Warren Buffett’s Financial Plan To Eliminate America’s Debt: ‘I Can End the Deficit in 5 Minutes’Warren Buffett, renowned investor and business tycoon, is no stranger to sharing his insights on various economic and fiscal issues. In an interview with Becky Quick on CNBC, Buffett proposed a daring strategy for addressing the persistent problem of America’s deficit.
Buffett stated, “I could end the deficit in five minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.” A comment made in 2011 but has been making the rounds on X (previously Twitter), feeling more relevant than ever in today’s inflation and debt filled economic climate — a climate which will be a major talking point in next years 2024 Presidential elections — and perhaps taking a few pointers from Mr. Buffett here will be the way to sway the polls.
But what exactly is the plan?
At its core, Buffett’s plan is about accountability. The current members of Congress would be incentivized to maintain a deficit under 3% of GDP, or risk losing their chance at reelection. This rule would increase lawmakers’ responsibility for fiscal policies, as their political future would hinge on their ability to manage the nation’s debt.............
https://www.yahoo.com/finance/news/warren-buffett-financial-plan-eliminate-200013178.html