Despite economic instability and the threat of further bioterrorist attacks, Sen. Frist is confident the economy will recover.
By: Andrew M. Romano
Sen. William Frist (R-Tenn.) predicted Friday evening that the threat of further bioterrorist attacks on the United States will slow the nation’s economic recovery in the wake of the Sept. 11 tragedy.
"All of a sudden, fear and uncertainty, which the stock market does not like to see, are personalized in the form of germs and bacteria," said Sen. Frist before a capacity audience of 200 students, faculty and community members at Princeton University’s Woodrow Wilson School of Public and International Affairs, from which he graduated in 1974.
"Every time we open a piece of mail, we think there could be anthrax in it," he said.
Sen. Frist, a member of the family for which the university’s Frist Campus Center is named, was a heart and lung surgeon before being elected to the Senate in 1994. Now regarded as the leading authority on health matters in Congress, he claimed that the public’s fear of anthrax is warranted and future attacks are certain.
"The perpetrators are trying to assassinate people with an anthrax more powerful than an atomic bomb," he said. "We are on high alert. Something else is going to happen."
Sen. Frist added that the threat of a smallpox epidemic is small but real.
"The risk is tiny, but our vulnerability is high because no one is immunized," he said. "If I had smallpox right now, a third of you would be infected."
Such threats, explained Sen. Frist, have damaged consumer confidence and thus the lagging economy’s chances for a swift recovery.
Though he praised the Federal Reserve for lowering interest rates early last week, he stressed that such measures alone will not rejuvenate the economy.
"We are now entering a worldwide recession," he said. "Consumer confidence is down. People are scared to death. They’re cocooning and refusing to spend. No matter how cheap the money gets, that’s not going to trigger new investment if inventory is full and consumers are simply not buying."
In order to combat the lack of consumer spending, negative overall growth and increased unemployment, Sen. Frist and some of his colleagues in Congress are working to pass a $100 billion stimulus bill this week.
"Washington needs to respond quickly. People expect government to step in and help," he said. "The current insecurity argues very strongly for us to pass this bill."
As both policy-maker and physician, Sen. Frist expressed his desire to lead the nation in its war against a new biological enemy. In addition to his work on the stimulus bill, he is sponsoring a $3 billion package in the Senate that will strengthen the public health infrastructure by enhancing preparedness and treatment capabilities.
"The weapon is invisible, the perpetrators are invisible and the victims won’t appear until weeks later," he said. "We need to develop a public health infrastructure that will reduce our overall vulnerability. We must address the intersection between science and public policy not only in the next century, but in the immediate future."
Despite the threat of further bioterrorist attacks and the instability of the nation’s economy, Sen. Frist remained confident in the ability of the United States to recover.
"We are clearly united in a way we’ve never been in my lifetime," he said. "I’m optimistic about our economy and I’m optimistic about the resiliency of the American people."