Nick DiFrancesco (ND): Thank you for agreeing to this interview. To be honest, I don’t even know where to begin. In your first 18 months of service in the senate, you’ve been challenged with a worldwide economic crisis and a very divided Congress. You distinguished yourself as a member of the Joint Select Committee on Deficit Reduction, but it seems that Washington was not ready to institute the changes necessary to preserve our future. What is at risk if we continue to “kick the can down the road”?
Senator Pat Toomey (PT): The risks are very serious, to say the least. This is why I am extremely concerned about our fiscal path and Washington’s inability to implement serious reforms. In my year and a half in the Senate, we have had many opportunities to tackle our looming fiscal crisis, and unfortunately, Congress has opted to “kick the can down the road” time and again.
For example, it is absolutely astonishing to me that the majority party in the Senate has failed to introduce and pass a budget three years in a row. Every business owner – from small mom-and-pop shops to big corporations – knows that you can’t run a business without a budget. So why does the federal government think it can get by?
Absent serious changes, the result of our skyrocketing debt will be catastrophic. It will mean slower economic growth and fewer jobs as increased government spending results in decreased private spending and investment; higher taxes; lower quality of life; less security; and the possibility of a financial crisis as the value of the dollar collapses and inflation plagues our financial system. Just take a look at what is happening to our friends across the ocean in Europe, especially Greece. If we don’t get our act together, we are in danger of following our European allies into financial ruin.
Read the full article in June’s issue of Transactions Magazine. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.