If there was ever a case for term limits, the actions of this past week have certainly demonstrated that now is the time.
Twelve Senators and Congressmen were asked to not make budget cuts, but to simply slow down the growth rate of government.
The greatest con is that a budget increase of 10% reduced to 7% is considered a 30% reduction in growth.
The growth, however, is still 7%.
The attitude exemplified by all these politicians of both parties is one of entitlement, which explains why nobody wants to do anything that will rock their boat. Just imagine if you were an elected official.
You would be entitled to pension and healthcare benefits that are far superior to the benefits available to the very same citizens that you govern. You would be able to access inside information and buy stock based upon that information, thereby dramatically increasing your net worth.
You can buy a useless piece of land, and based upon your decision and your special committee, create actions that will make that land worth a fortune.
You can buy IPOs related to companies whose future is predicated upon your public statements and influence.
All of these things would send anyone else to jail.
As Steve Kroft on 60 Minutes said, “It not illegal, but it certainly isn’t right.”
When presented with all the benefits of nationally elected officials, why would anyone want to leave public office?
Thus, in my opinion, any decision by the twelve super committee members was not done for the benefit of this country, but simply for the twelve’s own self interests.
I’ve said it before and I’ll say it again: Any twelve people who did not have a personal vested interest would have been able to accomplish the assigned task.
Most likely, here’s what they would have done. On the revenue side, institute the jobs repatriation act which states that all corporations pay a flat 20% tax. No loopholes. There, revenue is done.
On the spending side, all increases to the federal budget frozen for the next three years, with a 3% increase to offset inflation.
There, spending is done.
The combined total of these measures would far exceed the $1.2 trillion which was sought after.
Why was this so easy?
Because the twelve members in my committee weren’t running for re-election; instead they just proposed the right thing.
Term limits, the time has come.