Tags: toomey | economy | recession | trade

Toomey: US Isn't Heading For Recession 'Any Time Soon'

By    |   Thursday, 03 October 2019 12:07 PM

The United States isn't likely "heading into a recession any time soon," but it also does not need a new trade war with the European Union or a new front for existing trade battles, Sen. Pat Toomey said Thursday. 

"We ought to be working hard to get those resolved," the Pennsylvania Republican told CNBC's "Squawk Box." "I commend the administration for making progress with Japan on expanding trade. We should really try to avoid a big trade war with the European Union.”

He added that the combination of adverse trade developments, along with where the United States is heading with trade, has had a "chilling effect on corporate investment."

Meanwhile, there has been "tremendous recovery" in the works for many years, but Democrats far-left ideas that haven't been entertained for many years, including taking people's assets and levying huge tax increases on business, capital, and income could prove harmful, Toomey warned.

"If God forbid, our Democratic friends take complete control of the elective government, they will do these things," Toomey said. "There's no doubt in my mind. It's really important that we push back.

He added that he finds it "incredible" that socialist principles are under discussion at a time when there is record unemployment, wage growth acceleration, and when the U.S. is "outperforming the entire world."

Toomey said he's been saying for decades that the large entitlement programs in the United States are not sustainable. 

"They are designed to grow faster than the GDP, and no program can grow faster than the GDP indefinitely," said Toomey. "We don't have to make draconian cuts. What we have to do is pick a date in the near future and modify the program."

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The United States isn't likely "heading into a recession any time soon," but it also does not need a new trade war with the European Union or a new front for existing trade battles, Sen. Pat Toomey said Thursday. 
toomey, economy, recession, trade
281
2019-07-03
Thursday, 03 October 2019 12:07 PM
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