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FIRST ON FOX: The United States must catch up to China’s digital currency in order to avoid a threat to America’s “dollar dominance,” economic experts say in a new policy volume compiled by former House Speaker Paul Ryan.
“American Renewal: A Conservative Plan to Strengthen the Social Contract and Save the Country’s Finances” outlines solutions to America’s emerging fiscal crisis that is “entirely of its own making.” It features policy prescriptions from 19 scholars, mostly from the American Enterprise Institute, and is aimed at pushing concrete solutions that Congress can enact before the country is engulfed in a “debt catastrophe.”
Ryan, R-Wis., told Fox News Digital in an interview ahead of the book’s release that it was “designed to prevent America from going down the path of a debt crisis and losing the dollar as the world’s reserve currency.”
PAUL RYAN SAYS MCCARTHY WILL CLINCH SPEAKERSHIP, ANYONE ‘NOT NAMED TRUMP’ CAN BEAT BIDEN
“If we lose the dollar as the world’s reserve currency, it will massively inflict fiscal and monetary damage to our country. It will make it harder for us to finance our government, our social safety net and our economy, frankly, because interest rates will be much higher,” he said. “The fiscal policies in this book are proposals designed to fix these programs so that they’re reliable and solvent and that they don’t go into a debt crisis.”
Former House Speaker Paul Ryan released a new policy volume in conjunction with the American Enterprise Institute. (AP Photo/Carolyn Kaster, File)
The former speaker wrote in a forward to the volume released Thursday that America’s system of “self-governance” established over the last 250 years is being challenged worldwide by “by China’s repressive regime and other authoritarian strongholds.”
“The rules that apply to other nations don’t always apply to the United States, or at least not in the exact same way. Yet the U.S. cannot forever defy the laws of economic gravity,” the…
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