Warren Buffett: “I can end the deficit in five minutes.
You just pass a law that says that any time there’s a deficit of more than 3 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? So it’s capable of being done.
And they’re trying to use the incentive now we’re going to blow your brains out, America, you know, in terms of your— of your— in terms of your debt worthiness over time, and that’s being used as a threat. A more effective threat would be just to say if you guys can’t get it done, we’ll get some other guys to get it down.”
Don’t think I agree with all of David’s points here but there are a few interesting points for sure. For one, if there is no debt deal, it is one depressing large man-made lake full of black swans! Black swan lake! Have a read of “Depression and Decline: American Irresponsibility is Ending the American Era with a Bang“