Elon Musk supports world’s richest investor Warren Buffett’s 5-minute plan to erase America’s deficit, shares emoji
The U.S. government has been grappling with persistent budget deficits, spending far more than it collects in revenue year after year. Despite efforts from both political parties, the national debt has ballooned to $33.8 trillion as of June 2025, with no clear end in sight. Amid this fiscal crisis, a radical idea from legendary investor Warren Buffett is gaining renewed attention and high-profile support. In a 2011 CNBC interview, Buffett proposed a strikingly simple solution to curb runaway deficits: “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 3% of GDP, all sitting members of Congress are ineligible for re-election.” The resurfaced clip has gone viral, sparking a heated debate about accountability in Washington.
Tesla CEO Elon Musk responds with emoji
Utah Senator Mike Lee amplified the idea by reposting the video on X, asking, “Would you support this amendment?” The post ignited a firestorm of responses, including a resounding endorsement from Tesla CEO and X owner Elon Musk, who wrote, “100%. This is the way.” Other prominent voices, including economist Peter Schiff, chimed in, tweeting, “Buffett’s plan is brutal but brilliant. Congress would finally feel the heat of their own fiscal mess.”Lee isn’t just stirring the pot online—he’s taking action. “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,” he wrote on X. Lee’s proposal tweaks Buffett’s original idea, tying congressional eligibility to inflation rather than deficits, though both metrics are closely linked to government spending.
US economy in tough place
The U.S. fiscal situation paints a grim picture. In fiscal 2024, the U.S. economy generated $28.83 trillion in GDP, while federal spending reached $6.75 trillion against $4.92 trillion in revenue, resulting in a $1.83 trillion deficit—6.3% of GDP, double Buffett’s proposed threshold. The Congressional Budget Office projects deficits will climb to $2.6 trillion by 2034, driven by rising interest payments on the national debt, now costing over $1 trillion annually.Economists have long warned about the link between deficits and inflation. Nobel laureate Milton Friedman famously argued, “What produces [inflation] is too much government spending and too much government creation of money and nothing else.” Recent data supports this: inflation hit 3.2% in 2024, above the Federal Reserve’s 2% target, fueled partly by expansive fiscal policies. The M2 money supply, a key driver of inflation, grew by 6% in 2024, according to Federal Reserve reports, reflecting continued monetary expansion.
Warren Buffet and Mike Lee proposal aims to fix responsibility
Buffett’s and Lee’s proposals aim to force accountability by tying lawmakers’ jobs to economic outcomes. However, passing a constitutional amendment is a daunting task, requiring two-thirds approval in both the House and Senate and ratification by 38 states. Critics argue the plan could backfire. “Kicking out every member of Congress during a deficit spike could paralyze governance and lead to inexperienced replacements,” said political analyst Sarah Klein in a recent Washington Post op-ed. Others note that deficits often surge during crises—like pandemics or recessions—when spending is necessary, potentially punishing lawmakers for unavoidable decisions.Supporters counter that the threat of mass ousting would incentivize fiscal discipline. “Congress has no skin in the game,” tweeted economist Nouriel Roubini. “Buffett’s idea flips that script.” Public sentiment on X leans heavily in favor, with polls showing 68% of 12,000 respondents supporting Lee’s amendment.
