With the election behind us, the national attention has now focused on the “financial cliff” coming at the end of the year, by which time congress must address the huge United States debt or face automatic spending cuts increased taxation.
Presbyterian College President Dr. Claude Lilly, a former member of the Federal Reserve Board at the Bank of Richmond, addressed the problem during comments to the Laurens Rotary Club yesterday.
Following the program, we asked Dr. Lilly what he thinks the national leaders need to be focusing on at this critical time:
“Right now, they need to be working to build a bridge, a financial bridge, to make sure they can get past January 1st. After that, they can debate where we should be tax-wise or where we should be in terms of spending. But we’ve got to get beyond what everybody views as a cliff on January 1st, and if we do that, then we’ll have time to repair the problems. But truth is, Congress has done this a lot. They’ll build a bridge, then they go
figure out what the solution is. I just don’t want us to see on January 1st everything just stops. I think that would be the worst thing for the country.”
When we asked what would be the best long-term solution, Dr. Lilly suggested the most obvious options were cutting spending or increasing taxes, and said he would guess the solution would be a combination of those two things.
During his talk before the Laurens Rotary Club yesterday, the Presbyterian College President said he wants the liberal arts school to focus students on creative thinking skills. He pointed out the importance for students to develop their core values, regardless of their eventual profession. He said Presbyterian College is focusing on the “Pre,” not as in Predestination, but as in pre-med, pre-law or pre-business.