in an op-ed he wrote for the Milwaukee Journal Sentinel, which was published on Sept. 10.

“The first thing that needs to happen is federal spending needs to be brought back to 2019 levels, and excessive deficit spending needs to be halted,” Hovde wrote. “To prevent an economic contraction as spending declines, pro-growth policies need to be implemented, like deregulation.”

During an interview with Milwaukee’s NPR station published on Sept. 23, Hovde again stated multiple times that he wants to cut all federal spending to pre-COVID-19 levels.

“Well, it’s very simple. All you do is pull back all government programs back to [20]19 levels,” Hovde said. “Again, our population didn’t increase by 40%.”

When asked specifically which programs he was referring to, Hovde again said “all programs.”

Hovde’s campaign did not immediately respond to an email request to comment to clarify his words.

According to an analysis by Wisconsin Watch, federal spending has increased since 2019 due to pandemic response, Social Security and Medicare costs and spending packages. These bills, like the Inflation Reduction Act, the CHIPS Act and the Infrastructure Investment Act, were aimed at relieving Americans of financial strife and investing in clean energy, job growth and infrastructure projects.

Hovde has previously backed raising the retirement age, slashing veterans benefits and cutting programs like Medicare and Medicaid. Notably, the government estimates that over 60% of nursing home residents are covered by Medicaid. In April, Hovde questioned whether nursing home residents should have the right to vote in elections.

An executive of a California-based bank, he has also supported extending former President Donald Trump’s tax cuts, which have been widely criticized by multiple sources for being most beneficial to the wealthiest Americans. Extending these tax cuts projects to again benefit the top 5% of America, including vast benefits to banks and wealthy investors like Hovde. According to a report from Milwaukee Journal Sentinel, Hovde would be one of the wealthiest sitting senators if elected, as he has reported assets worth between $195.4 and $564.5 million.

Hovde has routinely trailed incumbent Sen. Tammy Baldwin (D) in polling data ahead of next month’s election. The candidates will face each other in one televised debate on Oct. 18.