Warren Buffett: Five Minutes Deficit
on Sunday, June 11, 2017Warren Buffett Money Quote saying if you make congress responsible for keeping their jobs by keeping the deficit in check, they would certainly be up to that task. Warren Buffett said:
“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” — Warren Buffett
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Warren Buffett is suggesting that if members of Congress knew that running a deficit over 3% of GDP would make them ineligible for reelection, they would be strongly motivated to balance the budget.
By making their jobs dependent on keeping the deficit low, Buffett argues that Congress would take deficit reduction more seriously and take politically difficult steps to cut spending and raise revenue that could balance the budget. His point is that the threat of losing their jobs could force Congress to tackle the deficit in a serious way that has so far been lacking.