I make no qualms over the fact that several things that I post are not directly my words. There are too many excellent articles out there which are difficult, if not impossible, to improve upon. What I do try to do is to simplify some of the language and delete extraneous information to make the information more readable. The following article, parsed and paraphrased, is from Minyanville:
Over the course of the last two years, our government has repeatedly rewarded irresponsible behavior. Banks that leveraged worthless assets were bailed out, while exorbitant bonuses remained intact. Homeowners that financed houses they couldn't afford have been able to re-finance and stay in their underwater homes. Moral hazard has been the problem underlying the entire crisis.
Ban lobbyists that pad the politicians' pockets, or set contribution limits. They have too much power, and the big corporate interests they serve supersede those of the constituents.
Warren Buffet recently talked to CNBC about his plan to stop deficit spending. "I could end the deficit in five minutes," he said. "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."
In an email being circulated regarding Buffet's comments, a hypothetical bill is being presented to correct some of the glaring hypocrisy from our elected officials.
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.
Now THIS is an Act that I could get behind!