In an op-ed piece in the Des Moines Register Tuesday, Perot said the country is on an "unsustainable course that jeopardizes our position in the world, our standard of living and our constitutional freedoms."
For that reason, the former third-party candidate said he is endorsing Republican Mitt Romney for president.
"For the past four years, we have squandered one opportunity after the next to turn things around," Perot wrote. "The longer we delay acting, the steeper the price we will have to pay."
He said with unemployment hovering around 8 percent, 23 million Americans out of work and an explosion of federal deficits and debt, it is time for a change.
"President Obama promised a great deal," Perot wrote. "He has had his chance. The results are visible for all to see. It is time for a new beginning."