From Benzinga, April 3:
Over a decade ago, Warren Buffett, the legendary investor and philanthropist, humorously suggested an unconventional plan that he believed could address the United States’ escalating deficit issue. During a live interview on CNBC with Becky Quick in 2011, Buffett proposed a legislative approach to incentivize Congress to manage the nation’s finances more responsibly.
“I could end the deficit in five minutes,” Buffett said. “You just pass a law that says that any time there’s a deficit of more than three percent of GDP, all sitting members of Congress are ineligible for re-election.” His proposal, though delivered with a chuckle, carried an undeniable logic – by directly tying lawmakers’ political futures to the nation’s fiscal health, they would have a powerful incentive to rein in spending and balance the budget....
....MUCH MORE
The U.S. budget deficit is equal to 6.8% of GDP.
I'd say "in a boom economy" but that incredible deficit is, in very large measure, what is causing the boom and if it were taken away, either by paying for it with taxes or reducing spending to match Federal government revenue, the economy would collapse.
Collapse.
One day it will all fall apart but for now, we dance.
