Gov. Mitch Daniels: ‘Terrifying Rate’ at Which U.S. Debt Is Accumulating ‘Will Lead to National Ruin’

Christopher Goins
CNSNews.com
3/13/2012

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.”…

…“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…

The complete article is at CNSNews.com

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