The new rule is a law that says “anytime there is a deficit of more than 3% of GDP, all sitting members of Congress – and the President -  are ineligible for re-election.”

Let’s call it the 3% Law.  And let’s pass the 3% Law – that will fix their @#$!

I’d love to take credit for this idea, but honestly, my good friend Dave sent me an email with this thought.  And the email says the idea came from a quote by Warren Buffett.  The email is one of those internet chain letters you are supposed to pass around, but there is some basis of truth in it.

Researching it a bit, I found that in the Wall Street Journal, Warren did say this in July, on CNBC, in an interview with Becky Quick –  although his intent wasn’t to start a chain letter.  Other people added that part (click to see Wall Street Journal article).

And I did change the idea just a bit myself, i.e. the original idea was for Congress only.  I added the President in the mix too.  I’m thinking the number one White House executive, whoever they are, can always use a little fiscal motivation as well.

I list some other ideas from the email below.  You might warm up to them.  They call it the Congressional Reform Act of 2011, although I like the much simpler 3% Law.  Now, to get the “do-Nothing” Congress to … hmmmm … do this.  Now there’s the rub, isn’t it.

So what do you think about 3% Law?  Feel free to click the title of this post and write your comment in the box that appears below.

And have a nice day – J. Daniel

P.S. Here are some more new rules proposed in the email …

1.     No Tenure / No Pension.  A Congressman collects a salary while in office and receives no pay when they are 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 are void effective 1/1/12. The American people did not make this contract with Congressmen. Congressmen 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. Maybe it is time.

THIS IS HOW YOU FIX CONGRESS!

If you agree with the above, feel free to copy the link to this page and pass it on – http://thewoodchips.com/new-rule-for-washington-that-will-fix-their-xxx

We are being advised from the highest political levels that you are destroying our economy — please see our press photo above of a recent presidential speech from HealthcAir Force One (Air Force One) concerning extravagant spending executives who fly around in private jets.

I personally don’t own a private jet, but if I did, I’d quit using the #*%!  thing.  Just look at what all that jet flying did to the stock market last week.  Geez, down 600 points, then up 400, back down 500 or so, on and on.  It’s too much for a body to take.

We normally don’t comment on politics too often (chuckle) but WoodChips Central felt it would be irresponsible if we didn’t post this public announcement.

So just stop flying those private jets so we can get this economy and the stock market turned around and everything will be just fine.

Thanks, and have a nice day – J. Daniel

P.S.  Additional benefit — I gather that stopping all that extravagant private jet flying will cause the national debt to just disappear or something.

It has been positively stressful lately.  We’ve  faced numerous simutaneous crises such as  1) a football strike, 2) inability to invest in Dunkin Donuts and 3) some trifling budget deficit thing I kept hearing about on TV.

Anyhow, the country faced up to these problems, rallied and showed its true national priorities.

First, we took care of the football problem and ended the strike.  I don’t know all the details here but just guessing there were probably gazillions of dollars involved to get this done – and money well spent, I might add.  This undoubtedly averted a national meltdown.

Speaking of football, my British friend Ken Taylor once cracked me up at a pub with his droll observation that in American football we wear crash hats (helmets).  I think the implication may have been we are a bit wussy compared to English football – sans crash hats – and well; he may be on to something with that.  Never underrate the British, my friends.  They are a tough lot.

Anyhow, back to the second crisis facing the country, EVERY American eats Dunkin Donuts all the time, especially the police — but none of us could invest in the company.  This has been a national tragedy in the offing for some time.

Then, miracle of miracles, Dunkin Donuts went public with a stock offering and now everyone can invest in this American staple diet item.

This no doubt averted a congressional convention to amend the constitution which would have read something like “Congress shall pass no law that prohibits life, liberty, the pursuit of happiness and shares of Dunkin Donuts,” or something like that.

Which averted another BIGGER crisis of Congress going back into session, i.e. as the late, great Will Rogers always said, “The only time the country is safe is when Congress is not in session.”

Whew – so we got a pass on that one.  Two down, one to go.

Then we had this trifling budget deficit thing which I almost didn’t report because I don’t know what really got done.

Basically we owe a butt load of money and Congress wrangled around about reducing the debt and ultimately decided to create some super committee and let them decide what to do with it later.  So at least they didn’t kick the can down the road and we can all be thankful for that.

Come to think of it, this courageous decision did lead to one very positive outcome which was that all the television reporting stopped.  Thank goodness, because this was really looking like some very bad Washington D.C. Reality TV.

Ummm … also then all the congressmen went home so we’re safe again.

All that said, its clear America has not lost its core values and those that write us off prematurely do so at their peril.  After all, solving our problems in this priority order of  1) football, 2) Dunkin Donuts and 3) that little debt thing … hey, that just says it all, doesn’t it?

So don’t give up on America yet.  Our national will is still very much intact.

Is this a great country or what?

Have a nice day – J. Daniel