Warren Buffet on the Debt Ceiling... I could end the deficit in 5 minutes

Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:

"I could end the deficit in 5 minutes," he told CNBC. "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 re-election.

The 26th amendment (granting the right to vote for 18 year-olds)
took only 3 months & 8 days to be ratified! Why? Simple!
The people demanded it. That was in 1971 - before computers, e-mail,
cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took one (1) year
or less to become the law of the land - all because of public pressure.


If each of us gives at least 20 of our friends this message, in three days, most people in The United States of America will have the message. This is one idea that really should be passed
around.

Congressional Reform Act of 2012

1. No Tenure / No Pension.

A Congressman/woman collects a salary while in office and receives no
pay when they're out of office.

2. Congress (past, present & future) participates in Social
Security.

All funds in the Congressional retirement fund move to the
Social Security system immediately. All future funds flow into
the Social Security system, and Congress participates with the
American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all
Americans do.

4. Congress will no longer vote themselves a pay raise.
Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and
participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the
American people.

7. All contracts with past and present Congressmen/women are void
effective 12/1/12. The American people did not make this
contract with Congressmen/women.



Congress made all these contracts for themselves. Serving in
Congress is an honor, not a career. The Founding Fathers
envisioned citizen legislators, so ours should serve their
term(s), then go home and back to work.

If each person contacts a minimum of twenty people then it will
only take three days for most people (in the U.S. ) to receive
the message. Don't you think it's time?

I agree with him. But congress would never get paid again the way theyre going now! They wont vote for it!

I think nearly all Senators and Congresssmen should be ineligible for re-election. We did not vote them in to create Gridlock and get nothing done...we voted them in to work together and solve problems.

But in all actuality...the answer is in term limits. No Senator or Congressman should be able to sere more time than a President...period. 8 years max.

And I agree...no lifetime pension, no special healthcare...etc. They are supposed to represent "us" and we do not get those things so why should they?

I like the idea that if they do not perform they are ineligible for re-election...but it needs to go further in it's description. We are legally supposed to have a budget. These clowns refuse to pass one and just keep on spending..."what do you mean I don't have any money?... I still have blank checks in my checkbook"

"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 re-election.

Brilliant. I believe many others here have offered the same suggestion.

Nothing would motivate politicans more if their careers were in the balance.

reply to post by phroziac


I think the idea here is that we need to demand they pass this. If we get vocal enough they won't really have a choice.

Warren Buffet is a smart guy, but he's not Jesus or anything.

The real solutions won't be embraced by the investor class, because they are the reason we are in this boat in the first place. The truth is -- some debt is a GOOD thing. That's how investors make money. It's how pensions and 401k's are funded, and so on. The bad news is our debt to earnings ratios are all screwed up. There is no such thing as never-ending growth in a closed environment.

The way I see it, we need to artificially reduce our debt to earnings ratio drastically. Our debt is at 140% of our GDP, and the interest on it impedes growth. The only solution I can see is to reduce that number to 40% of our GDP, by flat-out evaporating 4/5 the value of every debt and credit there is, with no exceptions.

Once we are back in the 40% range, we can start looking at how we will manage an appetite for never-ending growth in a closed loop system. I recommend we "open the loop" and harness the power and resources of near earth space, to the benefit of everyone. Everyone will live at a baseline, and there will be 5-7 levels above that which can be earned through education, diligence, hard work, and innovation.

The best of free-market capitalism, mixed with resource based utilitarianism. Otherwise -- all of this becomes a speed-bump on the way to an even bigger bubble-implosion.

reply to post by 0zzymand0s

Warren Buffet is a smart guy, but he's not Jesus or anything.

As he aged, I have seen Warren become more philanthropic. In some of his recent interviews he mentions that his focus was on generating a return on for himself and his investors, however he has taken more of a pro-active role in the nation and all the people in it.

I think he does have a genuine interest in better the country, both for business and the people.

reply to post by MDDoxs


I never even implied that he didn't.

The problem is his plan focuses on populist ideas about reining in congress, and doesn't do a damn thing to increase liquidity where the debt is 140% of GDP.

We can't just write-off 50% of defense -- that is one of the largest drivers of our half-broken economy. Any cuts in defense must come through attrition, over ten or more years, and that energy needs to be redirected somewhere. Infrastructure, broadcast solar from a satellite array, whatever.

We can't just cut social security or medicaid -- a large group of people using those services are already choosing medicine or food on a regular basis, in part due to structural deformities in our system over the past 40 years. Also: a ton of stress at the top will naturally remove itself due to attrition as the boomer generation passes through their normal life-cycle.

The truth is Buffet is half right; congress as a privileged class must end. But that only addresses half the problem. The other half is the rational expectation of capitalism that everything must continually grow, in a closed loop environment. Until we open that loop, there will ALWAYS be fewer winners and moar losers over time. This sets us up for a cycle of bubbleonia, and it is systemic and structural to our way of life.

No one will take seriously the assertion that we should cull large numbers of people to make the wheels of commerce turn more smoothly, yet -- that is the implication of any plan that focuses on CUTS, alone.

That's all I am saying.

reply to post by MsAphrodite


Not to cool the effect but, when something looks too good....

KMTV

Omaha, NE-- A chain letter is making the rounds on-line saying the Warren Buffett has a quick fix for the economy. The post takes aim at Congress: their pay, their pension and their perks. While Buffett admits that he did say a part of the post he says it was taken out of context. The post supposedly began from New Hampshire. It's has been shared nearly 150-thousand times. Now, the Oracle of Omaha is setting the record straight. An online posting is generating hype nationwide and here in Omaha on just how Warren Buffett proposes to fix the economy. The first line of the post reads, "Warren Buffett, "I could end the deficit in 5 minutes," he told CNBC." Corie Mustoe says, "I think he's a brilliant man, but I don't know if he could end it in five minutes. I guess I'd be up to hearing more of what he wanted to say about it."

he explains, "I just gave an off hand remark on CNBC to illustrate a point on incentives. and somebody has picked this up and is using my name and it has no validity whatsoever."

So then, he makes a comment, and now he wants to take it back?

RUN with it boys! Run with it hard!!!!!!

Get this passed and then look at getting rid of the debt with young politicians that are FOR the people. This should happen for Every government job! 8 years for everyone! Then you get back to real people trying to make a difference. Rather than greedy scum bags who are only looking out for themselves and their corporate masters!

Originally posted by theclutch
So then, he makes a comment, and now he wants to take it back?

RUN with it boys! Run with it hard!!!!!!

Get this passed and then look at getting rid of the debt with young politicians that are FOR the people. This should happen for Every government job! 8 years for everyone! Then you get back to real people trying to make a difference. Rather than greedy scum bags who are only looking out for themselves and their corporate masters!

Thats funnu because it fits right in with the warren buffet IRS conspiracy. Warren buffet clearly has a deal with the feds. He owes an unimaginable amount of taxes but he whines and moans that he doesnt pay enough. So why doesnt he pay the taxes he owes?

He has obviously been forced to retract his statement.

reply to post by Lonewulph


This much of the post pertains to what Buffett said:

Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:

"I could end the deficit in 5 minutes," he told CNBC. "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 re-election.


The rest is not, nor does it claim to be.

Was that difficult for you to figure out?

It seems right to do things to politicians that aren't good. I don't know if it's out of spite, jealousy, or whatever it is, but I'm not sure that would help things out.

Large companies offer high salaries, incentives, and various perks so that they can lure the best and the brightest.

Do you really want to drive the "best and the brightest" politicians toward more lucrative careers?

Do you really want to pay them a pittance and put them in the position to accept money under the table for favors?

reply to post by MsAphrodite


Warren Buffet for president 2016!!!!!!!!