The Warren Buffet Suggestion

Peace
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As Warren Buffet suggested we should pass a law that says anytime the deficit exceeds 5% GDP (or another reasonable percentage that is agreed upon) there should be snap elections where all of congress is ineligible to run.

Accountability of office needs to be restored. It’s clear the people in charge can’t handle to responsibility of the purse without the threat of loss. This policy incentivizes congress to operate on a shoestring budget and argue over resource allocation. Further, reducing the deficit and total debt strengthens our currency and removes the government as a competitor in the free market. Prices could go down without the government gobbling up all demand. It’s a win for all.

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Also, The Federal Government should be required to have a balanced budget without deficits. Local governments (State, County & City) are required to balance their budget every year. It is illegal for them to run on a deficit. We should require this of the Federal Government as well. They also need to stop comingling of funds ie: borrowing from Social Security, allocating FEMA money to migrants etc.

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I like the idea, but please realize this would require amending the Constitution…no small feat.

So, If we’re going to go through the effort to do that, I propose an Amendment that repeals the 16th Amendment, abolishes the FED, and requires the described snap elections whenever a deficit budget is approved by Congress. Of course sitting congressmen and congresswomen must be prohibited from returning to office.

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Great additions. No reason it can’t all be done other than willpower.

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Agree. Our deficit is killing America.

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Just in case you wish to read the entire suggestion made by Mr. Buffet in 2011, here it is:

Warren Buffett, in a recent 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.

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.

Of the 27 amendments to the Constitution, seven (7) took one (1) year
or less to become the law of the land - all because of public pressure.

Warren Buffet is asking each addressee to forward this email to
a minimum of twenty people on their address list; in turn ask
each of those to do likewise.

In three days, most people in The United States of America will
have the message. This is one idea that really should be passed
around.

Congressional Reform Act of 2012

  1. No Tenure / No Pension.

A Congressman/woman collects a salary while in office and receives no
pay when they’re out of office.

  1. 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.

  1. Congress can purchase their own retirement plan, just as many
    Americans do.

  2. Congress will no longer vote themselves a pay raise.
    Congressional pay will rise by the lower of CPI or 3%.

  3. Congress loses their current health care system and
    participates in the same health care system as the American people.

  4. 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 12/1/12. The American people did not make this
contract with Congressmen/women.

Congress 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.

If each person contacts a minimum of twenty people then it will
only take three days for most people (in the U.S.) to receive
the message. Don’t you think it’s time?

THIS IS HOW YOU FIX CONGRESS!

If you agree, ‘like it’.

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Why are we even considering allowing a 3% deficit yearly? That amount is roughly $821 billion dollars every single year. This will not fix our spiraling out of control debt of $35.88 trillion dollars. There is no deficit that is acceptable. We need to start chipping away at that debt with not spending more than the tax revenue. Literally like every single tax payer living in reality can survive in this world. Why can’t our elected officials do the same? It should be that if congress doesnt remove 3% of our current debt yearly. They are immediately removed from office. With no opportunity for re-election. They also should be personally held financially responsible for over spending money that was stolen from the citizens without their consent. Any deficit should be taken directly from all lawmakers, and staffs salary. If their salaries amount does not cover the deficit. Then their personal assets shall be liquidated to cover the costs of their irresponsible spending practices. Without holding them financially responsible for their decisions. Our deficit will continue to grossly spiral out of control. I would also be in favor of a minimum 5 year prison sentence (that accumulates) for every trillion they add to the countries debt. Without harsh rules for the people who happily waste our money on stupid programs, studies, agencies, and countries that hate us. Nothing will ever change. It is truly not asking too much for responsible spending and accountability for their actions.

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