Warren Buffett Said That He Could End America's Deficit Problem 'In Five Minutes'!

[Reagan]

From the article:  ""I could end the deficit in five minutes,” he told CNBC’s Becky Quick in a 2011 interview. “You just pass a law that says that any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.”  Buffett’s longtime business partner the late-Charlie Munger once said, "Show me the incentive, and I will show you the outcome." It’s a philosophy that guides the business decisions and compensation plans across Berkshire Hathaway.  This is probably why Buffett believes a deterrent for the American government and lawmakers could shift the way they spend tax dollars. If lawmakers see their re-elections at risk, they may be more careful about government deficit spending."

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[tvc184]

Certainly….. but  just like the right wingers who call for abolishing the ATF, getting rid of certain federal courts, term limits, blah blah blah…..

 The problem is that the only people who can do that are the same people who put those in place to begin with.

[CardinalBacker]

To address the deficit, you’re going to have to look at the biggest drivers of our spending. Social security and Medicare combine for 35% (21 and 14, respectively), then 13% of our spending is on interest on the debt we’ve already racked up, then another 13% on MedicAid. Finally you reach what used-to-be a cash cow of defense spending at 13%. 
 

Our deficit spending has probably already destroyed us. Biden keeps talking about his plan to raise taxes on the wealthy and bring in 500 billion dollars over the next 10 years… meanwhile, we’re adding 3 trillion per year to the debt right now. Hard times are coming. They’ll either be because we do the hard things in terms of cutting our spending, or because the whole thing topples because of the size of our debt. 
 

That’s what’s so crazy about the talk about the Trump Economy. They literally just cut taxes without doing anything about our spending, and deficits soared.  Follow that up with COVID spending (direct gifts from the Treasury) and we’re headed into deep, uncharted waters (for us, anyways). Cutting taxes won’t fix it, and neither will raising taxes. We’ve got to make some hard choices or watch it all burn down on top of us. 
 

Don’t blame the politicians. “We the People” keep electing people who give us the best short term gains, and it’s going to end badly.  I believe that I’ll see $150 loaves of bread in my lifetime.