In a recent interview with CNBC, Warren Buffet offered one of the best quotes about the debt ceiling: “I could end the deficit in five minutes,” he said, you just pass a law that says anytime there is a deficit of more than 3 percent of the GDP, all sitting members of Congress are ineligible for re-election.
In a recent interview with CNBC, Warren Buffet offered one of the best quotes about the debt ceiling: “I could end the deficit in five minutes,” he said, you just pass a law that says anytime there is a deficit of more than 3 percent of the GDP, all sitting members of Congress are ineligible for re-election.
Warren Buffett also suggests a Congressional Reform Act as follows:
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 percent.
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 Congress members are void March 1, 2017. The American people did not make this contract with Congress members. Congress made all these contracts for themselves. Serving Congress is an honor, not a career. The founding fathers envisioned citizen legislators, so ours should serve their term(s) and go back to work.
Salary of retired US presidents = $180,000 for life.
Salary of House/Senate members = $174,000 for life.
Salary of Speaker of the House = $223,500 for life.
Salary of Majority/Minority Leaders = $193,400 for life.
Average salary of a teacher = $40,065 per year.
Average salary of a deployed soldier = $38,000 per year.
How much do you make?
As President John F. Kennedy once said, “Ask not what your country can do for you, ask what you can do for your country.” Our new leaders will never understand that statement and will never want to understand the meaning of America.
Edward Kulawiak is a resident of Kailua-Kona