Warren Buffett Says His Plan Could Fix U.S. Debt Crisis
Warren Buffett announced in a CNBC interview that he could fix the U.S. deficit problem very quickly with his plan, which is not entirely serious, but not completely joking either.
"I could end the deficit in five minutes. 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,” he told Beck Quick in the interview. “Yeah, yeah, now you've got the incentives in the right place, right? So, it's capable of being done. And they're trying to use the incentive now that we're going to blow your brains out, America, in terms of your debt-worthiness over time. And that's being used as a threat. 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.'"
The only problem, he added, is that the people who would have to pass this law are the same ones who would lose their jobs.
Buffett also said he has placed a $1 bet with former White House budget director Peter Orszag that the U.S. unemployment rate will fall to below 8% by the 2012 presidential election. He believes that home construction will recover and the construction industry will start hiring more.
What if Buffett is wrong about the housing market? Then, he says, “I lose the bet.”
"I could end the deficit in five minutes. 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,” he told Beck Quick in the interview. “Yeah, yeah, now you've got the incentives in the right place, right? So, it's capable of being done. And they're trying to use the incentive now that we're going to blow your brains out, America, in terms of your debt-worthiness over time. And that's being used as a threat. 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.'"
The only problem, he added, is that the people who would have to pass this law are the same ones who would lose their jobs.
Buffett also said he has placed a $1 bet with former White House budget director Peter Orszag that the U.S. unemployment rate will fall to below 8% by the 2012 presidential election. He believes that home construction will recover and the construction industry will start hiring more.
What if Buffett is wrong about the housing market? Then, he says, “I lose the bet.”
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