Mitt Romney says the U.S. is on a cliff—and taxing the rich is now necessary 'given the magnitude of our national debt'

A close-up of Mitt Romney (Credit: Bill Clark / CQ-Roll Call, Inc—Getty Images)

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.​