A really stupid idea.

For the sake of balance, here is a really stupid idea (that doesn't really even deserve Bananaman's attention):

There is a petition circulating around the Internet about the "Congressional Reform Act of 2012." It includes all kinds of erroneous information about Congress that has been debunked elsewhere. See this article.

The semi-interesting part is the quote from Warren Buffet, which is apparently real. He told CNBC, "I could end the deficit in 5 minutes. You just pass a law that says anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election."

It is unconstitutional, undemocratic, and bad economics. So why is this idea appealing?

1) People are stupid and don't understand Congress or economics.
2) There is an ingrained cultural assumption that rich people have some kind of special knowledge.
3) There is a dangerous myth that the budget deficit is among the most important problems facing the United States.

Bananaman will address points 2 and 3.

Warren Buffet is rich (and may even be well meaning), but he is not an expert on politics or economics. Some of his ideas are good. Others (like this one) are loony. These ideas need to be evaluated on their merits. His wealth does not give him any special insight.

Budget deficits are difficult to forecast and are absolutely essential during periods of economic contraction. Forcing governments to balance budgets removes the most effective tool to stimulate the economy. If the U.S. government had massively cut spending and/or raised taxes in 2009, we would be in the middle of a great depression today.