Minyan Mailbag: The Congressional Term Limit Debate Continues, Part III
Editor's Note: Minyanville is a community of people who share an interest in fiscal literacy. As perspective is an important aspect of our daily routine, we share this exchange with hopes that it adds balance to your process.
Thanks for the reply John,
If I may add one last bit, the whole reason for the Term Limits in
California was a Republican bid to get rid of the powerful Democrat
Assembly Speaker Willie Brown who had been a thorn in the side of the Republicans for years.
They got rid of him, but ended up surprised that this had no effect on the balance of the Legislature, Democrats are still in charge, and our fiscal imbalances are out of control.
I absolutely agree with your statement - "We need legislators that understand the longer-term implications of deficit folly (moderate and temporary deficits are not necessarily a bad thing, just elephant sized and chronic ones) and are strong enough to do something about it."
But there is nothing to presume the next 535 guys will do anything different. The American people have lived with big deficits for 25 years (with a minor break in the Clinton years), and they frankly have seen no sign of problems. Until there is a problem that people can see in their pocketbooks, the voters will continue to vote for people who promise them massive prescription drug benefits with no tax increases.
Unfortunately it's quite logical.
Yes, I agree 100%. It is the phenomenon of catastrophic occurrence: a strong reason why they occur is due to the reinforcement as a result of the fact they do not occur often. Pressures build and "compression" eventually causes the eventual reaction to be much more violent. All is calm on the surface, but bubbling beneath.
Something drastic must be done to unravel the self-serving disease that is rampant among our legislators. I suggest one term and out. Maybe the few who have good ideas will not be drowned out by those that want to get re-elected.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter