How to end the deficit

“I could end the deficit in 5 minutes. 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 reelection.”

— Warren Buffett on CNBC.

Via: Signal vs. Noise

I really like the out-of-the box thinking expressed here by Warren Buffett. It reminds me about a conversation I once had with a friend about taxes, and her suggestion that incomes can be capped by taxing income over a certain threshold at 100%. I was intrigued by the simplicity of the plan (however unlikely it would be to implement). Mr. Buffett’s suggestion is equally simple (and probably just as unlikely to be implemented).

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