Mitt Romney, the 2012 Republican presidential nominee and former U.S. senator from Utah, has long been known for fiscal conservatism and tax cuts. But in a Friday op-ed for The New York Times, he reversed course, calling for higher taxes on rich Americans like himself to address the looming national debt crisis and prevent the collapse of Social Security.
Romney said the U.S. is headed for an economic cliff as the Social Security Trust Fund races toward insolvency in 2034, according to a projection from the CRFB. Without congressional intervention, benefits would be slashed by roughly 23%, forcing the government to borrow trillions at potentially exorbitant interest rates or print money that could trigger hyperinflation.
“Today, all of us, including our grandmas, truly are headed for a cliff,” he warned. “Typically, Democrats insist on higher taxes, and Republicans insist on lower spending. But given the magnitude of our national debt as well as the proximity of the cliff, both are necessary.”
America’s national debt has swelled to more than $38 trillion; in 2025 alone, it increased by about $1.8 trillion. Last year, interest payments on the debt surpassed $1 trillion for the first time, exceeding spending on Medicare and national defense. Annual debt-servicing costs are projected to climb to $1.8 trillion over the next decade.
