Warren Buffett’s Financial Plan To Eliminate America’s Debt: ‘I Can End the Deficit in 5 Minutes’

[libertybele]

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

[jmyrlefuller]

And just how would he get Congress to pass such a bill so clearly against their own interest, and not repeal it?

The only way to do that would be to go over their heads with a Convention of States.

[catfish1957]

Right now, the deficit is 147% of GDP.  Just how is the existing debt eliminated.

If it means re-charging the Treasury coffers to the tune of 144%, even over a 5 year period....  yeah, I'll listen.

I have always been a proponent that 90% of all non-Treasury, Military expenditures could be eliminated and consolidated due to redundant reuglatory and legislative matters with state and local governmental entities.  Want a real life example?

In the early 1990's I was the Env. Mgr. of a plant in Houston.  I was regulated and permitted for the same things by:

1. The City of Houston
2. Harris County Pollution Coontrol
3. TACB and TNRCC (state) predecessors of TCEQ
4. EPA

How economically freakin' efficient is that?