Warren Buffett, was interviewed on Thursday July seven 2011 and during his interview, he was asked what he would do about the deficit.
""I could end the deficit in 5 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."
this is such a simple and novel idea coming from someone with a proven successful background... I'll see why we shouldn't work to implement it.
One of the arguments already is that once Congress (or anybody else) gets into office, the first thing that they do after they settle in is to start campaigning for reelection.
Congress and the president both however have too many rules and regulations that they pass for us (their bosses) that they are excluded from.
Below, there is been this little message that has gone viral around the Internet claiming that it's Warren Buffett's idea for the 28th amendment. By the way, Warren Buffett denies that he came up with these ideas... in either case, they sound good.
*Congressional Reform Act of 2011*_
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 & 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 their 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 1/1/12. The American people did not make this contract with Congressmen/women. Congressmen/women 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.
according to CNBC,An attorney in St. Louis, Jarrad Holst points out that there is actually a way under article 5 of the U.S. Constitution titled "convention for proposing amendments" to enact the idea without the corporation of Congress.
Congress's approval ratings are at an all time low... perhaps now, it's time to start looking at real change.