Warren Buffet: "I Could End the Deficit in 5 Minutes" - Politics version 7.0 -- Two Plus Two Poker Forums

Two Plus Two Forums Archived Forums Archived Other Topics Politics version 7.0

Warren Buffet: "I Could End the Deficit in 5 Minutes"

...

05-27-2016 , 03:13 PM

adios

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 22,530

Warren Buffet on Ending Budget Deficit

Not a huge Buffet fanboi but these ideas would actually work if implemented:

Quote:

1. No Tenure / No Pension.

A Congressman/woman collects a salary while in office and receives no pay when they're out of office.

2. Congress (past, present & future) participates in Social Security.

All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all
Americans do.

4. Congress will no longer vote themselves a pay raise.
Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and
participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the American people.

7. All contracts with past and present Congressmen/women are void effective 1/1/12. The American people did not make this
contract with Congressmen/women.

All big govt fanbois should be ready to take the old curmudgeon to task. Discuss

05-27-2016 , 03:18 PM

LetsGambool

banned

Join Date: Jan 2007 Posts: 26,568

Alternatively, they could take the two minutes to make sure that they weren't being fooled by a years old chain letter. The Buffett quote is accurate, the ideas that you are suggesting....nothing to do with Buffett.

I mean, this really passed the smell test to you? That Warren Buffett suggested we could end the deficit by limiting Congressional pay raises and ending Congressional pensions? That Warren Buffett started a chain mail campaign?

Come on man. Be better. Also spell the man's name right

Post grade: F

Last edited by LetsGambool; 05-27-2016 at 03:24 PM.

05-27-2016 , 03:19 PM

kioshk

Nixonian

Join Date: Oct 2006 Posts: 92,839

He might eat it and wash it down with a Coca-Cola.

05-27-2016 , 03:22 PM

jjshabado

Carpal Tunnel

Join Date: Jul 2006 Posts: 22,732

It's hard to respect someone's intelligence that believes these ideas "would actually work if implemented".

Edit: Lol, and the quote that was actually attributed to him was:

Quote:

"I could end the deficit in 5 minutes," he told CNBC . "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 re-election.

That, at least, probably would work. Not that it makes it a good idea...

Edit2: From Snopes:

http://www.snopes.com/politics/quotes/buffett.asp

Quote:

CLAIM: Warren Buffett quipped that he could end the deficit by passing "a law that says anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.

TRUE

...

although his remark was more in the nature of a wry commentary on the workings of Congress than a serious proposal for tackling the budget deficit.

The rest of the lengthier e-mail in circulation (see example quoted below) has nothing to do with Warren Buffett. What is presented as the "Congressional Reform Act of 2011" began circulating on the Internet in October 2009 as the "Congressional Reform Act of 2009." In a nutshell, what is presented as a proposed 28th amendment to the U.S. Constitution isn't something that has been put forward by any member of Congress and thus is nothing more than a bit of Internet-based politicking.

05-27-2016 , 05:48 PM

spaceman Bryce

anything you guys want

Join Date: Dec 2005 Posts: 20,646

Ibet at his age it would probably take 12-13 minutes and he would be short of breath.

05-27-2016 , 05:52 PM

FoldnDark

Carpal \'Tunnel

Join Date: Jun 2009 Posts: 11,930

Damn I did not know we were spending 500 billion dollars on our congressmen! Kickem out! Trump trump trump!

05-27-2016 , 06:19 PM

JiggsCasey

Carpal \'Tunnel

Join Date: Jan 2009 Posts: 7,275

adios, please come back to your thread...

05-27-2016 , 07:13 PM

adios

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 22,530

If you don't get why having Congress put their pension funds into the SS trust would have a positive effect on wasteful spending then you need to educate yourself totally about how the federal government does it accounting for the SS trust fund. Report back with your answers when you educate yourselves.

05-27-2016 , 07:23 PM

jjshabado

Carpal Tunnel

Join Date: Jul 2006 Posts: 22,732

Oh, so you just mis-titled your OP?

05-27-2016 , 11:19 PM

#10

LetsGambool

banned

Join Date: Jan 2007 Posts: 26,568

Loooooooooool at asking anyone to educate themselves after making this abortion of a thread. Loooooooooooooooooool

05-28-2016 , 10:38 AM

#11

Bladesman87

Carpal \'Tunnel

Join Date: Jun 2009 Posts: 14,543

Quote:

Originally Posted by adios

Maybe it would, but it's not exactly going to be a huge part of ending a national deficit in such a large economy, is it?

Kind of amazing that you read this and thought it sounded plausible that Buffett would come up with this list and distribute it, and even more that it sounded plausible that it would end the US deficit "in five minutes".

05-29-2016 , 10:06 AM

#12

Deuces McKracken

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 9,335

Ok so we've learned a few things about Adios. Or maybe I was a slow pony on that.

I will admit that when I read OP I didn't automatically know it was fake. I honestly thought that Buffett had gone demented.

05-29-2016 , 01:26 PM

#13

Jbrochu

banned

Join Date: Jan 2005 Posts: 16,054

You were definitely slow pony. This is classic adios.

05-31-2016 , 04:34 AM

#14

steelhouse

banned

Join Date: Feb 2007 Posts: 6,109

A lot easier, tell congress if they have a deficit then they pay the difference out of their own money, salary, assets, and future earnings. Take their houses, their cars, their savings, and retirement. However a 1% deficit/debt might be good for the currency as medium of exchange.

05-31-2016 , 05:21 AM

#15

jjshabado

Carpal Tunnel

Join Date: Jul 2006 Posts: 22,732

Even easier, tell them they'll be shot!

05-31-2016 , 12:28 PM

#16

florentinopeces

old hand

Join Date: May 2015 Posts: 1,199

Quote:

Originally Posted by LetsGambool

Loooooooooool at asking anyone to educate themselves after making this abortion of a thread. Loooooooooooooooooool

oooooooooooooo ooooooooooooooooooooooooooooooooo!

06-03-2016 , 05:27 PM

#17

omnishakira

High Troller

Join Date: Sep 2007 Posts: 9,732

Quote:

Originally Posted by LetsGambool

Loooooooooool at asking anyone to educate themselves after making this abortion of a thread. Loooooooooooooooooool

youre easily amused

06-08-2016 , 12:21 AM

#18

Howard Beale

Formerly red

Join Date: Sep 2005 Posts: 22,190

Jackie Mason used to riff about this in a comedy routine (as best as I can recall):

'You want to fix congress? Put them on commission!'

...