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Warren Buffett back in 2011 made a bold claim on CNBC. He said he could fix the U.S. deficit in five minutes. His idea? Make sure politicians actually feel the consequences of their spending habits.

"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 said. He laughed, but his point was clear: politicians don't fix the deficit because there's no real incentive for them to do so. "A more effective threat would be just to say, ‘If you guys can't get it done, we'll get some other guys to get it done.'"

[Kind of naive. It would at least have to be an Article V Amendment. Maybe add an exception for when Congress declares war...which would have the added bonus of restoring the war power to Congress for major conflicts. But, i like the way he was thinking.]


Link: https://finance.yahoo.com/news/warren-buffett-said-could-end-233043535.html