US debt is hindering growth and burdening youth, Mitch Daniels warns

Former Gov. Mitch Daniels, now Purdue's chief, says of American youth: 'This generation has a right to be as upset with its elders as any in history. They are going to inherit a mountain of debt.'

Michael Bonfigli/The Christian Science Monitor
Purdue University President Mitch Daniels speaks at the Monitor-hosted breakfast for reporters in Washington, D.C., Wednesday, Oct. 30, 2013.

Purdue University President Mitch Daniels, director of the Office of Management and Budget under George W. Bush and a two-term Republican governor of Indiana before assuming his current role in 2013, was the guest at the Oct. 30 Monitor Breakfast.

Q: President Obama's proposal to tie federal financial aid to new government ratings of universities and colleges:

A: "The general idea of focusing more on performance ... is a good idea, but I am pretty dubious about the federal government being the ones to put a system together."

The nation's $17 trillion debt:

"The debts we are piling up right now are an obstacle to growth.... It is the largest nonmilitary danger we have ever faced."

Young people and the nation's finances:

"This generation has a right to be as upset with its elders as any in history. They are going to inherit a mountain of debt."

Young people and the Affordable Care Act:

"[It] soaks the young to benefit their elders. Premiums for young people will go up way beyond whatever is actuarially fair and accurate in order to subsidize the elders."

The longer-term response to the Affordable Care Act by young people:

"I don't think they have quite focused on this. But when they do, they are going to say 'We got handed a really raw deal here.' "

Why faster economic growth is critical:

"We are not going to be ... an economically successful country, a solvent country, or – frankly – a societally harmonious country at 1 to 2 percent growth rates. It will destroy something bigger than the middle class; it will destroy the sense of upward mobility and therefore social cohesiveness that we have always been blessed with."

You've read  of  free articles. Subscribe to continue.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

QR Code to US debt is hindering growth and burdening youth, Mitch Daniels warns
Read this article in
https://www.csmonitor.com/USA/Politics/monitor_breakfast/2013/1101/US-debt-is-hindering-growth-and-burdening-youth-Mitch-Daniels-warns
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe