Congressman Tom Reed cautioned there are storms on the horizon for the United States at the Chautauqua Chamber of Commerce‘s Annual Congressional Lunch.
Reed said a new geopolitical alignment, currency issues, and debt are the some of the main issues the United States will be facing in the near future. He said China is already declaring victory as the world’s super power, “I don’t think American realizes that yet. I don’t think we realize where they have put themselves in regards to this new geopolitical realignment. And also what’s going to happen on the world’s currency battle, the whole issue of crypto, we were talking about crypto currency and sovereign based currency. That is a real thing you have to keep on your radar as to how the world views currency if it’s not the U.S. dollar.”
Reed said another issue is the United States’ debt load which is at $30 trillion dollars and will be going up to $50 trillion. He says this will have drastic inflationary concerns because you can’t raise interest rates because debt can’t be served, “So you’re going to have a long-term position of low interest rates for the foreseeable future, that hits your retirement areas, that hits your retirement folks very badly because they don’t get a return on their investments from the interest rate return. And the tools they’re going to have to use to deal with the inflationary practices are therefore raising taxes or devaluing the currency.”
When asked if he will still consider running for Governor of New York, Reed said he had planned to but his integrity and sobriety were too important. Reed announced he would not be running for another Congressional term after being accused of sexual misconduct against a lobbyist at a bar, “I remember that night. I remember that night that this incident is based upon. Do I remember that incident perse? That was four years ago? I was drinking. I drank too much that evening, that weekend. And that is a reason why three and a half years ago I became sober.”
Reed has said his office plans to restart the conversations he had been holding weekly with media outlets, but did not commit to when those may resume.