Posted: Friday, May 2, 2025. 6:21 am CST.
By Horace Palacio: There’s a brutal honesty in Warren Buffett’s solution to the U.S. deficit: “Anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection.” That one rule, he said, could fix the system in five minutes. Why? Because it changes the incentives — and when you change the incentives, you change the outcomes.
Belize should adopt the same mindset. If our leaders cannot manage the national budget, balance spending, or bring debt under control, they should not be rewarded with another term. They should step aside — or be voted out without hesitation.
For years, Belize has cycled through governments that spend beyond their means, borrow recklessly, and promise the impossible. The result? Ballooning public debt, crushing interest payments, and a shrinking ability to invest in real national priorities like education, infrastructure, and healthcare. While the Belizean people tighten their belts, politicians continue flying first-class, enjoying perks, and making decisions as if the national treasury is a bottomless pit. It isn’t.
Worse still, there is rarely any accountability when budgets are blown. Ministers boast about deficit reduction while quietly borrowing behind the scenes. Government contracts go to cronies. Multi-million-dollar projects get approved without proper cost-benefit analysis. Audits are delayed. Reports are ignored. And the public, fatigued by corruption and spin, shrugs — or leaves the country altogether.
Buffett’s point is simple but profound: tie political survival to fiscal responsibility. Make it clear that if you can’t manage the people’s money, you lose the people’s trust — and your job. That is how real democracies function. That is how credibility is restored.
Imagine a Belize where every minister had skin in the game. Where deficits triggered automatic transparency measures. Where the government had to present a clear, honest path to fiscal balance — or else be replaced by people who can. Imagine voters holding politicians to the same standard they would hold their business partners, employees, or even themselves.
This isn’t about being anti-government. It’s about being pro-accountability. Belize is not a poor country — it is a mismanaged one. A nation that cannot fix its deficit is not short of money. It is short of discipline, leadership, and consequences for failure.
We need to end the culture of political immunity. No more blaming past administrations. No more hiding behind global markets. No more pretending debt is someone else’s problem. If you want the power, you must carry the burden. If you can’t carry it, get out of the way.
Buffett had it right. When the consequences for failure are real, performance improves. Belize must demand the same.
Fix the deficit — or resign. That’s how we change the game
The views expressed in this article are those of the author, Horace Palacio, and do not necessarily reflect the views or editorial stance of Breaking Belize News.
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The post Fix the deficit — Or resign: Belize needs real accountability appeared first on Belize News and Opinion on www.breakingbelizenews.com.
There’s a brutal honesty in Warren Buffett’s solution to the U.S. deficit: “Anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection.” That one rule, he said, could fix the system in five minutes. Why? Because it changes the incentives — and when you change the incentives, you change the outcomes.
The post Fix the deficit — Or resign: Belize needs real accountability appeared first on Belize News and Opinion on www.breakingbelizenews.com.
