Colburn i said, who among your former colleagues should we go about trying to get involved . And he gave us three names and two of those three names are earnest and john ronson. We are grateful but also when you certainly on honor the legacy of doctor colbert by your participation today. What senator ernst, lets start with you. Some opening comments, senator johnson we will then go to you and open up for questions if we have time remaining. Thanks for joining us. I am so thankful to be with senator johnson as well. Its just a great champion and a wonderful colleague to all these issues. Im just starting, of course, im so glad that you mentioned senator colburn the cause he really did leave the way when it came to counting efforts with our federal. It was a great supporter of the commission so, you know, we do want to honor him for that infinite inspiration for so many of us to follow here in the senate as well as folks in the house. I know some of you will remember when i first ran for office, i was and thats truly what i intend to do. Its not easy and ron can attest to this here in the swamp. For example, i have a bill to cut wasteful advertising sending, which would include a lot of the swag and government mascots that are out there and you would think this is an easy lift but i have gotten so much pushback on that particular bill and immediately, democrats started hammering me on oh my goodness you are going to poke the bear. We backed off on smoky the bear, but there are a lot of other public mascots who that exists out there. We spend a quarter of 1 Million Dollars on the mascot and nobody knows who they are. So thats the pushback from the democrats, but then we also get pushback from our republican members as well and so many of them will come to me and the look at the efforts that i have, the bills that i have, and theyre like, joni, thats just a drop in the bucket. Why are you even bothering . Folks that drop in the bucket when and if we cant come together and eliminate those small areas of waste, how can we be expected then to cut significantly across the board when it comes to waste and within our federal government . We have got to find a path forward on that. We know that there is, you know, the drip, drip, drip a little bit here in a little bit there but we barely have a position now where we have record breaking deficits, which continues to add to our overall debt and we are very concerned about that. When folks like senator johnson and others and i try to come to gather to make a difference, the namecalling just starts and weve got to do something to fix that. During covid19, this has been a heavy lift i think for all of us trying to work through the pandemic and the right way to support from the federal government level. We are trying to reopen america safe line and i think thats very important. I do support the large package and i think all of us did support the cares act. We knew that we had to get it out the door immediately, but we certainly have been able to identify areas that if we had known, we couldve done things differently. Those are the things that we are trying to correct and im sure ronald will talk about a number of those efforts. We do have a moral obligation to get our house in order. Folks, i truly believe that. I was on the budget reform, budget appropriations process reform committee, the joint select committee, that has been established several years ago and i really appreciated the opportunity to be on that committee and working in a bipartisan way towards solutions, real, meaningful solutions. At the end of the day, we couldnt come together on legislation, we could not do anything more than just simple window dressing, which didnt take care of our problems at all. There are so many people stuck in the way that we have always done thing, its the way we are going to continue to do things and we have to look beyond that. Im trying to see if theres anything else that we should touch on. I think all leave it there because i think ronald has a lot of really good information to share with anyone, or everyone, but i do want to make sure that we are taking great ideas away from your commission and being able to put that into meaningful legislation. I really want to see us move forward as a federal government and embracing ideas of fiscal responsibility, we just need support and getting that done so, weston, ill stop there and welcome johnson to the platform. Senator, thank you. Senator johnson, you have in common with everybody on the call that you got your start in business and frankly you are one of the only very successful Business People in the u. S. Senate. Give us your thoughts on this subject and then we will open the floor for a couple of questions. Im assuming this is weston on the call, right . It is. Yes sir. Nice to meet you over the phone. I need to first provide a caution, im not the most uplifting character because im going to tell you the truth about the things. My background is manufacturing, my educational background is an accountant. I actually stepped up and ran the tea party, to be an ally in their efforts to try and limit the growth of government. I remember those that i paid in 2010 of that campaign, but i would be screaming at the top of my lungs, we are committing intergenerational theft, its wrong, its a mortal, its got to stop. And i won. At that point, time seemed to resonate. We had a big fight in 2011, it actually produced a budget control act. I voted against that because i didnt think it would work, im also big on National Defense but we did find a hard spending caps work. They are hard for congress to weasel out of, although we finally did. They contained actually reduced discretionary splendid by so thats about the only physical control that weve seen actually work. It was a structural issue. I have to quickly say, whoever was speaking before joni, i have to agree from the standpoint of chair limits. You want to make sure that elect electric has you have the inmates around the asylum and you give so much power to unelected bureaucrats. Joni, this is a good article from the wall street journal as a broken windows syndrome as a result of having to fight crime in cleaning up a city like new york. The same thing is true here, if you dont just let the little stuff, you are not going to see what the big stuff and so just real quick concern about what we need to do to do something structural. First and foremost, i think everything should be on budget. I think every dollar of spending should be voted on every year. The fact that we have more than 70 of our budget now in complete automatic pilot, is one of the big problems. Im not saying thats going to be the cure all but members actually had to vote on over 14 trillion dollars in spending every year, it just might make an impact. Im a big supporter of a twoyear budget cycle, the massive government, you really do it would be nice to have a twoyear budget cycle which you could have passed half the appropriation bills in one year while you were doing oversight then you would pass over the previous year. I think that would be a good structural change. I guess my last point we are 25 trillion dollars in debt. We are in this grand experiment now because of covid and i agree with joni, we have to do something fast, we have to do something massive, we knew it was going to be far from perfect but we actually have some time now. I mean its incredibly encouraging that we actually added two and a half million jobs in may, rather than lose five, six, seven or 8 million as many as people were predicting. The American Economy wants to take off, thats good news. We passed about 2. 9 trillion. Its actually hard to spend 2. 9 trillion dollars and as a result, we spent probably know more than half. Its kind of hard to give an exact number so my first suggestion, if you are concerned about deficit, lets not automatically go into a phase four where people are talking about spending one, two, three trillion dollars, which obviously we dont have. That is going to be added to that interracial generation theft to our kids future. One we look about the 1. 4, 1. 5 trillion or the 2. 9 that weve already passed . Lets find out what works, what didnt work, whats being used, how can we direct that towards encouraging employees to get back in the workforce . I mean part of the damage we did is you have a 600,000 dollar unemployment are actually making more on unemployment than they are making at their job. Thats a huge incentive and most employees that im talking to that are opening up, the biggest problem is finding people to work. Lets not appropriate or authorize more spending, lets take a look at the 1. 4, 1. 5 trillion dollars that is not spent to the cares act. Lets redirect, lets repurpose and where we can, lets repeal what we really dont need. Again, weston, i just want to thank all of you, everybody involved in this. I mean, you are that generation and your kids, your grandkids that we are merging a future and the price youll pay is probably less opportunity. The number one exclusion for fixing all this problem is Economic Growth, and that is what we ought to be focusing on to come out of the covid crisis. What can we do to unshackle the economy . Let the animal spirits set those free, read entrepreneurial is, im restore capital, i think everything we have to do has to be focused towards reigniting our economy of Economic Growth. Its our only chance of being ourselves out of this 25 trillion itll soon been 26, 27 trillion dollar whole. Thank you senator. Jane who from charlotte north carolina. Jane, you have a question . We can see you but we cant hear you. We will straighten that out. Quick followup, there are members of this commission, senator ernst and senator johnson from wisconsin in iowa, kimberley from des moines. The commission is nonpartisan. If you study these issues, you realize pretty quickly that the country has a spending problem first and foremost. I dont think anybody doubts if we are going to make significant headway there needs to be some bipartisan consensus bill. Just speak to a moment for colleagues who ive worked in a productive manner across the aisle, who do you think in the u. S. Senate, in the Democratic Party, both of you are members of the republican party, both of you who you think might have a real interest in engaging in meaningful deficit reduction conversations . Let me first start off by saying i love the word, non partisan, its what i use all the time. Its the chairman Homeland Security of government affairs, its a very nonpartisan, bipartisan committee. We Work Together because we focus on areas of agreement. Theres plenty of things in these partisan times that you can disagree on, but theres also plenty of areas of agreement and so thats where we start. Its one thing i noticed from politics, in the Business World and hopefully this will all resonate with you, the only way you succeed is to pursue an agreement. Ive got a product, you want to buy it, okay, we agree on that now we just haggle over the price. Focusing on those areas in agreement are key and i think there are a number of members. I mean, people like angus king, derek peters, we work well together. I think more often than not, the people be come to serve whether its in the health or the senate are coming in for the right reasons. Theyre ideological differences but they really do want to solve problems. The debt deficit is just a very intractable one and thats where i think some of these outside groups like you are forming here, particularly young people, can hopefully and still an awful lot of guilt in the older generations saying, would you guys stop doing this to us, we would help you clean up this mess but lets all first start with the agreement we admit we have a problem here, lets focus on a route call. General problem solving process, where i think there are plenty of members with the proper leadership would be willing to lend a hand. And im going to agree. I think you find certain passions and you just do a deep dive with those. It doesnt matter who they are, what party they represent, if they have similar thought train, we absolutely need to ride it together. Ill give an example, so maggie from new hampshire, so there is a bill, my president ial perks bill, and, you know, she just stated, hey, joni expenses are former president s who are making millions and millions of dollars on speeches and book deals and you name it, we shouldnt have to pay those expenses and she said, i know iowans dont want to do that. My folks back home dont want to do that either. She was willing to work with me on a bill and its finding those Common Sense Solutions to start somewhere and develop those relationships with others in our body that want to achieve the same goals. We just have to find those with shared passions, it doesnt matter who they are. I have worked bills with people on the exact opposite and the ideological spectrum, but if, again, if there is a shared passion, you know, weve got to get over the labels and focus on doing the right thing for future generations. So we have been blessed to find a number of those numbers both in the republican and Democratic Party and our independents to. We have to have that common goal. Jane, i think your audio is on so we will go back to jane and try again if she can get her question in. Well, we thought we had it. I think what would be really instructive as we go to ramp up this panel, senators, is for you to give the members of the commission from all across the country some insight, both of you represent competitive states, republican and democrats win races in iowa and wisconsin. To give members of commission an insight into what it means to you as federal legislators when Business Leaders do organize behind a cause, because i said in opening this call, virtually every significant policy change in our companys history has started with citizen action and elective officials have responded. Ron, go ahead. One thing i always talk to when lobbyists come here, i dont think thats a pejorative term by the way, its a First Amendment right to your government. I always tell people, dont be yourself as a lobbyist, view yourself as a teacher, an educator. What you really need to do when you come to washington, d. C. And you talk to your member of congress or their staff is you are here educating them. You need to understand, again, the smart and hardworking and a congressional staff, many members of congress, they dont have experience in the private sector. They really have low mile itch of it, no experience in it and unfortunately, not a whole lot before it. Its incredible for Business People to get engaged in that effort to educate, to inform members of congress and their staff in terms of the challenges you face with overregulation, with overtaxation. They understand that what government places on them, trying to operate their business is taking your tax rate from our service or improving the quality or reducing cost so that the price consumer are going to be that much more reasonable and add to our economic progress. It really is a huge blind spot here in d. C. And you just have, again, smart, well mentioned people but there is just not enough and fully understand and fully sympathize with it so thats my primary piece of advice. For bringing that to washington d. C. To the staff in the members and make sure you convey that knowledge, get them to understand what her challenges are so as they craft legislation, they can take that into effect so that they do no harm with the legislation, hopefully do a lot of help in terms of your ability to employ and produce products and services we all value. I agree wholeheartedly with what ron just said and that education process. Its so important and ill add on to that as well. I started my position as an elective official many years ago and the county government level, i was a county auditor and i managed our counties budget. Understanding the budget was really important to me and it was a really small, thorough county that i worked in and our farmers, our Business Owners would come in and they would lay on the counter on the out of his office and they say, hey joey, tell me about this line item. It may impact how im doing business, i want to know what the, you know, but county spending on this stuff. They would give me their stories and that was really helpful for me to communicate to our a county supervisor why or why not this was a right thing to do. Then taking that example at local government level and listening to those constituents and their stories, now in the federal government, i always ask the iowans that i meet with, tell me your story. What is a federal government regulation or what is this activity by the federal government doing to your business, positively or negatively . Share that story with me because all of our states are so very different. If i go to say for kristen hill a brand in new york and say, hey kristen, did you know that 93 of iowans, ex, why, is he, hes going to say why do i care about 95 of iowans. If i share a story thats passed along from a Small Business owner in iowa, he can see that same Small Business owner in new york and the challenges that they have. I think that part of that education process is just not the x and y details of the legislation or the impacts are statistically to businesses out there, but also the impact of those families to those businesses in a way that we can explain to others why its the right or the wrong thing to do. That would be my plea to all of you as well, its just simply put it into a story so that we can better understand whats going on in your own communities. Senator ernst, senator johnson, thank you for your time. We got 11 20. We have a few minutes of your time. When the world is more normal we hope this group is able to convene in washington, possibly next spring and see both of you in person but we are grateful for your time and your input here. Thank you for your efforts and keep up the good work. Dont get discouraged, this is way too important. Thank you senator. Absolutely. Thanks so much for your concern and your efforts on this level and i look forward to working with all of you very much. Thank you. Thank you senator. Hey guys, actually it looks like senator rubio has just hopped in here so we are going to transition to the second half of this senate panel and then well take a five minute break between this and the millennial house panel. Senator rubio, really needs no introduction. Hes a chairman now for the Center Intelligence committee for some time. To my knowledge, hes the only he and his colleague was, the only u. S. Legislators who have ever crafted 650 billion dollar bill on their own as the architect of the ppp legislation. Senator rubio, your opening remarks and will open it up for questions. Thank you for joining us sir. Thank you for doing this and the attention you guys pay to the National Debt. Its a very unusual time well. I think one of the challenges we face really over the last few months is how to view all this and the government roll on this and its directly tied in the issue of debt. In our country, the government has a right to take the government has the power to take your private property for public use, but it has to compensate for you in that sense the need to build your home to build a highway, they can do that, but they have to pay for it. In many ways, thats what we did here over the last couple of months with businesses. We told businesses in america that they could operate because of the Health Concerns and as a result, we put a lot of people out of work, a lot of potentially a lot of businesses out of business for a long time. The question was, what is our responsibility if government is. Ordering people to close down, what is our responsibility to get a fighting chance to survive . How do we keep people off unemployment and how do we allow businesses to survive, particularly Small Businesses do not have the cash or capital to survive extended economic downturn . That actually is relevant to the debt question because the only way in a country such as ours given the structural problems we have in our spending, the only chance we will ever have to bring our debt under control is to an accommodation require us to spend every year combined with robust Economic Growth that without higher tax rate is generating more revenue, but then we have to discipline to dedicate to bring the debt under control. You are not going to have robust Economic Growth if you have a period of long unemployment recession, you are going to have a period of prolonged unemployment and recession if you wipe out a significant percentage of Small Business, which employs over half the people in the United States. It was a sort of dramatic move that we had to undertake, but the goal was to tie it to employment, to tie it to work, in essence, to try to keep employees attach of the workers and workers attach their employers, not simply because of the value in the dignity of work, which is all very, very important but because we believe, for a lot of business is one of the biggest entitlements they would have to restarting when they were allowed to do toe is the ability to bring the workers back. Not to have lost touch or connection with them and so time and again we are hearing examples of employer saying to us that, you know, had not been for this program, it would not have been able to keep connected to the employees and wouldve made a very difficult. Instead of opening right now, they wouldve been interviewing and trying to hire new people and it would be impossible for them to do so. Obviously it is important and one we thought was important. That said, our government has just pumped a bunch of money in the economy at a huge cost. Moving forward, as we hopefully emerge from this pandemic at some point, we are going to have the difficult task at hand of how to get our economy growing again in the same issues that weve been confronting in the past will confront this once again and that is how do we bring the National Debt to a level that sustainable and doesnt threat our beloved need to do other things that we need to do as a nation down the road . I am where i begin my Opening Statement and that its that we need to focus on the mandatory spending programs that i currently structured in a way that is not sustainable in the long term. I think about medicare, which is a program that both of them are two years especially the last years of their lives. I cant imagine what their quality of life wouldve been without it. I also recognize that those programs are structured in a way that we are going to have to look at different for future generations if you want those programs to survive because eventually amount of money falling out of them will strip our ability to continue to find it. We want to avoid that sort of crisis. Its an enormous issue and one that generations to come will face, decades after the people who made these decisions are long gone, left bob hyde to run the country many of you are on the call right now. I think you are focusing on a very important topic that i think requires renewed attention. Senator, the capstone of this groups work over the next year will be a framework jamie relational of potential solutions. If you were to put yourself in the shoes of these, in these case, extraordinary Business People who have committed themselves to this cause, you know, some would say this is unusual time to start this conversation but if your capstone moment is a year from now, i think 2021 could be a real time of getting fiscal house in order. What specific policy solutions to see enough bipartisan interest in that if there was a clambering among millennial Business Leaders, you might actually see some action in 2021, 2022 . So first and foremost, we have to sort of think about what the economy is going to look like not just already in a world of rapid changes but given the fact that this pandemic will require our economy to reinvent himself. There are things that are going to happen that we dont control, as an example, i think you are going to see a growing amount of economic nationalism especially surrounding Industries Like medical care. Many countries who came face to face with shortages, pharmaceuticals and medical supplies and so forth are going to begin to define their Homegrown Industries and Vital Industries for their protection. I think thats something we are going to need to examine and think about ourselves. I think we are going to consider what it means for certain Critical Industries for the 21st century that are going to define the 24 century. The economy, the world the modern history of mankind can largely be broken up to dramatic Technological Innovations that then led to 20 or 30 years down the road to political and social changes as a result of it. If you go through the first two industrial periods and when this nation declared independence from england, we were largely a supplier, we had very little manufacturing capacity. The largest supply of raw goods to the empire and the brits were manufacturing and selling into the world including it back to the colonies. When the United States is founded and had to take on the task of the industrialization so we can have an economy grow and then obviously there were additional innovations as we expanded out west and thats where the steam engine, rail, so forth came to play and then again, industrialization played a major role with the most dominant economy, beginning in the late 1800s that allowed us to win the Second World War because we had the industrial capacity to defend ourselves. Technology is the latest, you know, and the thing thats led to that. I know its no longer about the internet and social media. Theyll be things like Artificial Intelligence and how you use big data for both consumer and scientific purposes. If the u. S. Is not on the leading edge of these industries that it means that someone else will be and many places will be dictating terms what the future economy will look like. We have to understand what is if the government can do to incentivize and focus on these industries. Without breaking the bank. The flip side if we dont do that, our economy will not be able to generate the growth in revenue it needs to sustain a National Defense or any other thing. These are big challenges i hope dont really have a natural partisan should be the kind of things that we could start thinking of talking about in the months and years to come. Members of the commission, feel free to interrupt me here. We have ten minutes left with senator rubio. You are student of the world. Admiral mullin, has long described this issue has the greatest Long Term National Security Threat this country faces. As you look around the world, many of the countries with a high quality life, but should very differently, use a different process, but also have a completely different deficit reality than the one we have gotten ourselves in. You are going to be around for a while. At least, in terms of your own age. What concerns you most about 26 trillion, we are entering an era of trillion dollar deficits. No concrete plans to change . Two things that are concerning. If you look at what drives it, ultimately, it is not the discretionary spending, per se. Does not mean that there are ways that we should not carefully expend. The debt is largely driven with the exception of the short term issues that we are seeing now with the mass spending as a result of the buyers. That is driven by the mandatory spending programs. The longer we put off performing them in a way that is politically sustainable, but important to bring the debt under control, the most painful the changes are going to be. The big fear always is that some point in the u. S. Auction the u. S. That will fail, where the yields, with the world is demanding as a return on buying our debt, gets so expensive that we end up basically spending more money servicing that debt then we will on National Security or other. When you hear talk about the threat to our National Security. At some point we will not be able to borrow and spend our way out of any short term crisis. We will not have the capacity to do it. We have been cursed i think, by the fact that the u. S. And some ways, still remains the safest bet in the world. Even at a time of crisis, we are basically borrowing at 0 interest, but that will not be the way it is forever. There are new challenges in the world that will begin to test both our global reserve crisis status and ultimately begin to question our ability and willingness to pay this back. There is a tremendous amount of confidence in america. We have always paid our debts. That has always been what you can count on in terms of stability, but if that becomes undermined, that is my biggest fear. We will reach a point at which we can no longer borrow at low rates like this. And the service on the debt, that we are going to need and that particular case because of what we are doing now will become so high that it will take away our ability to do anything else, or require us to raise taxes in a way that isnt sustainable and damaging to the economy. This is an issue that cannot be ignored. We have to Pay Attention to it. The key is not to reach zero debt. The key is to bring it to a sustainable arc and look at it and say, yes this is a government that has a plan to bring that that to a sustainable level in comparison to the size of the economy. We want to focus on this. There is always a reason. Politics comes into play. I continue to say, it is one of those decisions, the longer you put it off, the harder it will be today to do. And less options on how to do it. Weve got three questions. Robert hughes, a developer in south carolina. Robert, you have a question . Thank you. Can everybody hear me . Thank you, senator rubio. Very quickly, you mentioned the need to be in a growth economy to deal with Something Like this. Maybe it is a History Lesson for us, or maybe for me, but hopefully for everyone. We went through the longest economic extension in u. S. History up until march, february or march of this year. And we had a time in which all three branches of the federal government were controlled by one party. What was any attempt that was made, or good faith effort or movement that happened during that time period where you would feel like there would be an opportunity for real change on this issue. Were there any Lessons Learned . Or was it one of those things that in a good time it is easy to ignore, and where will it take us facing a catastrophic type event to actually face this problem . You mean the debt . Correct. The debt is such a big issue because it requires you to make changes. It requires you to take steps today to prevent something down the road that no one can see. You keep hearing about it better never happens. 20 years of history about that. It is a lot like and analogy of the virus. Before this virus became a widespread thing that was affecting a lot of people, it wouldve been difficult going back to people in february that said we will have to start shutting things down. I know we dont have a lot of cases but this is what were going to have to do to prevent cases. People are saying what were you talking about . This happened halfway around the world that has nothing to do with us. That would not have gone over well at the time. And hindsight you look back and say we wish we could have done some of these things and avoid it. Some of these widespread shutdowns. It is very much the case with the debt. Whether there was a missed opportunity, not really, because this is such a difficult issue that it requires high level leadership. It is hard to do without the white house on board. The bomb administration was not interested. The Trump Administration what hasnt focused on debt as a main issue that they wanted to prioritize. But some administration down the road will have to. My biggest fear is that we will have to do so, not as a forward thinking paul policy, but as a crisis move. Crisis is always more disruptive than forward thinking. My hope is, we will be able to talk about it and it will become a priority. Weve got five minutes left. John novak, a logistics entrepreneur in tampa has a question. Can you guys hear me . Yes. Senator rubio, thank you for your time. You mentioned the fact that Technological Advancement has led to economic prowess and future, but that comes with challenges and pitfalls for trucking and automation. It is a reality that is not too far away. 3. 5 million truckers alone will be put out of work. Is there a conversation right now and congress at the highest levels, addressing pitfalls of our exponentially advancing technology . No, but there should be. It is moving then faster than the ability to respond to. Theoretically, you want to be on the leading edge of the high value of whatever is happening. The changes you have discussed are going to happen. There is no example of a successful six i. T. That has been able to reject the future and somehow prevent it from happening and perfect themselves in the process. We may not like it, we may, in many ways pine for the days of yesterday, but these changes are happening. The question becomes, are we going to ignore the changes and be left behind by them and pay the price or are we going to embrace and try to shape them. Part of shaking them is recognizing that whenever there is a technological and thence, it displaces and creates problems. It creates opportunities as well. The question becomes, what new jobs are being created . To replace jobs that are being lost . What can we do from a Public Policy perspective to make sure that as many as those jobs as possible or available to americans . Again, i dont know all the details about that, but the little i do know about automated trucking is it would expand logistic workers. No matter what, at some point those trucks have to stop somewhere and unload the cargo for the last mile, the connection between the end user and distribution point. To the extent that it puts out of driving them, where does it open up opportunities on the logistical side, for not just the last mile, but were all the product arrives . Then begin to ensure that we have a place, whether its training, whatever it may be necessary to help as many people as possible make that transition when that they comes. What we cannot do is pretend its not going to happen, because then we are caught, we lose an entire generation of people who get caught in the displacement. That is very much what happened when we saw the outsourcing of american manufacturing, and kept arguing that those jobs would be replaced with new jobs, but that is like telling some 45 year old steel worker or manufacture worker you need to move to Silicon Valley and become a colder. That is not realistic. We have to figure out a way to deal with those displacements and ensure that rather than getting rid of manufacturing altogether, you replace old manufacturing with new manufacturing. In many cases they are better paying jobs. We have only got a couple minutes. Quickly, we will go to nick. Cofounder of National Ecommerce company. Thank, you senator. My question was just, if there was a nation that could replace the United States as sort of the world currency, what would that be, and what would that look like . The chinese would like to at some point becoming competitor. Generally speaking, they are not transparent enough or do not have a long enough history for the rest of the world to simply fall in under their currency. What i do think you could see, is electronic currencies, non National Currencies that could eventually emerge with enough participation to be a challenge through our global reserve status. We benefit greatly, directly and indirectly but in many ways, from our global reserve status and a lot of it is based on the tremendous amount of confidence and goodwill built over 140 years of economic performance. But it is not the kind of thing we could take for granted, especially in a rapidly vaulting world. We would become a country where people would be good to lose confidence that event that americans will eventually figure it out and make it work and make it work better than anybody else. I would argue that right now, it is still a big hill to climb at the end of the day. If you have money, the safest place for you to put it isnt dollars. That remains the case, but that will not be the case on its own unless we take steps to show people that that continues to be a good bet. My senses, perhaps the biggest threat in the long term is not national currency, but non national currency. Bitcoin die type deal that could potentially threaten our reserves. We are a long way from it, but at the end, we are living in a time of rapid unexpected change. We should not be taking any of these things for granted. Senator, thank you for your time. We are getting out of here right on the nose at 11 40. Thank you for your leadership. Thank you for doing this and having me. Ill say this from the getgo. To both congressman. Thank you. Congressman timmins, congressman style, not only did you take speaker ryans plays but you are a former staffer. I dont think theres a more incredible fiscal hawk in the history of politics then probably, doctor tom who inspired this effort in your former boss and predecessor. We are just curious to hear your unique perspective. Not just as millennials but as millennial legislators, Congress Must timmins in your case, Small Business person similar business
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