1 thought on “Quote of the Day

  1. Like many Buffett-isms, this is charming and superficially plausible, but kind of stupid when you give it an extra minute or two of thought. Could you pass such a law in the first place? Theoretically, sure. What would be the effect? Would it restrain spending, or just foster tax increases? Would it do either, given that no Congress can restrain itself from voiding a law passed by Congress, much less a later Congress? Of course it wouldn’t. The budget shortfall (or decline in GDP) would be blamed on some “emergency” or other, and at a minimum an exception would be made. Which would just ease the passage of the next exception, and eventually it would just be part of the traditional first day of legislation each year. Unless the law was simply discarded in the face of a war, or some other actual emergency.

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