Elon Musk backs Warren Buffett’s ‘5-minute’ fix for America’s debt problem. But would it actually work?

Now, that old clip is going viral again — and it's gaining fresh support in high places.

Senator Mike Lee of Utah reposted the video on X (2), asking the public, “Would you support this amendment?”

The question sparked a wave of responses, including one from Elon Musk, CEO of Tesla and owner of X, who replied: “100%. This is the way (3).”

But Lee isn’t just crowdsourcing opinions. He’s trying to turn the idea into a reality.

“I’m drafting a constitutional amendment to oust every member of Congress whenever inflation exceeds 3%. It’s better to disqualify politicians than for an entire nation to suffer under the yoke of inflation,” he wrote on X (4).

A bold fix — but the numbers don’t look good for lawmakers

While Lee referenced both inflation and deficits, his logic echoes Buffett’s attempt to tie lawmakers’ job security to the nation’s fiscal health.

Lee has also shared his thoughts about fiscal responsibility on his website, where he writes, “The current system is set up to spend too much and borrow more. It is a downward spiral with only negative economic consequences (5).”

Economists have long noted a connection between excessive government spending and inflation. The late Nobel Prize–winning economist Milton Friedman once famously said, “Inflation in the United States is made in Washington, and nowhere else (6).”

But forcing accountability into a law — especially one that threatens every member of Congress with job loss — is a heavy proposal.

Buffett suggested that debt be limited to 3% of GDP. According to the Congressional Budget Office, the federal budget deficit was $1.8 trillion for fiscal year 2025, about 5.9% of GDP (7). That means U.S. debt is nearly double Buffett’s recommended threshold.

By Buffett’s rule, every sitting member of Congress would be out of a job, and X users were quick to take notice.

“The only problem is that the people we are suggesting be fired are the ones who get to vote on that. And they're never going to vote for their own cancellation,” X user Lorrie Ann wrote. “This is why we need term limits and why they won't even entertain the idea!”

Even though Musk backs Buffett’s proposal, that’s unlikely to be enough to get this kind of policy across the board. Realistically, the odds are slim that the U.S. undertakes a Buffett-style solution to America’s deficit problem.

The good news is, there are plenty of tactics you can use to improve your own fiscal health — and in this case, your vote is the only one that counts.

Here are a few ways to avoid running a deficit at home, and how to start building a personal surplus for 2026 and beyond.

Create a steady passive income stream

Trimming expenses is one way to create a surplus — but boosting income can be more powerful. While asking for a raise doesn’t always lead to results, there are ways to earn money without earning a promotion or clocking in extra hours.

This is where passive income comes in as an ideal income stream, without any added work.

One of the most popular ways to tap into passive income is with real estate.

When you own a rental property, tenants pay you rent each month — providing a steady stream of cash flow. It’s also a time-tested hedge against inflation, since both property values and rental income tend to rise along with the cost of living.

Become a real estate mogul — starting with $100

Of course, purchasing a property requires significant capital — and finding the right tenant takes time and effort. But thanks to new investment platforms like Arrived, you don’t need to own a property outright to gain exposure to real estate.

Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.

The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase, and then sit back as you start receiving positive rental income distributions from your investment.

Invest alongside a $12B AUM real estate owner

Owning a rental property sounds great — until something goes wrong. One bounced check and your rental income disappears.

But institutional investors don’t face that problem. Their portfolios are diversified across hundreds — sometimes thousands — of units.

Now, accredited investors can tap into that same approach through platforms such as Lightstone DIRECT, giving you access to institutional-quality multifamily and industrial real estate — with a minimum investment of $100,000.

Founded in 1986 by David Lichtenstein, Lightstone Group is one of the largest privately held real estate investment firms in the U.S., with more than $12 billion in assets under management.

Over nearly-four decades, their team has delivered strong, risk-adjusted performance across multiple market cycles — including a 27.5% historical net IRR and a 2.49x historical net equity multiple on realized investments since 2004.

With Lightstone DIRECT, you gain access to that proprietary deal flow.

Here’s the kicker: Lightstone invests at least 20% of its own capital in every deal — roughly four times the industry average. With skin in the game, the firm ensures its interests are directly aligned with those of its investors.

Cut waste from your spending

Beyond investing, you need to make sure you know where you’re spending your money, too.

Start by tracking all your expenses for 30 days, then sort them into two categories: necessities — like rent, groceries, utilities and health care — and discretionary spending, such as dining out, entertainment, shopping and hobbies.