Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:
"I could end the deficit in five minutes," he told CNBC. "You just pass a law that says that anytime there is a deficit of more than 3% of 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 took one year or less to become the law of the land...all because of public pressure.
Being a member of 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.
Congressional Reform Act of 2011
1. No Tenure / No Pension. A member of Congress collects a salary while in office and receives no pay when 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. Social Security funds may not be used for any other purpose.
3. Members of Congress can purchase their own retirement plan, just as all Americans do.
4. Members of Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.
5. Members of Congress lose their current health care system and participate in the same health care system as the American people.
6. Members of Congress must equally abide by all laws they impose on the American people.
7. All contracts with past and present members of Congress are void effective 1/1/12.
Congressional Reform Act of 2011
1. No Tenure / No Pension. A member of Congress collects a salary while in office and receives no pay when 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. Social Security funds may not be used for any other purpose.
3. Members of Congress can purchase their own retirement plan, just as all Americans do.
4. Members of Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.
5. Members of Congress lose their current health care system and participate in the same health care system as the American people.
6. Members of Congress must equally abide by all laws they impose on the American people.
7. All contracts with past and present members of Congress are void effective 1/1/12.
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