Buffett: How to end US debt...

[kadee79]

I think he has something here...and to find the plan, it's at the link if you scroll down a bit.

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?

www.msn.com/en-us/money/savingandinvesting/warren-buffett-s-financial-plan-to-eliminate-america-s-debt-i-can-end-the-deficit-in-5-minutes/ar-AA1iIhLm?ocid=hpmsn&cvid=6e353e5edb6541dcb8a786afe464fde9&ei=284

[billisonboard]

Except:

But in Powell v. McCormack, 395 U.S. 486 (1969). it was conclusively established that the qualifications listed in clause 2 are exclusive. and that Congress could not add to them by excluding Members-elect not meeting the additional qualifications. link

[djAdvocate]

cut the military budget in half, create a new tax bracket above the existing highest one and shove the top 1% into it, and subject corporations to an AMT of 25%.  take all the loopholes you want, but you are paying 25%.

[Tiny]

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.

IDK....sounds like hard core capitalism and smells a little like "trickle down economics" to me.

I think that would benefit the wealthy more than anyone else - and a whole lot more people would get chewed up in the gears of Capitalism.

I can see where the first things to get cut to "save money" or to be fiscally responsible would be any and all social safety nets at all levels of government.

That might even be the death knell for American public schools (why should anyone pay to educate other people's kids )

[djAdvocate]

i think he was being snarky.  it is not a real plan.

but mine is.