Warren Buffett: Debt ceiling should be removed

[tpsbmam]

Billionaire investor Warren Buffett says the debt ceiling should be done away with, arguing it is nothing more than an “artificial limit” that ends up wasting time in Congress.

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Buffett’s suggestion to get rid of the debt ceiling comes after bond rating agency Moody’s made the same point in a report on Monday.

The debt limit has “change almost 100 times over the years” and “I think seven times in the Bush administration,” Buffett said.

“The way to limit debt is by taking in revenues that are appropriate in relation to your expenditures,” he said. “And to have the artificial limit which gets raised in the end disrupt the activities in an important way of Congress periodically, I think it’s a waste of Congress’ time.”


More at Politico.


Amen, Mr. Buffett, amen!

[moondust]

1. Might as well.

I don't see much LEGITIMATE use for it except to serve as an occasional stark reminder to members of Congress, who may tend to get lost in the details of budgets and spending bills, that their overall spending and revenues are out of whack. As such it isn't actually necessary.

Oh, and a few politicians can use their protest vote as a talking point in election campaigns.

[FarCenter]

2. The debt ceiling is further evidence that legislators can't do simple math

The debt must be equal to the cumulative sum of taxes minus expenditures, both of which are already controlled by congress and the laws they write.

The debt is not an independent variable.

[grahamhgreen]

3. It has never been used to our advantage, that i know of. Get rid of it.

[n2doc]

4. It has no positive or constructive purpose.

If the righties are soooo upset about the det, put a "debt clock" in the rotunda. They can stand under it and blovate occasionally.

[Gregorian]

5. The debt ceiling is meaningless for a nation that will forever be in debt.

And we will be, until we stop spending more than we make.



I wonder if an executive order could be used to eliminate it.

[joeglow3]

6. Thugs won't do it for the same reason we didn't index min. wage to inflation

Both parties want their wedge issues that they can bring up again and again to keep power. Sadly, I am convinced neither party really gives a shit about us. They are more interested in duping an ignorant public into continuing to feed their narcissistic, power-hungry personalities.