I agree entirely; in fact, I hoped that he was going to end with by turning off his "irony" switch.
First we should start with term limits, but certainly not just one term. Who among us can claim that they contributed the most to an organization in the first year or two? Limiting to two terms might be beneficial, but constantly replenishing Capital Hill with novices, or worst, lame ducks, doesn't seem the way to go.
As to the power seekers Sowell seems to worried about: seniority rights and privelages would most certainly disappear with the advent of term limits. If the call of public service does not draw a candidate into office, I personally would not want one drawn by the megabuck salary.