Buffet's Idea to Fix Debt Crisis

Good morning and welcome to the Bottom of the News!  Thought I would present an idea I learned about from Warren Buffett, who was recently interviewed on CNBC...

"I could end the deficit in 5 minutes. 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 right to vote for 18 year-olds) took only 3 months & 8 days to be ratified! Why? Simple! The people demanded it in 1971; before computers, e-mail, cell phones, etc. Of the 27 amendments to the Constitution, seven (7) took 1 year or less to become the law of the land... all because of public pressure.

Here is one idea to consider to present to the US people.

*Congressional Reform Act of 2011*

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 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 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 and should NOT be a career. The Founding Fathers envisioned citizen legislators, so ours
should serve their term(s), then go home and back to work.

If you pass this along to everyone you know, then it will only take a few days for most people (in the U.S.) to receive the message. Maybe it is time.

THIS IS HOW WE FIX CONGRESS!  So, what do you think?  And this is the bottom of our news on this Friday, November 18th, 2011.

###