Warren Buffett's 2011 Proposal: Bar Congress From Re-Election If Deficit Exceeds 3% of GDP
By
Jeannine Mancini
Summary
Warren Buffett proposed a simple solution to the U.S. federal deficit: pass a law making any sitting member of Congress ineligible for re-election if the deficit exceeds 3% of GDP. He argued this would properly incentivize lawmakers to control spending and balance the budget, contrasting his approach with the complex, ineffective measures politicians typically pursue.
Source
bskyWarren Buffett's 2011 Proposal: Bar Congress From Re-Election If Deficit Exceeds 3% of GDPbenzinga.comKey quotes
· 3 pulledYou 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.
Now you've got the incentives
If you guys can't get it done, you're out.
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