It's no surprise that Congress failed to come up with a deficit reduction plan, says Home Depot...

It's no surprise that Congress failed to come up with a deficit reduction plan, says Home Depot co-founder Ken Langone, and taxes aren't the flash point of our problems. "Politicians are like drug addicts around money, they can't stop themselves," Langone says. We're in trouble, and desperately need to reduce our debt, but no one in Washington is willing to do it. His solution: term limits and a trust fund that sets aside taxes to be used strictly for reducing the debt. (video)

Comments (13)
  • Angel Martin
    , contributor
    Comments (1370) | Send Message
    The business-as-usual politicians in Washington will never act. In 35 years they have done nothing even on issues that they all agree on - like oil imports.


    The only possible way out is an economic constitution: they need a balanced budget amendment, and let the courts decide.
    22 Nov 2011, 08:04 PM Reply Like
  • Skier99
    , contributor
    Comments (73) | Send Message
    Nothing he says makes any sense. Furthermore, business people don't agree with him. What you are hearing are more comments from a hard-hat Republican who is unable to think. Yes, his business Home Depot is working. But he never said one word in his tirade what he would do differently, SPECIFICS please. All he said is that we need a fat businessman in charge. Well, who would that be I wonder?
    22 Nov 2011, 08:14 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
    He said a trust fund for taxes to reduce the deficit. Isn't that specific enough?


    People want specificity with a silver bullet in the solution. That is not going to happen. Specificity is stop spending money. Cut all outlays across the board. Cut defense in half but keep our special forces. Take federal spending to between 15% to 20% of GDP and that is all.


    What does not make sense right now is WDC.
    22 Nov 2011, 11:57 PM Reply Like
  • EMS
    , contributor
    Comments (586) | Send Message
    No, they are worse than drug-addicts. Drug-addicts mainly do damage to themselves. These insider-trading, lying, horrible politicians enrich themselves and do damage to us and our proud nation. I truly feel bad for drug-addicts, while I truly loathe these abusive politicians.
    22 Nov 2011, 09:10 PM Reply Like
  • Financial Insights
    , contributor
    Comments (928) | Send Message
    Term limits is a great idea.
    22 Nov 2011, 09:24 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2863) | Send Message
    Langone has provided the Congress with something they all can agree on: Congress will never self impose term limits. Why would they choose to give up a cushy job in Washington with great benefits and high pay? After all, its a tough job market, and we can't go throwing these poor people out of their jobs now can we?
    22 Nov 2011, 09:28 PM Reply Like
  • LloydP
    , contributor
    Comments (3) | Send Message
    I have another suggestion. When the politicians balance the budget and prove they can live within their revenue constraints, then we could raise the taxes a small amount on everyone and use the money to pay off the national debt. Raising taxes on anyone before the budget is balanced is just feeding the politicians addictions.
    22 Nov 2011, 11:13 PM Reply Like
  • Yokyok
    , contributor
    Comments (327) | Send Message
    Langone's just another republican buffoon blowing enough hot air to power a wind farm while refusing to accept responsibility for the damage the last republican administration wreaked on this country.
    22 Nov 2011, 11:16 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
    Langone has more credibility than anyone speaking on this board and in WDC. He actually created a business that employs 300,000 employees.


    Anyone done any better?
    23 Nov 2011, 12:02 AM Reply Like
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
    Term limits? Politicians wont' even ban themselves from insider trading. They certainly won't agree to term limits.
    22 Nov 2011, 11:30 PM Reply Like
  • davidingeorgia
    , contributor
    Comments (2661) | Send Message
    How about *cutting spending*? "Trust fund" to reduce the deficit?'d that work out with Social Security?
    23 Nov 2011, 05:39 AM Reply Like
  • User 509088
    , contributor
    Comments (1725) | Send Message
    term limits- only for rooseveltians! it was for rooseveltians that term limits were developed. the whole idea of bettering the lot of the common man! faddle! they'd just keep getting elected, the rest of us wouldn't get our turn at the trough. why do you think we thurston howells spit on the ground when his name is mentioned? killed the golden goose, he did.


    pols are junkies for cash. who're their connections? who is giving them them that pure pure mainline shot? who is showing them how to tie off, put in the point, look for the pearl of blood? who is showing them how to hide their addiction?


    oh yeah! the ows kids! dirty rapists! commies!
    23 Nov 2011, 08:22 AM Reply Like
  • bewildered2
    , contributor
    Comment (1) | Send Message
    Why does nobody talk about there coffer box money( the money they get for campaign contributions, that they don't spend, and get to take with them when they leave, tax free as unreported income? Why not cut there benefits as well, like what everyone else is experiencing. And last, why not change there pay package to performance quotas?
    28 Nov 2011, 11:14 PM Reply Like
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