Warren Buffett and a 5 minute plan to fix the budget?

[Phil Fiord]

Ok, I received an email claiming Warren Buffet was interviewed on CNBC and claimed to be able to fix the federal budget in 5 minutes.

I did a quick search and indeed, he did say this on CNBC, but seeing as I know not one soul who ever watches that station, how would I know.

Still, here is the link to the CNBC article and following that, the email that expands upon this idea.

http://www.cnbc.com/id/43670783/Warr...ix_the_Deficit

Warren Buffett's 5-Minute Plan to Fix the Deficit


Published: Thursday, 7 Jul 2011 | 11:21 AM ET

BY Alex Crippen
Executive Producer

CNBC

Warren Buffett says he could fix the U.S. deficit problem very quickly.Here's his not-entirely serious (but not entirely joking either) plan, as told to Becky Quick during this morning's live interview on CNBC:
"I could end the deficit in five minutes. You just pass a law that says that any time there's a deficit of more than three 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? (Laughs)






So, it's capable of being done. And they're trying to use the incentive now that we're going to blow your brains out, America, 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 done.'"
The only problem: the people who would have to pass such a law are the same people who would lose their jobs.

UPDATE: An attorney in St. Louis, Jarrad Holst, points out by email that there is a way to enact Buffett's idea without the cooperation of Congress. Under Article V of the U.S. Constitution, a "Convention for proposing Amendments" is convened when called for by the legislatures of two-thirds of the states. A proposed amendment would then need to be ratified by the legislatures of three-quarters of the states. If that happens, and it is a very, very big if, Buffett's deficit plan would become the law of the land. That process would, however, take more than five minutes.

They covered many other topics. You can find the full transcript and video clips here on Warren Buffett Watch.

The email I received says the following.

THIS IS HOW YOU FIX CONGRESS!
Please consider this and perhaps passing it on. Thanks.

PLEASE Read and Pass On To 20 Of Your Friends...
Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:

"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.
The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months & 8 days to be ratified! Why? Simple! The people demanded it. That was in 1971 - before computers, e-mail, cell phones, etc.
Of the 27 amendments to the Constitution, seven (7) took one (1) year or less to become the law of the land - all because of public pressure.
Warren Buffet is asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise.
In three days, most people in The United States of America will have the message. This is one idea that really should be passed around.
Congressional Reform Act of 2012
1. No Tenure / No Pension.
2. A Congressman/woman collects a salary while in office and receives no pay when they're out of office.
3. Congress (past, present & future) participates in Social Security.
4. 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.
5. Congress can purchase their own retirement plan, just as all
Americans do.
6. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.
7. Congress loses their current health care system and participates in the same health care system as the American people.
8. Congress must equally abide by all laws they impose on the American people.
9. All contracts with past and present Congressmen/women are void effective 12/1/12. The American people did not make this contract with Congressmen/women.

Congress made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.
If each person contacts a minimum of twenty people then it will only take three days for most people (in the U.S. ) to receive the message. Don't you think it's time?

I have to admit, this would fix the budget if able to be done. This as well as clean out the old rotted wood career politicians.

The only part that tends to make me concerned is opening up a new amendment. What we do not need is further negative tampering and the way things are today, any thing federally official has an issue.

[American Patriot]

I don't know it would fix the budget, but it would sure as hell fix Congress. LOL