Warren Buffett: I Could End the Deficit in 5 Minutes
**Written by Doug Powers
Billionaire Obama supporter Warren Buffett weighed in about deficit reduction with a hypothetical plan:
“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.”
I like it, Mr. Buffett, but you might have more than a little trouble getting both chambers of Congress to pass a law that castrates their power and would ultimately send them looking for private sector work in this economy.
Buffett also added:
“We will pay our debts in the end,” Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., said in a Bloomberg Television interview on “In the Loop” with Betty Liu from an Allen & Co. sponsored conference in Sun Valley, Idaho. “Our credit is good. It’s not like if we don’t pay we can’t pay. We have the right to print our own money. The U.S. is a very special place.”
We also have the right to drive rusty nails into our necks, but that doesn’t make it a good idea.
(h/t The Big Picture by way of My Investing Notebook)
**Written by Doug Powers
Twitter @ThePowersThatBe
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I know how you could end this in 5 minutes also warren, give ALL your money and assets you have to pay off the debt! That would make a small dent.
L
The guy isn’t even a decent tipper so don’t expect him to part with a dime he can’t write off.
The American people should be smart enough to do this on their own without a law.
Unfortunately this congress has already found a way around a law like this. They just won’t submit a budget.
The problem with Warren’s idea is that the same scummy congress who cannot regulate themselves somehow will get their act together to pass a law which they will most likely promptly ignore anyway.
How many deficit reduction acts have been passed by congress?
And a balanced budget amendment is dead anyway, how many states would vote for it if they knew the gravy train to their capitals would end?
I don’t see how that would be effective. The GOP insisted on cramming their major entitlement initiatives and amnesty down our throats which cost many of them their jobs in 2006 and yet came back with amnesty again and more government spending to get creamed again in 2008.
The Dems did the same thing between 2008 and 2010 despite watching their numbers crater and got killed last November.
Now the GOP is about to blow it again Sunday when they cave on the debt ceiling “compromise” after rationalizing that they caved in to Obama over the budget compromise in order to get the small matters off the table so they could force the concessions on the big issue. This was supposed to be the final showdown over the budget yet they are going to cave.
Apparently, caving is a very lucrative strategy. You spend a couple of years in the House and then take a big salary in the private sector as your reward.
The only solution is to balance the budget and cap spending backed by a constitutional amendment. Otherwise, it’s the death penalty.
Warren’s got the right idea, but he needs to include the teleprompter-in-chief and his faithful sidekick, Toto.
If ever and until lobbying becomes a TREASONOUS offense, politicians will contine to fill their re-election pockets with ill-gotten corporate give-backs. “There are no men in Washington.” Only bought-and-paid-for puppies.
He also said in a CNBC interview from the same location that since (he says) the top 400 earners in America pay a tax rate of 16% when it’s all said and done is not right and not consistent with our history.
So the CNBC host asked, “If that’s such a concern for you, why don’t you just write the IRS a big check?”
He had a muddled answer to the effect of “no one’s going to do that.”
So the follow up was… “So, rather than control your own money and donate it to charities you chose, you prefer to hand over you money to the government and let them spend it however they want?”
I didn’t catch his answer, but the bits I heard seemed evasive.
Why Buffet supports Obama is a mystery. Other than his support being a bribe of sorts, it makes not sense. So I’ll assume it’s Buffet hedging his bets.
I’m going to miss this country.
No it isn’t. Buffet has done spectacularly well investing in crony capitalism.
I have the same question on why alot of the Jewish population here in America supports bho! Must be what those can get from being foto?
L
Warren Buffet is no better than Soros.
Yes, Warren – it’s almost magical! We print it up, and give it to rich people like you to invest. You get to make a tidy profit off of it before the effect of all that extra cash, the devaluation of the currency, takes its toll on the little people, like the retirees living off their savings.
It’s a freakin’ Utopia.
By “we” he means our descendants will pay our debts after he is long gone. It is immoral to use our children’s credit card to pay for our own spending.
There are always more good causes than there is money to pay for them. But as long as the looters, moochers, and do-gooders have control of the credit card, we will continue to “buy now and pay later”.
Overspending is always more exciting than the boring discipline of responsible spending, but that doesn’t make it right. The biggest lie in the pop music we grew up with came with the message, “If it feels good, it can’t be wrong.”
(In before the OKTroll) – That’s what I was going to say – anybody who doesn’t understand what Buffet sees in Obama hasn’t paid much attention to the investments Buffet has made, especially in comparison to the bailout money that went to K-Street.
Buffet is a hypocrite in that while almost all of his income is passive income, he is arguing for big hikes in taxes on earned income. He is a cynical phony.
This all comes back to us (the American people), unfortunately.
We’re all for the term limits and the “you just pass a law that says they’re ineligible blah blah blah”.
We have to do our @##@$$ job and vote these defectives out when they screw up (and screw us) time, and time, and time again. We have to pay attention. Things are in a huge mess, and most people are still tuned out.
IF we won’t do our job, and every indication is that we won’t, then we’re done.
The problem is, if we are paying any of this debt off, we are paying it with inflated dollars, thanks to all the Fiat Money expansion at the Fed. So if you hypothetically borrow a million dollars, and you have 10% inflation for the year, and repay that loan one year later, you actually paid back less money because you’ve inflated away it’s value by 10%. So you actually paid back 900K.
Of course, we don’t actual pay off the debt, we just make interest payments on it.
A better plan than Mr. Buffett’s would be for the folks in D.C. to stay within the confines of the Constitution, and do only what the Constitution authorizes them to do. And that would be Article 1 Section 8, and the amendments. If this were done, then 90% of the spending would end. The Sovereign States, and the people there of, would then have there rights under the 10th amendment.
They could decide if they want Food Stamp, Job Re Training, Social Security, Medicare, WIC, etc, etc. You wont find any of these, and so much more, anywhere in the Constitution or it’s amendments. Plus we could do away with the TSA, Patriot Act, Homeland Security, Obama Care, and every other liberty robbing thing they have done to us.
If you go to John Williams site, Shadow Stats, you will see that the year over inflation rate from April 2010 to April 2011 was over 10% Inflation for May 2011 was 11.2% when you factor in what the Government leaves out. Energy, Food, etc.
i actually like the idea. prior to the progressives, the national debt was below 3% of gdp, but the progressives found out its easy to get votes, just promise paradise, and let the rich pay for it. but now obama would have us believe people making 250 grand are rich and have private jets that fly all over the world.
Phil, besides that he and Gates are using charitable giving to lower their taxes while making other taxpayers subsidize their giving. Then they compound the tactic by giving the money in India and China, where each are doing huge levels of business, thereby incurring positive PR at the expense of U.S. taxpayers. I’m working hard to convert my earned income to passive income of a long term nature, and I too will head for the warm confines of Fla with no income tax. I own three rental properties now, and plan to buy another piece in the next couple of months.
Warren Buffet kisses Obama’s butt to keep the regulators and Wall Street investigators off his tail. Like someone else also mentioned, he makes a ton of money from Crony Capitalism. Government money steered to his portfolio of companies. Everyone knows the majority of Wall Street backbone administration has been complicit in fraud. How many times have we seen these Democrat Wall Street tycoons get away with mortgage bundling fraud? Insider trading? We invested our 401K but ended up losing 30-40% of its value. Yet these guys made millions on front load percentages and maintenance costs. The majority of Wall Street is Democrat. It’s an insiders club. Warren Buffet needs an audit.
Great idea, Warren. And since we are playing “Things That Would Be Nice, But Will Never Happen,” what is the lamp genie going to grant you with your other 2 wishes? May I suggest term limits and no retirement pensions and benefits for congress critters and an end to public sector unions?
Boring Buffett; I keep getting Boring Buffett confused with the Margaritaville Man. Henry Ford wanted to run America–thankfully he got sent back to making cars.
Buffy’s attempt to intimidate the Congress by saying they should pass a law that could cause their unemployment is very much like a parent telling his or her kid to go cut a tree branch for the parent to use on the kid’s backside. Brilliant.
Did he need 15 more minutes of fame or what? Buffett will fix the economy right after he writes a check to the gov for the taxes he thinks he needs to pay.
Since when would any of these whores in Washington vote for something that is not in their direct personal/financial interests? Yeah Warren, I can end the deficit in 5 minutes also; Ill dig a hole in my backyard, come upon a heretofore undiscovered gold mine with billions of pounds of gold, and turn it into the government to retire the deficit and the national debt. That’s just as likely to happen as what Warren said.
Errah, While you’re at it then pass a law that Hillary Clinton, Madeline Albright and Janet Napalitano all have to wear tube tops and hot pants from this day forward and they have to look good in them! I think I just heard the Sun explode!
And why is Warren Buffet even talking? He supports the deficit spenders, he voted for each and every leftist that ran in his area.
DEAR GOD MAN!!!
Have you no mercy?!?!?!?!
My eyes…. they’re burning……
I agree with that, and I suggest no more free premium healthcare. They can be offered participation in a variety of group plans available to any citizen….and they can pay a monthly premium for the privilege.
I’ve got a law for you to pass…..
Death penalty for leaving your “Garage Sale” sign on a utility pole for more than 24 hours after your garage sale is over.
For fifteen more minutes of fame to assuage his over-inflated ego.
OT but good news. Texas offed the piece of filth that raped and murdered 16 year old Adria Sauceda.
Here’s what he had to say on his way to hell.
And for those liberals feeling sorry for this garbage, read on.
Errah, Too bad he wasn’t in “general population” in the Texas penal system cuz this would have been over 12-15 years ago. He would have slipped on some soap in the shower and fallen on a sharpened toothbrush 27 times (in the back)
Cmon, but he came from a bad childhood. Obama was afraid that the execution could chill Mexico-American relations. George Bush also tried (indirectly) to get this demon a new trial in 2005.
Go away Buffett . . . being filthy rich makes you nothing but filthy rich.
Hooray for Tejas!!!
Now, tell the Mexican Embassy they can come and pick up his remains.
Was that a cup of “tea” the interviewer was drinking?
Errah, Just catapult them over the fence!
I forget who originally posted this about Warren Buffet, but it shows just who he is and why he acts as he does.
BTW Marco Polo, I’m going to let your comment slide this time, next time probably not.
Sadly though, the execution was via “lethal injection”. If the state of Texas had a pair, they would have hanged him.
Preferably the good old-fashioned American way: off the back of a horse.
If Warren was truly forthcoming, we’d get to see his tax returns…just like Bill Gates, these guys are all bluff and bluster. They love giving their buddies in Congress a small bribe for great, big returns. They get laws passed which benefit their investments, and politicians get rich (but, not as rich as them). A pox on these traitors and the reps they have in their pockets.
(sniff) What is that smell?! Warren, did you do poopies in your pants again?!
Could you throw Elana Kagan in there too, Please?
Good one!
Could you
throwcatapult Elana Kaganinover there too, Please?She is a wise Latina. I think they need some of those down there.
His idea is actually pretty good; unfortunately it wouldn’t happen even if hell froze over, because politicians do what is in their best interest, not ours. If they did what was in the country’s best interest, we wouldn’t be in this position or need such a law.
STFU Warren
I agree with Phil about the deal on the debt ceiling. The caved on the earlier budget compromise battle and said they were setting up for the big battle over the debt ceiling. They get bludgeoned by Obama with demogoguery, name calling, slander, character assassinations, and MSM frenzy and what are they contemplating? Caving?
Obama plays brinkmanship on all these issues. Why not call his Warren bluffit? He’s the guy in charge and should take the fall for not being able to lead.
I think they are more worried about thier own jobs than in doing whats right. They don’t make the connection that doing this hard thing will ensure their jobs. They just think they will be “blamed” and will suffer in the election.
Do the right thing here. Stand your ground. No debt ceiling hike without big spending reductions and no new taxes. Get it in writing BTW. Obama is a liar.
Standing your ground will cause huge problems for Obama. HUGE! He can blame away but he will be the one with the biggest problem. Don’t let him off the hook. He will swim away and piss in your drinking water.
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They would just try to redefine what the GDP is and what it consists of.
More China’s problem than it is our’s, but I get your point.
This in conjuction w/ David Plouffe’s snarky comments yesterday constitute “The Turn”. Railing at Evil Banks won’t cut it this go round so someone else will have to play the bad guy?
I’ve never viewed WB’s ‘relationship’ w/ Bammie as anything more than a Paid Endorsement. Excellent comments all btw!
“The only way for Obama to stimulate the enormous private sector job growth needed to ensure Obama’s reelection is for Obama to announce he is not running for reelection, which would unleash a wave of investment and economic activity not seen since the Great Depression.”
William A. Jacobson
A very small dent, indeed. It doesn’t even begin to tread water with all of the debt Barry and the Dem gang are racking up.
Amen.
In fairness, he’s right on both counts.
Problem is one will never happen and the other is a bad idea for other reasons… but within the narrow scope he was discussing both are true.
I’m sure many of you have read Niall Ferguson’s “The Ascent of Money”. In it, he devotes part of a chapter (p. 305 on) highlighting how hedge funds and the super wealthy have become “economic hit men” who operate to fundamentally change countries to their own advantage. Unfortunately, he dwells mostly on George Soros.
There are many more such “hit men” and I include Warren Buffet among them. Together with the sovereign wealth funds and other unregulated and undisclosed investment vehicles, these “dark pools” dwarf the investment capital regulated and disclosed in our publicly-traded markets.
These “hit men” have direct access to all of the functionaries who occupy the halls of power, elected and unelected, and have become the most important factors in acquiring power. They are “kings” to those I often refer to as our entrenched criminal class of elected weasels and explains why our government seems relentlessly at war against America voters. The “kings” have so much more influence and power to corrupt. Our government doesn’t have enough men of honor to say “no” to these hit men.
I expect we will be given yet another example of just how hopelessly corrupt our government has become this Sunday. I am sure Weepy will declare a victory in another of his trademark weepy statements.
And why are we still here?
has someone been reading Bret Easton Ellis again? Yikes.
And…there’s the problem!
History is rife with examples of countries printing paper money ad infinitum. Just because you do so does not mean you are paying your debts, bonehead! The more you print, the more debt you owe! Duh!
Schmuck.
Phil, I’ve been on a soapbox about this for as long as I can remember. Many recall when the “big mutual fund ‘scandal’ ” hit in ’03. I worked at XYZ Funds ( just months prior ) and they were hit w/ one of the biggest SEC Fines ever. ( I was a retail guy but I knew what was going on, hence my departure )
Well, nailing the market timers and late traders b@lls to the wall was a great start. But no one ever went after the HEDGE FUNDS!
Had they been reigned in just after the Tech Bubble, something could have been done about them! No one could explain what they were ‘doing’ ( but everyone knew they were making buttloads of CASH! )
Well, post-housing bust we all know what their game was? I was screaming at the top of my lungs. LOTS of us were. All the scrutiny went to the Open Ended Fund side and -zero- to the HF side. We were all told to stfu.
A CNN poll shows that only a small percent of the public thinks that Obama is to blame for our economic problems. Let’s look at some essential facts.
1. In 2006 the Democrats won both houses of congress, with a super majority in the house. At that time they had complete power over economics. The Republicans were neutered.
2. According to Orzsag, Obama’s financial guru, the recession began in the fall of 2007, one year after the Democrats took complete control of the spending.
3. In 2008 Obama was elected. The world knew he would be, and no investor with any sense would put his money where Obama, a self-announced redistributionist, could reach it.
4. The Democrats spent most of the Bush presidency trying to destroy Bush, to the exclusion of all else. Never a thought to improve the nation. Just ‘Get Bush.’ It was grotesque.
The problem here is Democrats. Reckless, malicious, wild-eyed Global Leftists hell bent on destroying the nation so that they can re-assemble it to their liking.
I too worked for a wire house and was uncomfortable with all of the “suspension of disbelief” one had to indulge in to feel all was right.
It is so much better being completely independent and working for myself. There is plenty of honest money to made out there.
But your point about the wrong people being punished is a constant theme. The flash crash was due to the difficulty ETFs have in executing clean trades and even settling at the end of the day (which doesn’t happen, takes an average of 14 days to settle). Yet, the regulators decided to impose new rules but exempted the ETFs.
Same with the bank bailouts. They cracked down on the “too small to matter” banks who mostly did everything right while enriching the “too big to fail” banks and absolving Fannie and Freddie from any guilt.
That’s always the way it is. The guilty, owning the regulators, get richer while the rest of us are “punished” for not being big.
Warren,
I lost all my respect for you….
So, STFU…..
Sorry for my language.
If Congress really wanted to reduce our deficit and balance our national budget, they would immediately reduce the U.S. corporate tax rate.
At 35% the U.S. corporate tax rate is too high compared to the rest of the world.
As a result U.S. corporations have an incentive to move their money to countries with lower tax rates.
Google is just one example of a company that takes advantage of lower international tax rates:
Just imagine how quickly our economy would start roaring if the corporate tax rate was reduced to the point that all of that corporate money moved back to the United States and was used to create millions of new jobs.
Not saying it’s the only reason but Buffet is all for the death tax as he has his own people waiting with baited breathe to snatch up any and all valuable land and promising businesses lost due to the death tax…when beneficiaries can’t come up with the tax bill.
And I thought all those cuts on Democrats necks were from shaving. Thanks for the info Doug.
On July 08, 2011 at 01:01 pm, Hangfire said:
you are not alone; death penalty might be a tad harsh but the signs are a blight and draw fly like critters.
If there was every a person worthy of being drawn and quartered this a-hole is high up on the list.
Good riddance, may the a-hole rot on hell.
is there remains of that POS.
I am really tired of these inflated egos – Buffet, Trump, Gates, various rock stars and actors – who pontificate from on high, telling all of us that the best thing for us is to have our taxes raised. This while continuing to live their comfortable lifestyles without worry.
Meanwhile, they work hand-in-hand with the Marxist clowns like Obama in a mutual arrangement trying to insure that when the entire house of cards collapses, they will end up with the most “stuff” while the rest of us are scrounging and fighting off society’s dregs to keep ourselves afloat.
Stuff it, Buffet.
One could also move in the right direction if all the defined retirement benefits of politicians and their staff were changed after the next election to defined contribution plans like us working stiffs have.
There would likely be a stampede to the door from both parties. The void would be filled with folks who understand that there would be consequences to their future retirement plans for their actions as politicians…
Feel free to tweek it so their retirement benefits would be more sensitive to other market forces, like unemployment, inflation, regulatons, etc…
Gee, and I thought republicans were the party of the rich white guy.
All his proposal would me is that the nation lives perpetually with a 2.99999% deficit. That’s not acceptable. It builds the national debt ever higher.
{^_^}
What?A law that makes a member of Congress ineligible for reelection?
That’s absurd. The American people should be informed enough to determine who is and who is not eligible for reelection when we cast our vote.
The problem is, every year a new crop of young skulls-of-mush reach voting age and the pool of voters is further diluted with ignorance.
Well, I agree with ol’ Warren here. We WILL pay. It’s just a matter of how, and how painful it will be. Those who would dance must pay the piper It’s written into the law of economics, which is the one law our government can’t tamper with.
Will we pay be reigning in a rogue government and scaling back our spending? Or by crashing our currency and our economy? Germany paid for it’s WWI obligations — just not in the way the victors anticipated.
Maybe Buffett’s company should buy Amtrak from the Feds and run it. His company already owns Burlington Northern Santa Fe. Could be a WIN-WIN?
Bingo.
We are far past the point of laws to correct our problems. We have a locust swarm of laws already.
Only an aware and engaged electorate that actually cares about their freedom, and their country can keep this country going. Voters are the only “term limits” this country needs.
I know that it is an idealistic notion that we could cause such a change, but it is no more idealistic than Buffet’s proposed law, and since our government so frequently no longer obeys its own laws anyway, it really is our only way out.
Doubt it. BNSF is profitable because of economies of scale and efficiences associated with shipping goods on long-distance rail. Amtrak would need to reduce costs substantially and the upgrades to high-power locomotives and replacing heavy steel rolling stock to light aluminum won’t make a dent in Amtrak’s business model.
You can’t get enough people to travel long distance on rail to make it work.
Riding Amtrak is already expensive even with the enormous government subsidies.
Whatever economies and improvements BNSF could make probably couldn’t absorb the loss of those subsidies and then turn a profit. Amtrak can only exist with taxpayer subsidies.
Sweet.
Add to that no pay for any public official in the federal government until the debt is paid off, and you have a REAL recipe for success.
The problem then will be the intensification of the way these losers cook the books to make the situation look less sever than it is.
RWR
http://www.rightwingrocker.com
Well said Doug.
Very well said.
RWR
http://www.rightwingrocker.com
The American people should also be smart enough to know when they are being snookered by politicians.
Evidence from the last six election cycles is more than ample proof they aren’t.
RWR
http://www.rightwingrocker.com
It won’t.
It’s one of the few rights the government hasn’t successfully stolen from you.
RWR
http://www.rightwingrocker.com
I’m going to keep fighting the good fight – with or without the nose-holders.
RWR
http://www.rightwingrocker.com
Wow.
Couldn’t have said it better myself.
That’s going in my quotes!
RWR
http://www.rightwingrocker.com
Excellent points, pokenhorn!
Which is why the leftists must be purged from our country. They have been nothing but trouble.
We already have that option Warren, but we the people are too stupid to use it.
Buffett is an enabler of the Congress we already have and his option of ending the deficit was a waste of air
Nice soundbite, but as usual with Buffett a little to self0serving of the Buffett legend
Sounds tough, and feeds at the Democrat trough like all too many
Buffett’s immoral generation has spent twice as much as they have brought in. It’s not the least bit clear how and when he thinks we will pay this back. Talk about a senile disconnection from reality.
As for the deficit, he’s absolutely right, but while he supports the O’Bozo administration’s nuclear-deficit-expansion spending, he just looks like a liar and an idiot.
Warren Buffett is the greatest investor America has ever produced, this man is brilliant and of course he knows that Obama is awesome.
I guess you just have to have some serious brains to like Obama.
Move along conservatives, get back to Brit Hume and deep fried twinkies.
We could eliminate the deficit if tax-increase advocate Warren Buffett paid his own taxes.
But taxes are for little people.
This bit of idiocy illustrates the mental defect so universal in the brainless dweebs of the Left.
Buffet is highly skilled at making money. That does not mean he knows anything at all about anything else.
But that credential he has (Greatest Investor, Evah!) causes the brain defective fools into thinking he has something useful to say about culture, society and politics ….. especially since he agrees with them.
Believing Buffet knows anything about what is better for the government to be doing or not doing for the well being of society than the average reasonably smart Joe Schmoe knows is just as mindlessly idiotic as believing Sean Penn or Alex Baldwin or Michael Vick have wisdom to impart regarding politics due to their celebrity.
If anything, specialization such as Buffet and most other celebrities have done in order to become so inordinately successful in their chosen field of endeavor is an indicator of a probable lack of general wisdom regarding culture and society.
And yet another reason for me to want to retire in the Philippines. There is corruption there, but at least they are up front about it.