"“I can end the deficit in five minutes,” Buffet said in a 2011 interview with . “You just pass a law that says that anytime there's a deficit of more than 3% of the GDP, all sitting members of Congress are ineligible for reelection. Now, you've got the incentives in the right place.”"
"“This is the way,” he wrote in June, sharing the interview in a post on X."
"“Once interest rates exceed the growth rate...primary deficits will lead debt to grow indefinitely,” the CRFB warned in a blog post on March 9. The committee also endorses the 3% of GDP target."
"Last year, the national debt ballooned by $2.6 trillion, and currently stands at $38.9 trillion, or 124% of the economy, according to the U.S. Treasury. Recently, the country's public liabilities, the portion of the national debt the federal government owes people outside the government, exceeded the size of the economy for the first time since World War II. Then, there's interest on top of that, which costs more than $22 billion a week, according to Congressional Budget Office (CBO)."
The national debt is projected to reach $40 trillion if current growth continues. Elon Musk has endorsed a deficit-reduction approach associated with Warren Buffett, which would require that when deficits exceed 3% of GDP, sitting members of Congress become ineligible for reelection. The debt has risen sharply, increasing by $2.6 trillion last year to $38.9 trillion, about 124% of the economy. Public liabilities have surpassed the size of the economy for the first time since World War II, and interest costs exceed $22 billion per week. A nonpartisan budget group warns that if interest rates rise above economic growth, primary deficits could cause debt to grow indefinitely, and it supports the 3% target. A bipartisan group has introduced a resolution to lower the deficit to 3% of GDP.
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