Posted 12/12/2023, 7:55:18 PM
Buffett Pushes Novel Plan to Incentivize Congress on Deficit
- Warren Buffett proposed a law stipulating Congress members become ineligible for reelection if deficit exceeds 3% of GDP
- Goal is to incentivize legislators to keep deficit below threshold to secure reelection eligibility
- Proposal resurfaced recently on social media as debt/inflation dominate economic climate
- Critics argue plan could lead to less focus on key areas like infrastructure, education due to deficit emphasis
- While unlikely to be approved, reminds Congress of need for accountability, fiscal responsibility regarding debt decisions