Saturday, March 30, 2013

Warren Buffett: I Could End U.S. Deficit in 5 Minutes

Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling: "I could end the deficit in 5 minutes. You just pass a law that says that any time there is a deficit of more than 3% of Gross Domestic Product (GDP), all sitting members of Congress are ineligible for re-election."
The 26th amendment (granting the right to vote for 18-year-olds) took only three months and eight days to be ratified! Why? Simple! The people demanded it. That was in 1971...before computers, e-mail, cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took one (1) year or less to become the law of the land all because of public pressure.

Warren Buffet says this is one idea that really should be passed around:

Congressional Reform Act of 2013

1. No Tenure/No Pension: A Congressman/woman collects a salary while in office and receives no pay when they're out of office.

2. Congress (past, present and future) participates in Social Security: All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all Americans do.

4. Congress will no longer vote themselves a pay raise: Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses its current health care system and participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the American people.

7. All contracts with past and present Congressmen/women are void effective 06/01/2013: The American people did not make this contract with Congressmen/women. Congress made all these contracts for themselves. Serving in Congress is an honor, not a career.

The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.

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