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Posted on 03/14/2012 10:16:37 AM PDT by CNSNews.com
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.
Daniels said it is possible for the U.S. to go past the point of no return, which he described as a point “in which we are so indebted and so bankrupt that the mortgage payments eats all the dollars we need to put people to work.”
Daniels said it was very “disturbing” to him that “there are a lot of people” in the United States “who have come to the conclusion that there is now a flaw in the American character” and that “we are not people capable of governing ourselves as the system has always contemplated.”
“Too many people are dependent on the compulsory charity of others through the government,” Daniels said.
“Too many people are simply selfish and short-sighted. They don’t want to hear about the fact that they will make life much less promising for their children in the future,” he said.
“And they can easily be appealed to by demagogues who just say to keep doing nothing,” he added.
Daniels said he didn’t believe the American people are dysfunctional, but said Congress is engaged in practices that make agreement and decisive action nearly impossible.
Admittedly, Daniels said, those who believe in much more expensive, intrusive, and bigger government – although possibly very sincerely -- will have much more at stake than anyone in an effort to lay out a program that encourages the growth of the private economy.
“We’ve got policies right now which, I’m sure good-intentioned, are choking, strangling, and obstructing growth in almost every way one can name,” Daniels said, adding that “that is very self-defeating.”
The Hoosier governor also stated what recommendation he would offer to the next president as the “first order of business” once in office.
“We’ve simply got to say ‘We’ve got to unite to save the safety net,’” he said. “Social Security and Medicare are great programs but they are geriatric themselves at this current age and they need some repair.
“We can leave them as they are for people who are reliant on them or soon to be, but it would be a heartless thing to let them continue on and implode, which is the path they’re on, wrecking the economy and the American dream and not providing the security that the next generation deserves when it comes to retirement.”
Daniels did not provide any specifics on how to fix Social Security and Medicare. He did, however, say that the 2010 Bowles-Simpson report [of the National Commission on Fiscal Responsibility and Reform, led by Erskine Bowles and former Sen. Alan Simpson (R-Wyo.)] was “the best attempt anybody has made” to tackle American fiscal problems, adding that he wished President Obama, who commissioned the group, embraced the report “not in every particular but as a starting point.”
“I think we’d be so much closer to national survival right now,” he said.
When America’s primary “export” product is US Treasury Bills you should know there is a problem.
Economic judgement day is coming.
It would seem that the government could offset this to some degree if they would allow more drilling for Natural Gas and Oil. Just the taxes alone would be in the billions.
The whole damn system WILL fail with the current asshats in charge. If something doesn’t change very very soon we may need to start learning how to speak Chinese.
The path were on will prove gold less valuable than lead. Pray that day doesn’t come, but not a bad idea to have something(s) on hand to defend yourself from the looters.
Couldn't agree more. Question is, were he to be President, would he have the stones to do something about it, even if he was sure NOT be to re-elected?
I don't think anyone, even Palin, would fit that bill. You'd have MILLIONS turning on you because you cut off their EBT cards.
Yep, it’s pretty much over for us. We let a enemy in and we’ve been had.
Gone too far this time and in the end the SOBs that helped will get the shaft also.
I’ve been singing that sad song for years.
It is not even a matter of basic economics, but even more fundamental, rudimentary mathematics.
If we could claw our way up to where we could pay the interest on our loans each month, the monthly payments would only increase by a “small” fraction of a trillion each month thereafter... but I can’t quite turn this into a winning strategy. Shucks. Bankruptcy ahead.
If we could claw our way up to where we could pay the interest on our loans each month, the monthly payments would only increase by a “small” fraction of a trillion each month thereafter... but I can’t quite turn this into a winning strategy. Shucks. Bankruptcy ahead.
Sorry about the double post. Please zot one and leave one. Thanks.
Gee, guv, ya THINK!!???
Back before the '08 election, I began expressing my opinion that the government was irreparably broken. Does anyone still think I'm wrong?
“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...Daniels said...focus on the math ...“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.”
If this is all just math, and we know we are running a 130 billion per MONTH deficit, why won’t the genius mathematicians tell us WHEN it all “breaks down”?
A hole too deep to dig out of. Zero and company have effectively wired the US economy with explosives and a tamper-proof dead man’s switch.
“We’ve simply got to say ‘We’ve got to unite to save the safety net,’” he said. “Social Security and Medicare are great programs but they are geriatric themselves at this current age and they need some repair.”
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“Unite to save the safety net”?
Daniels just can’t bring himself to permanently end gigantic, failed COLLECTIVIST programs. This is the best we can do?
Start talking INDIVIDUAL accounts and ACCOUNTABILITY, and then we will be getting somewhere Mitch.
Not far, but somewhere.
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