Buffett said that the US deficit problem can be solved in 5 minutes, Musk commented

Buffett said that the US deficit problem can be solved in 5 minutes, Musk commented

Tesla( 273.53 , 3.74 , 1.39% ) CEO Elon Musk recently responded to an “archaeological” video of Buffett 12 years ago on Twitter, and pointed out a key reason for the huge debt problem in the United States—— Excessive spending.

In July 2011, Buffett joked in an interview that he could solve the U.S. fiscal deficit in five minutes.

Buffett said, “I can end the deficit in five minutes. You just pass a law that says any time the deficit exceeds 3% of GDP, all sitting members of Congress are ineligible for re-election. Yeah, now you’re using the incentive on Right place, right?”

He went on: “So, it can be done. And now the incentive they’re trying to use is: We’re going to blow your brains out, America, in terms of your long-term debt value. That’s a threat. Much more effective The threat should have been something like, ‘If you can’t do it, we’ll get someone else to do it.'”

“Incentives matter. The current system incentivizes overspending, so we have overspending,” Musk commented on a tweet retweeting the video.