Elon Musk endorses Warren Buffett’s 5-minute plan to erase the deficit — bold idea gains momentum

Over a decade after billionaire investor Warren Buffett had given a quick fix for America’s budget deficits, his old interview clip is making waves again on social media, and this time his idea is being backed by Tesla CEO Elon Musk and Utah Senator Mike Lee, as per a report.

Warren Buffett’s Deficit Fix Resurfaces

Recently, Lee shared a video of Buffett's 2011 interview with CNBC, where he had said, "I could end the deficit in five minutes,” quoted Moneywise. “You just pass a law that says that any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election,” quoted Moneywise.

The Utah senator, in his social media platform X post, asked the public, “Would you support this amendment?,” as per the report.

Elon Musk Backs Buffett’s Solution

His question drew many responses, including one from Musk, who replied saying, “100%. This is the way.” quoted Moneywise.

Mike Lee Plans To Draft A New Amendment

While Lee did not just want to get public opinion, he aims to turn the idea into a reality, according to the report. Lee went on to say, “I’m drafting a constitutional amendment to oust every member of Congress whenever inflation exceeds 3%. It’s better to disqualify politicians than for an entire nation to suffer under the yoke of inflation,” as per his X post.

Linking Inflation to Overspending

According to Moneywise, in fiscal 2024, the US economy generated $28.83 trillion in GDP, while the federal government spent $6.75 trillion and collected $4.92 trillion in revenue, which led to a $1.83 trillion deficit, or 6.3% of GDP.

While, in Lee's post, he mentioned inflation, as economists have always found a connection between excessive government spending and inflation, reported Moneywise. The late Nobel Prize–winning economist Milton Friedman once said, “What produces [inflation] is too much government spending and too much government creation of money and nothing else,” adding, “Only Washington can create money,” quoted Moneywise.

FAQs

What did Warren Buffett say about fixing the deficit?
He joked that Congress would fix the deficit fast if they were all fired for letting it go over 3% of GDP.

Why is this idea going viral now?
Utah Senator Mike Lee shared Buffett’s old interview clip on X and asked the public if they’d support it — sparking a wave of attention.