Buffett 'Changing Horses....?'
This item has recently started it's "trip" around the internet. While an excellent idea, doesn't it seem a bit disingenuous of Mr Buffett?!? Not too long ago, he was practically demanding that he--and other millionaires and billionaires--be made to pay more income taxes. He could have satisfied his demand by merely writing a check to the Treasury Department, say 3 or 4 billion bucks a year!! For those of the public that would like to help Mr Buffett with his deficit reduction efforts--IF in fact, he actually takes my advice--I've included the Treasury Department's URL at the bottom of this post.
I intend to 'cut-and-paste' the information below (red; shaded AND unshaded) into an email I'll send to all those on my 'contacts list.' You should consider doing the same!
Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:I would add a '#8' to this list or an additional piece of legislation:The various forms of 'public assistance' are blatant--in-your-face--examples of government excess. Those who roll-out-of-bed everyday and go to a job they may-or-may-not enjoy are confronted at least daily by those who help the taxpayer "spend his or her money" when they--in many cases--could get off their more-than-ample asses and support themselves.
"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 and 8 days to be ratified!
The people demanded it.
That was in 1971... before computers, e-mail, cellphones, 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.
_*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 and 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, 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.
Maybe it is time.
THIS IS HOW YOU FIX CONGRESS!
Currently--as near as I can find out--entitlement programs LESS SOCIAL SECURITY, cost the taxpayers, $800Billion annually.
The estimated 2010 GDP was $14.72Trillion, so non-Social Security entitlement programs are 5.4% of GDP. The non-Social Security entitlement monies are a budgeted dollar amount--and as such--are not subject to the fluxuations of the national economy; the world economy.
My proposal is this:
Each successive annual federal budget, the amount budgeted to 'destroy the American Dream; to destroy the American will-to-succeed,' be reduced by .25% (one-quarter of a percentage point) until the level of 2.7% of GDP; half of the 2010 levels; approximately $400Billion dollars. Additionally, some 'shame' must be returned to the receipt of federal--unearned--dollars! Do away with the debit card onto which, the free money is loaded each month. If the citizen is feeding from the public tit, the citizen should acknowledge the source of this largess and report--in person--to a village, town, city or county administration building to pick up their--taxpayer provided--CHECK!
Just my opinion!