Warren Buffet, in an interview with CNBC, offers one of the best quotes about the debt ceiling:
"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."Beyond that, here are his thoughts for the Congressional Reform Act of 2013:
- No Tenure / No Pension. A Congressman/woman collects a salary while in office and receives no pay when they're out of office.
- 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.
- Congress can purchase their own retirement plan, just as all Americans do.
- Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.
- Congress loses their current health care system and participates in the same health care system as the American people.
- Congress must equally abide by all laws they impose on the American people.
- All contracts with past and present Congressmen/women are void effective 12/1/13. The American people did not make this contract with Congressmen/women. Congress made all these contracts for themselves.
Looks to me like this would work. Its only drawback is that the chances of passage by our current Congresscritters are somewhere south of zero. The only way this will happen is if it is forced on them.