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Gov. Mitch Daniels: Addressing Debt Problem Would Spur Job Growth

FOX News' Greta van Susteren: I realize it's a vast topic and probably is worthy of 10 hours of discussion, but is there something that can at least jump start us so we could feel good about ourselves and get a big jump on the economy and get a grip on what is happening to our growing debt?

Gov. Mitch Daniels (R-Ind.): It could take 10 hours, but think I can name that tune in well under a minute. First of all, if we would even begin to address it, it would make a dramatic, positive difference for jobs and growth in this country. If the world, which really wants to keep financing the United States -- they don't have a better alternative. [If] the world even saw us start down the path of reconciling our long-term commitments and our means, they would reward that, with, I think, new investment and lower interest rates on a long-term basis.

How do to do it -- a lot of ways. First of all, means test the programs, concentrate the money on low people who really need it. Secondly, we should, you know, clearly stop over-indexing the programs, protect people against the cost of living, but not necessarily more. Raise the retirement age, very gradual to something that lines up with today's actuarial realities. All of those things, only to start in a few years, you say to people in the program today, 'You're good to go, nothing's going to change for you, but help us make sure that younger people have something waiting for them too.'

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