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

Romney is worth an estimated $254 million, and was among Congress's wealthiest members.

Multiple mainstream news pieces (Fortune, Quartz, Motley Fool, Fox Business, Benzinga) report on a growing U.S. fiscal strain: national debt roughly $38T, projected federal interest payments surpassing $1 trillion in 2026, and Social Security trust funds facing insolvency around 2034 without intervention. Coverage highlights Mitt Romney’s New York Times op‑ed calling for higher taxes on very high earners (raising payroll tax cap, eliminating step‑up in basis, tightening carried‑interest treatment) and broader debate over policy responses. Articles also note political reactions (Wall Street Journal editorial, voices opposing wealth taxes such as Bill Ackman) and state‑level proposals (California one‑time billionaire wealth tax). Near‑term implications include intensified fiscal policy debate, possible legislative proposals to raise revenue or cut spending, modest market sensitivity in bond and equity markets, and risk of automatic Social Security benefit cuts if no corrective action is taken.