Elon Musk Just Backed Warren Buffett's 3-Word Fix for the Deficit. Would It Work?
The U.S. deficit topped $1.8 trillion in 2024, but a bold idea from Warren Buffett is making the rounds again, and this time, Elon Musk is getting behind it.
In a 2011 CNBC interview, Buffett said he could end the deficit "in five minutes" by passing a law that disqualifies all sitting members of Congress from re-election if the deficit exceeds 3% of GDP. That clip recently resurfaced on social media, reigniting debate over government accountability—and catching the attention of Musk. He responded to Lee: "100%. This is the way."
Moneywise reported that the proposal got a push from Utah Senator Mike Lee, who's now drafting a constitutional amendment inspired by Buffett's logic. Lee's version adds another twist: members of Congress would be ousted whenever inflation climbs above 3%.
Buffett's plan might sound extreme, but based on recent numbers, it would be career-ending for nearly every lawmaker on Capitol Hill. The 2024 deficit hit 6.3% of GDP, which is double the threshold.
Of course, critics were quick to point out the obvious flaw in the setup. Congress would need to vote to fire itself, making the law politically toxic.
Even so, the idea is tapping into deep frustration with government spending. Nobel Prize-winning economist Milton Friedman once said, "Only Washington can create money," and warned that unchecked spending leads to inflation.
Musk's endorsement, paired with Lee's amendment effort, has amplified the conversation online. Some supporters argue that even if the proposal never passes, it forces lawmakers to confront the consequences of fiscal irresponsibility. Others see it as more political theater than policy.
While the odds of Congress passing a law that threatens its own job security are slim to none, the Buffett-Musk-Lee alignment has given the concept a second wind.
For now, the public can only vote the traditional way. But the viral resurgence of this three-word fix—'fire the incumbents'—shows Americans are still searching for accountability where it matters most.Elon Musk Just Backed Warren Buffett's 3-Word Fix for the Deficit. Would It Work? first appeared on Men's Journal on Jun 12, 2025
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