Warren Buffet’s plan to eliminate the national debt . . .

Photo above - Warren Buffet serenades his model train set on Chinese New Years. But what does he have to say about the national debt? Read below . . .

I always enjoy reading the financial advice of billionaires. Even if someone is older than Trump, Biden, and Pelosi combined. (Warren Buffet is 95.)

Warren’s budget plan IS pretty sweet: If congress can’t pass a balanced budget, immediately hold new elections. The sage of Omaha admits this would require a constitutional amendment, because none of the 100 senators and 435 house members would vote to enact a law like this. In fact, it would probably end up in the desk drawer of Senate majority leader and Speaker of the House. If you believe my assumption is wrong, please explain why.

But Buffet’s got a neat party trick included to the “you’re all fired” rule. America can pass a constitutional amendment without congress even getting a chance to vote on it at all. If enough states ratify it, the Senate and Congress (and the President) can go pound sand. Buffet’s amendment would immediately call new elections if a balance budget cannot be produced by the due date.

So far so good. This is how they handle things in Merry Olde England . . . if the F#ck around, they find out that new parliamentary elections are held. It’s a matter of law. But in England – like America – having budget eff-ups doesn’t trigger new elections either.

But there’s a problem. In England the rules are designed to ENSURE that the incumbents already in office hold onto their seats. England has 25 days to pull off the new vote. Hardly enough time for an opponent to explain his plans (or lie about them). So the blokes from Manchester, Liverpool and Luton are usually re-elected. And even if an incumbent is defeated, how happy would you be having just 25 days to uncover all the BS which their challenger has ever pulled?

And anyway, elections are expensive. The media spots. The debates. The bribes. Sheesh!

Sorry Warren . . . I have an even better idea. Instead of calling new elections, write the amendment so that DC politicians CANNOT BE PAID if there’s no balanced budget. All of them: the Senators, the House Members, the President. You folks may have shown up and sat at your desk, but you failed to do your job on time. Pay suspended until you finish it.

This probably isn’t going to matter to the mega-millionaires in Congress. But for the financial mortals (Fetterman, AOC, etc) this is going to strike like a lighting bolt. Some Senators even have a NEGATIVE net worth: Tim Scott (SC), Joni Ernst (Iowa), Tammy Duckworth (Illinois). So the pressure for congress to do its job could become intense.

Of course, it’s possible that a balanced budget would be achieved with massive tax increases. Trillions and trillions. Don’t laugh. We have a congress that loves 800 military bases around the world and huge entitlements for everyone and everything. Maybe we need a second part of the amendment that says congress cannot increase taxes by more than the rate of inflation?

I’m just sayin’ . . .

https://www.msn.com/en-us/money/savingandinvesting/warren-buffett-s-financial-plan-to-eliminate-america-s-debt-in-5-minutes/ar-AA1Ep0uB?ocid=msedgntp&pc=HCTS&cvid=697a3dfcd0144402a3b08d75f4dbb154&ei=80



Warren Buffett’s financial plan to eliminate America’s debt in 5 minutes