Posted on 12/05/2023 9:25:38 AM PST by Red Badger
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.
VIDEO AT LINK.............
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?........
The Essence of Buffett’s Plan
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.
(Excerpt) Read more at finance.yahoo.com ...
And I can fix social security in 5 minutes.
Simply pass a law which REMOVES all congressional retirement benefits including pension and force them all into social security.
Not only would monthly stipends go way up, but somehow funding would be found to make sure it doesn’t run out of money.
Hmmmm.
Intriguing idea but coming from Warren Buffett, one would assume there’s gotta be some self-serving calculation going on with it.
Stop all foreign aid, deport all illegals, eliminate the Dept of Education, the TSA, Homeland Security, the FIB, CIA, and food stamps as starters.
Becky Quick = Eye Candy
I have been saying for years that if I were to be made King of the United States, I could fix the US health care system over a weekend with just a calculator, a spreadsheet and a scratch pad, but by that Tuesday, my head would be on the end of a pike.
“but coming from Warren Buffett, one would assume there’s gotta be some self-serving calculation going on with it.”
Whereas you are totally and always altruistic and unselfish.
0 chance this would pass. Next
No retirement system or retirement supplement funded as a Ponzi scheme can be fixed! No matter how much you desire it to be, how many congresscritters you throw into it or try to fix it by any other means. All you do is kick the can down the road! To think otherwise is to willfully not understand how the system is funded!
Becky Quick = Eye Candy
—
If you like Aliens <- weird chick
THAT is a huge problem. Huge as in a huge number of people exhibit that lack of understanding.
Please include every GS-15 and higher in Fed.gov. Because Fed.gov is FULL of 40 year careerists like Fauci and Comey, who spend $billions, and have never, ever faced an election.
THEY run this country, not Congress
I never said such a self-righteous thing nor implied it, thanks very much.
1) Stop giving SS benefits to ANY AND ALL illegals. STOP giving free (i.e. taxpayer paid for) medical treatment.
2) STOP unnecessary foreign aid to the tune of billions upon billions
3) STOP pork in spending bills, go to a line item veto
Just 3 ways off the top of my head.
That law was essentially passed in 1985. The old CSRS retirement system is gone. Now 50% annuity 50% SS. Guvies now are encouraged to also have IRAs.
“You just pass a law... sitting members of congress are ineligible for reelection.”
Mr Buffet should know better.
"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.”"
While I agree with Buffett in principle, not only are lawless Democrats and RINOs going to ignore the law anyway, but it takes a constitutional amendment to do what Buffett has suggested imo.
And the states need to first amend the Constitution with an amendment that is strictly limited to repealing the 16th (direct taxes) and 17th Amendment (popular voting for federal senators), arguably little or ideally no discussion required for quick ratification of the amendment.
Sure, that'd work in "Laws For Thee But Not For Me" America.
FU Buffett.
Financial crumbs of pin pricks compared to the financial demands of social security demographics.
By all means stop doing it but thinking it will have any positive fiduciary effect on SS is naive
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.