Indiana Republican Gov. Mitch Daniels said Tuesday that the size of the U.S. national debt and the rate at which the debt is accumulating will lead the United States to “ruin” — and no other outcome is mathematically possible.
“Whether one believes in a large, very active government or something more limited, mathematically, the amount of debt we already have and the terrifying rate at which it is accumulating will lead to national ruin,” Daniels said.
“There’s no other outcome arithmetically possible,” he added.
As of February 2012, according to monthly U.S. Treasury statements, our national debt is $15.48 trillion, about a $130 billion more from the month prior when the national debt was $15.35 trillion.
The Hoosier governor made his remarks in a conference call hosted by No Labels, a group of Democrats, Republicans, and independents “dedicated to making government work again.”
Daniels said that Congress has become dysfunctional in terms of dealing with our economic and fiscal situation — and picked a “lousy time” to become dysfunctional, since the United States has never faced “a non-military danger or threat as large as the one we face today.”
Daniels said that when addressing the problem of the national debt and trying to level with audiences, he usually asks them to put ideology aside for the moment and focus on the math surrounding our national debt – something he said no longer “works.”
“Look, let’s put the ideological debate off (to) tomorrow,” Daniels said. “You know, for today, can we agree that the math here does not work?”
Mathematically speaking, Daniels said, it all breaks down.
“There is absolutely no way” that cutting or taxing our way out our fiscal problems are the solutions. Instead, we need a private economy that grows much faster, and meaningful entitlement reform, Daniels said.