Warren Buffet suggests an answer to fiscal discipline: if American debt reaches 3% of GDP under a particular Congress, all members are barred from standing as Candidates at the next election. Now, while it’s a bit of a lark at the moment, a judge has weighed in suggesting that Americans could by-pass Congress having to pass this law by making this Constitutional! While it might seem like a good idea to a generation of Americans sick of their government getting further and further in debt, what could backfire here? What about times of war and national emergency? Don’t governments just need the ability to run up debts of 5 or 10% in emergencies?
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