Warren Buffett offered one of the best quotes about the debt ceiling (оn 7 July 2011, in CNBC interview):
"I could end the deficit in 5 minutes. 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"
Congressional Reform Act Draft of 2011 (didn't come through back then)
1. No Tenure / No Pension
- A Congressman collects a salary, while in office,
- and receives no pay when they are 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 other 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 all other American people
6. Congress must equally abide by all laws
- which they impose on all other American people
7. All contracts with past and present Congressmen are void effective 1/1/12
- The American people did not make this contract with Congressmen
- Congressmen 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
Meanwhile, their salaries are:
A retired US President . . . . . . . . . . . . . . . $180,000 FOR LIFE
A House/Senate member . . . . . . . . . . . . . $174,000 FOR LIFE (This is stupid)
A Speaker of the House . . . . . . . . . . . . . $223,500 FOR LIFE (This is really stupid)
A Majority/Minority Leader . . . . . . . . . . . $193,400 FOR LIFE (Ditto last line)
Average Salary of a teacher . . . . . . . . . . $40,065
Average Salary of a Deployed Soldier . . . $38,000
I think we found where the cuts should be made!
THIS IS HOW YOU FIX CONGRESS:
- If each person, who agrees with this plan, contacts a minimum of 20 people with its text,
- then it will only take 3 days for most people in the US to receive the message
Of the 27 amendments to the Constitution:
- seven (7) amendments took 1 year or less to become the law of the land...
- all because of public pressure!
- The 26th amendment (granting the right to vote, for 18 year olds), took only 3 months + 8 days to be ratified!
- Why? Simple! The people demanded it!
- That was in 1971... before computers, e-mail, cell phones, etc.
Read more at http://www.snopes.com/politics/quotes/buffett.asp#2FcvSPfeKqjZLIjW.99