Recently, I came across this meme quoting Warren Buffett.
Not one to fall for hoaxes, a search with DuckDuckGo search revealed this clip from financial propaganda broadcaster CNBC:
Buffett said this:
"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. Yeah, yeah, now you've got the incentives in the right place, right?"
But that would fail to end a fiscal year deficit as it would allow for a deficit of $631.5 billion as 3% of current dollar GDP calculates to that sum. Current dollar GDP is over $21 TRILLION.
Assuming the debt is zero, which it is not, with current GDP as $21.049 trillion and assuming 3% GDP growth with deficit spending at 3% of GDP each year, the cumulative debt in 10 years on Buffett's plan "to end the deficit in five minutes" would be $7.239 TRILLION!
Thus, Buffett reveals his stupidity and the sycophantic, #FakeNews CNBC host / presenter in the clip lacked the intellect to question Buffett on his publicly-expressed stupidity.
The way to stop deficits and thus deficits cumulating into a running debt is to end positive-rights jurisprudence, you know, constitutionally-questionable stuff like Medicare, Medicaid, SNAP / food stamps, Section 8 vouchers, Pell grants, subsidies to farmers.
As well, you start levying tariffs on all imports from all countries whose capital spending per person is less than that of the USA and you do it proportionally. To see why Congress should levy tariffs, see this work on the True Dollar Journal: NAFTA? CANADIANS SHOULD PAY A 15.5% TARIFF FOR EXPORTS INTO THE USA. THE WORLD SHOULD PAY MUCH MORE.
Buffett is a corrupt political entrepreneur. Buffett profited from the 2008 bankers' bailout after the collapse of banking owing to the largest credit bubble created in the history of mankind, the Greenspan-Bernanke Great Inflation. Buffett is the most overhyped billionaires as a "shrewd investor" in the history of the USA.
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