The Warren Buffet Plan To Fix Washington
By James Donahue
In a recent interview with CNBC, Warren Buffett proposed a simple solution that he says
is guaranteed to fix everything that is wrong with Congress and lead to a quick repair of the nation’s financial crisis.
Buffett is proposing the “Congressional Reform Act of 2011.” Among other things,
the law would declare all sitting members of Congress ineligible for re-election anytime the deficit is higher than three
percent of the gross national product.
The proposed legislation, which Buffett suggests might have more teeth if made an amendment
to the Constitution, has seven more interesting parts:
1. Congress members give up both tenure and pensions. They
collect their salary only while they are in office and lose their benefits after leaving office.
2. Congress members participate in Social Security. This
would apply to congressional members of the past, present and future. All of the money in the Congressional retirement fund
would be moved into the Social Security System. Social Security money could not be used for any other purpose.
3. Congress members buy their own retirement plan, just
as all Americans are doing.
4. Congress loses the power to vote itself pay raises. Congressional
pay will be increased by changes in the consumer price index or three percent.
5. The current health care system enjoyed by Congress will
be abolished. The members will participate in the same health care system offered the American people.
6. Congress members must equally abide by all laws imposed
on the American people. There would be no immunity.
7. Serving in Congress is an honor and no longer a career.
After serving their elected terms they return home and go back to their jobs. All contracts with past and present members
The ideas proposed by Buffet are currently flying around on the Internet. People are being
asked to send the plan on to others and gather support.
While legislation like this sounds like a sure fix for getting our legislators in Washington
back under control and doing the job they were elected to do, there are a few flaws in the plan.
First of all, Congress would have to agree to vote to approve this legislation. And we
can be sure that few if any of them would vote favorably for a bill designed to strip themselves of all of the benefits they
The Buffet plan also lacks a means for controlling the lobbyists and corporate shills that
haunt the halls of the Capital. Even if the lawmakers would agree to give up the financial benefits they receive from the
people, there is nothing to stop them from accepting the big cash rewards used to manipulate votes for special interests.
The plan fails to repair the problem of voter fraud, getting the military industrial complex
under control, separating the corporate strings from the media’s talking heads, and sifting everybody involved through
a magic machine that removes the greed factor.