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Elon Musk is now backing a new plan aiming to fix the issue of national deficit in the US.
The country currently has a national debt of a whopping $39 trillion, with that number expected to increase to $40 trillion in the near future.
Now, billionaire Musk has backed a plan laid out by Warren Buffet, who is known as being one of the most successful investors in the world.
Back in 2011, Buffet revealed his five-minute plan to end the national debt while speaking with CNBC.
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Appearing in a live interview with Becky Quick, he explained: “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. 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 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’.”
This clip has since resurfaced on social media, with Musk himself reacting to it.
On X, formerly Twitter, he shared the video, writing: “This is the way.”
This prompted others to share their own reactions online, with one user saying: “I would support this common sense amendment. It is a good way forward.”
Another wrote: “If this amendment passed, 90% of Congress would be out of a job overnight.
No more spending trillions with zero accountability. No balanced budget? No reelection. Should we make this law?”
A third person commented: “Warren Buffet knows. He has no debt because he’s smart. He still drives the same car, lives in the same house, didn’t spend what he didn’t have, and invests in things that pay off, not drain. It’s not rocket science.”
And a fourth added: “Absolutely, but it would never pass. Congress will never pass a bill that will inevitably cause their careers to end.”
The US has had debt since it was founded, having accumulated over $75 million in debt by the end of the Revolutionary War. By 1865, this had grown to $2 billion after the Civil War. Over the years, this number has only grown.
