What is the point in a debt ceiling when, in fact, since 1980, it has been raised about 40 times. Now, $17 trillion debt and counting, it may not be sustainable.
Warren Buffett stated, on CNBC, “I can end the deficit in five minutes. You just pass a law that says that any time there is a deficit of more than 3 percent of the GDP, then all sitting congressmen (and women) are not eligible for re-election.” If Buffett’s plan were to come into law, Congress would have to quit bickering and work more than three days a week in the halls of Congress. This could reduce the effects of influence on Congress members that campaign contributions do, and also lobbying influence. Possibly this would stop the downturn of our country and return common sense to Congress. Unfortunately, they are the lawmakers and remain absolutely against any change, especially any that affects their status quo. They will continue to tell the American people of all their accomplishments, which are not reflected in the results.
Wilfred J. Hudson