Armstrong Economics Blog/Corruption
Re-Posted Apr 4, 2017 by Martin Armstrong
QUESTION: You once said you could fix the mess in 30 days or less but they would assassinate you. How can you ever make our politicians responsible? My second question is, why are the really smart people not running government?
ANSWER: The term limits are mandatory, but you have to cut off the incentive as well. No pension or salary after one term. People want to run for Congress and you are taken care of for life if you served even just one day. As for taking a cabinet position like Secretary of the Treasury, well you have to sell all your stock in whatever bank you are leaving and because you MUST do this, you get to sell everything tax free. They have rules to exempt themselves from everything.
Eliminate all special perks. Social Security should be for all as should the healthcare. Why should they get benefits we cannot even buy? If you limit the terms to one-time-and-out, eliminate pensions, and you subject everyone to the same benefits even while in office, then you will see things shape up. Drug Companies lobby the most. Politicians need money for re-election. If you make it one-term-and-out, you eliminate the lobbying since there is no re-election and you subject them to the same healthcare we have. Then they will not vote for things that will deprive themselves.
This is basic human nature.
As to why really smart people are not in government? That is simple. Knowledge comes from ONLY experience. I was asked if I would take the position as Chief Economic Advisor in the Bush, Jr. White House. I laughed. First, I had a real company. I could not put that in some blind trust. Then, could you image a confirmation hearing in the Senate? I would have been accused by the Democrats or helping the Japanese and German auto manufactures against GM. They would have had a field day turning that into some sort of treason. On top of that, the only way to gain experience is doing something and that means we must make mistakes in order to learn. Do you keep putting your wet finger in a light socket assuming one time you will not get socked if you just keep it up?
Nobody I know who would be qualified to do anything in banking or the economy would EVER take such a job. Who needs that sort of magnification of every aspect of your entire life? There are only two types of people who will take such jobs. Either you do it for the perks, or you do it because you want to be remembered. You are better off with someone like Trump on that score for he cannot be bribed with money. They either have it and do it for the ego or they do it to get money and status like the Clintons. There really seems to be no in between these days.