I Can End the Deficit in 5 Minutes: Warren Buffett

[We Never Know]

"Anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”

^^^^I would support that^^^^


Warren Buffett’s financial plan to eliminate America’s debt: ‘I can end the deficit in 5 minutes’


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.

A Matter of Accountability​

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."....

MSN

 

[Revoltingest]

 

[We Never Know]

Yep. No consequences for making bad decisions = not caring about making bad decisions.

 

[McBell]

"Anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”

them and for seven generations after them ineligible for any Federal Government position.....
Including but not limited to, internships, secretary, spouse, aide, assistant, housekeeper, drug dealer, doctor, and pet

 

[Ponder This]

"Anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”

^^^^I would support that^^^^


Warren Buffett’s financial plan to eliminate America’s debt: ‘I can end the deficit in 5 minutes’


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.

A Matter of Accountability​

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."....

MSN

I'm not a billionaire like Warren Buffet, but I feel confident that such an inane solution is not going to pass Congress in the time that Warren Buffet has left to live, let alone be done in five minutes.

 

[Sargonski]

"Anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”

^^^^I would support that^^^^


Warren Buffett’s financial plan to eliminate America’s debt: ‘I can end the deficit in 5 minutes’


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.

A Matter of Accountability​

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."....

MSN

So to put this in terms the layman can understand GDP = 23 Trillion 3% of this would be roughly 700 Billion deficit. Now .. this is not "ending the Deficit" as there is still a 700 Billion dollar deficit that is allowed .. however this is a sustainable level of deficit .. which is what is being said or meant rather.

Now let is look at the probability of Congress adopting such a lock on the Purse Strings .. .. last time we had a deficit that low was Obama just prior to Trump ..his last year or two. Deficit had come down from 1.4 Trillion to ~ 600 Billion .. so only for a very short time. Keep in mind also that in constant dollars this is more than 700 Billion today .. have to go back to just prior to the 2008 Bush Crash to find a lower deficit ..again only for a short time.

Over the last 7 years deficits have been enormous well over 1 Trillion under Trump .. exceeding 2 Trillion under Biden during covid but still close to that even now.. Getting to 700 Billion looks a long way away.. 1.3 Trillion is a hefty amount to cut out of total spending ~ 6 Trillion.

This problem is exacerbated in that the interest payments on our debt have gone to the stratosphere . From 2000 to 2016 the interest on the debt was roughly 400 billion . envision a straight line for 16 years even though debt went from 5 Trillion to 20 Trillion in that time. the reason is ave interest on debt was brought down from 7% to 2%. thanks to a whole lot of messing with the invisible hand ... but that is another story.

Under Trump .. the number stated to rise .. getting to 500-550. a significant rise .. that extra 150 Billion can fund Ukraine for another year. But did you see the news lately brothers and sisters .. with interest rates on the rise .. just in this short period of time .. interest payments have spiked to over 800 Billion. .. so now it is like having to cut 1.6 Trillion on 6 Trillion in spending .... good luck decreasing spending 25% overnight .. That would be the Trump Bump in reverse .. yanking 25% of Gov't spending out of the economy.

 

[Revoltingest]

Yep. No consequences for making bad decisions = not caring about making bad decisions.

It's a mistake to think politicians see "good decisions"
as we might. Re-election is their primary goal, not
fiscal responsibility.

 

[sun rise]

It's a mistake to think politicians see "good decisions"
as we might. Re-election is their primary goal, not
fiscal responsibility.

You left out love of power and pecuniary gain.

 

[fantome profane]

"Anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”

^^^^I would support that^^^^


Warren Buffett’s financial plan to eliminate America’s debt: ‘I can end the deficit in 5 minutes’


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.

A Matter of Accountability​

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."....

MSN

They also shouldn't be allowed to cut social services unless they cut their own salaries and eliminate their own pensions.

If they think the can fix the deficit that way, they should pay the price too.

 

[We Never Know]

It's a mistake to think politicians see "good decisions"
as we might. Re-election is their primary goal, not
fiscal responsibility.

It doesn't bother them a bit when billions are spent on those re-elections because if elected they know they can still makes their shady deals to all who supported them and take us deeper in debt.