Proposal:
Tie Congressional eligibility for re-election to their ability to maintain a balanced budget. A deficit exceeding a set percentage of GDP (e.g., 3%) would disqualify members from re-election.
Rationale:
Inspired by Warren Buffett’s perspective, linking budget management directly to the political futures of legislators creates a powerful incentive to curb excessive spending. This measure encourages fiscal responsibility by ensuring lawmakers prioritize long-term economic health.
Implementation Challenges:
- Emergency Exceptions: During national crises, a public vote could authorize temporary deficit spending.
- Avoiding Budget Manipulation: Establishing clear Key Performance Indicators (KPIs) can help track responsible spending and trigger corrective measures as necessary.