Forum Post: Buffett Rule
Posted 13 years ago on Oct. 17, 2011, 12:24 p.m. EST by AMFOOL
(2)
This content is user submitted and not an official statement
TO ALL DEAR ONES WHO CARE:
Forwarding this terrific, simple, straightforward plan of action from Warren Buffet. Res
ipso loquitor -- the thing speaks for itself.
PLEASE PASS THIS ON TO 20 PEOPLE IF YOU AGREE WITH HIS BRILLIANT
PROPOSAL FOR HOW TO FIX CONGRESS, AND HE MEANS FIX IT
Warren Buffett, in a recent interview with CNBC, offers one of the
best quotes about the debt ceiling:
"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 & 8 days to be ratified! Why? Simple!
The people demanded it. That was in 1971 - before computers, e-mail,
cell phones, etc.
Of the 27 amendments to the Constitution, seven (7) took one (1) year
or less to become the law of the land - all because of public pressure.
Warren Buffet is asking each addressee to forward this email to
a minimum of twenty people on their address list; in turn ask
each of those to do likewise.
In three days, most people in The United States of America will
have the message. This is one idea that really should be passed
around.
_*Congressional Reform Act of 2011*_
1. No Tenure / No Pension.
A Congressman/woman collects a salary while in office and receives no
pay when they're out of office.
2. Congress (past, present & 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/women are void
effective 1/1/12. The American people did not make this
contract with Congressmen/women.
Congressmen/women 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. Don't you think it's time?
THIS IS HOW YOU FIX CONGRESS!
If you agree with the above, pass it on. If not, just delete.
You are one of my 20+ - Please keep it going, and thanks.
Keep this going
This was a well crafted social engineering email that played toward the anger we all feel. However Warren Buffett does not support the email even though it did start with a quote from him.
For details see http://www.andrewtobias.com/bkoldcolumns/111018.html
This email smelled fishy but took me considerable effort to research as the usual sites snopes.com and others did not have it listed yet. It's a tricky world out there, be careful about what you believe.
Cheers, Tim Oey
Yes, let's all debate this issue about how to change the tires when the engine is on fire.
What Congress gets paid IS NOT THE PROBLEM.
Furthermore, I thought the difference between OWS and the Tea Party is that we preferred facts to fear mongering hysteria. Come on people, let's fact check and show compassion - things the previous populist movement did not do and ended up making enemies as a result.
Here's how you can fight back against this useless email, with some facts:
-1 They get no special treatment. This is the same pension for all 8 million federal employees. You want to ban pension for some while increasing social security? Why not increase pension for all?
-2 Congress already participates in Social Security. The idea that they don't is a lie.
-3 They do. Like some corporations and almost all local, state, and federal jobs, they buy into a pension. Is the problem pension or the fact that corporations have gotten away with defunding their pension programs since the power of labor disappeared?
-4 If this had been in place in 1914, Congress would be making more money than they do now. Under the current system the president can block pay raises. Congress has also voted to lower their pay in hard times. And the CPI is set by market forces, so all this does is give more power to corporations and banks.
-5 They already do. They purchase health care from their employer like every other America. Their employer is the federal government which provides the same health care for 8 million other employees. They get no special treatment.
-6 They get very little special treatment. They're protected from being arrested for minor crimes while in session or going to or from session. This is not special treatment to make them elite. This is special treatment to prevent the President from targetting his enemies with the law (sort of like how mayors and police chiefs are using police to target OWS protestors).
-7 Most important of all, most of the core Congressional contracts were made by the US Constitution. But the problem is not Congress.
You can make being in Congress as undesirable and unprofitable as you want. Take away all their pay. Take away all their health care. Give them brutal term limits.. The 1% would LOVE that. Because all that does is make it even more important that members of Congress make backroom deals and write in corporate loopholes so that they can get their bags of money and land in very profitable boardroom positions or consulting jobs with obscene amounts of pay.
None of this solves the problem that the 1% has the free and legal ability to buy our politicians. It just distracts us (not to mention ignores the other two branches). This is a ploy by the 1% to direct all this outrage and anger at Congress instead of at the people who are the real problem. The 1% who have power because of their insane wealth. None of them were elected into money. They're happy to throw the government to the wolves.
Oops. Urban legend. http://www.factcheck.org/2011/03/congressional-reform-act/
It does sound a little drastic I bet there would then be very creative bookkeeping done very quickly which would then lead to more dysfunction (no one trusting politicians) how about this idea for starters...www.nationalday911.org
Here is the original interview that Warren Buffett is quoted from.
http://plus.cnbc.com/rssvideosearch/action/player/id/3000031948/code/cnbcplayershare
Only the first two sentences of the post actually comes from Warren Buffett, and as an offhand joke not a policy suggestion.
Buffett was arguing against those members of congress holding the country hostage by threatening not to raise the debt ceiling supposedly for the sake of deficit reduction.
I am all for deficit reduction, as long as it is not during a depression or recession or anemic jobless recovery and as long as the burden is not placed entirely on the poor and middle class. See the budget surplus during the Clinton administration (with a Republican congress) during good economic times in the US.
But a formula such as the one in the post, that doesn't allow deficit spending during a recession is just bad economics.
It seems that Buffett did make the statement about tying the deficit to congressional re-election, but I can't see any proof that he made the rest of the statements. Not that all of them are bad things and maybe should be considered part of the mix. I think a major way to get the Congress working for the nation and its people (all of them) has to include two major tenets: 1) Eliminate the personal status of corporations. It is artificial and flawed because it gives corporations the benefits of being a person with none of the responsibilities. 2) Pass a sweeping campaign finance reform law that a) limits all personal, corporate, and organizational group donations to a level determined by a percentage of the GDP, b) eliminates all gifts and free trips given to any elected federal official (other government employees are already under such a ban), c) forces campaigns to run on free mailing provided by the USPS and free radio, television, and Internet time provided by the media as a condition of their licenses, and d) limit campaign seasons to reasonable periods of time yet to be determined but definitely something like 3-6 months.
If we can't get the money put of politics we will never have a clean political system.
Uh, this isn't the buffet rule. The buffet rule was drawn up by wall st. and would mostly benefit the 1%. I'm not against what is proposed here, but the buffet rule is something different.
good idea
Bump.