That’s All It Would Take! Ever dreamed about running the country, even for a day? I have. Here’s what I’d do, and why it’d only take a day. Rule No. 1 – You can’t change any of the other rules I put into place – ever! Now that we’ve got that taken care of, in no particular order here’s other changes I would make: No More Attorneys If you hold public office, anything from city commissioner all the way up to President of the United States, (or want to run for public office) you can’t be an attorney, studying to be an attorney, or a retired attorney.
Since most of our public officials have done a pretty good job of making a mess of things, and are also attorneys, I figure this group should no longer be allowed to make more/bigger messes. I know we’re probably going to miss out on a couple of talented leaders, but that’s a risk I’m willing to take.
Fixing The Tax Law Anyone holding Public Office (see above) MUST file their own (personal and/or business) tax returns by hand using only the IRS provided instruction booklets!
No computers, software or accountants. Oh, and you gotta use an ink pen! I’m guessing this will start an immediate solution to our messed up tax code, hopefully a national sales tax as outlined in the Fair Tax book. For more information go to www.fairtax.org.
No More Special Interest Groups If you’re going to campaign for a public office, the government will give you a fixed amount of money to run/finance your election (or re-election) campaign. The amount will differ depending on which office you’re running for.
I figure if you do a good job running your campaign your odds of being elected are tilted in your favor. This is probably an indication as to the decisions you’d be making in public office.
It would be a felony for you to use your own money, or contributions from anyone else. This should eliminate special interest/lobbying groups.
Mandatory Public Service Anyone with annual pay (including salary, bonuses, stock options, side deals, etc.) exceeding $5 million or more MUST serve (this means without pay) in a public office for a minimum of 4 years ( no more than 8 years) in order to cash in on any pay etc. that’s due you in excess of $5 million.
I figure this country needs more smart business people making business-like decisions. If you’re sharp enough to figure out how to get paid $5+ million a year, you’re probably the type person I’d want making decisions that affect the overall country. Since we’ve already eliminated special interest groups (see above rules) there’d be no advantage to you in making stupid business decisions in order to line your own pockets.
You Can’t Cash Your Paycheck Until…. Basic financial education would be a requirement of every school, public or private. In fact, no one would be allowed to cash their first paycheck (this means high school kids getting their first part-time job) until they had taken the required course.
Hey, I figure if you have to take a written test and demonstrate your skills when you first get a driver’s license, there ought to be a requirement when you start earning money.
We all know a car is a dangerous weapon in the hands of the wrong person, especially one with no training. I believe money (worse yet a credit card) in the hands of anyone with no basic financial training can do 10 times more damage than most automobile accidents.
No More Hidden Fees All investment companies (brokerage firms, mutual funds, banks, insurance companies, 401(k) plans, etc.) would be required to tell you in plain English how much money was deducted from your account at least yearly. They could do this now but they know you’d gag on how big the number really is, which explains why no one’s really eager to share this ‘insider info’ with you.
Anyone giving you advice, this would include financial advisors, insurance agents and stockbrokers, in addition to CPA’s and attorneys, must fully disclose any and all sources of income (or commissions on stuff they sell you) including dollar amounts. Very simple to do, but almost no one wants to. Cuz if you knew the real costs you’re paying, you’d be horrified!
Can you believe there’s still people out there who think they aren’t paying for investment advice? Shame on those companies for ‘hiding’ the truth.
No More Frivolous Lawsuits If you (or your 1-800-sue-the-world attorney) sue someone you’re going to have to have some “skin in the game.” This means you (or your attorney) must put up 10% of the amount you are suing for in cold hard cash
If you’re (or your attorney) so certain you’ve got a good case, this shouldn’t be a problem for you. If you win, your “deposit” is returned to you. If you lose, your deposit is forfeit and will go to the party you sued to help them reduce their costs of defending themselves. You’ll also have to pay all court costs on top of this!
I’m guessing this will dramatically reduce the number of lawsuits clogging up our court system while still providing “relief” to anyone who has been truly harmed. Who knows, maybe we end up working out our differences between ourselves a little bit more often before we just rush in and file a lawsuit.
This will probably put lots of attorneys out of work – something I’m not going to worry about. In fact, I’m sleeping even better knowing that they also are no longer eligible to serve in public office. (See above rules.)
No More Government Pension Plan If you’re an elected official you have no government pension. Only Social Security. Hey, if it’s good enough for the rest of us it ought to be good enough for you. If you don’t like it then fix it.
The Healthcare Crisis Gets Fixed If you’re an elected official you must receive your healthcare from an HMO. You must also file all your own insurance claim forms yourself, by hand, in ink! If you don’t like the level of care you get or are frustrated with all the paperwork, I’m sure you’ll figure out a way to fix it.
I’m also thinking premiums will go down due to the decreasing number of lawsuits. (See No More Frivolous Lawsuits above)
You’ll Never Go Broke From Nursing Home Costs If you’ve been responsible with your financial affairs and purchased long term care insurance, if your expenses ever exceed the coverage/policy limits (a minimum amount of coverage would be required) neither you nor your family would be required to spend any of your hard earned savings/assets for continued care. The government would step in and take over. But only after all of your long term care insurance policy benefits have been exhausted. (Some states are experimenting with this concept now).
Social Security Gets Fixed Not everyone is going to get Social Security benefits forever. Everyone gets Social Security benefits totaling what they’ve paid into the system. Once you’ve gotten what you’ve paid into the system, there will be a means test in place in order for you to continue receiving benefits.
It’s not the government’s job to take care of you. The government should be here to lend a helping hand to those truly in need. I’m guessing Bill Gates (when he’s old enough) and Warren Buffet, to name a few, aren’t even going to notice their Social Security check. I say give them back (and others like them) what they’ve paid in and that’s it!
Last time I checked, the odds of me getting to ‘Run The Country For A Day’ aren’t looking too good. But I’m always available should the opportunity arise!!!
PS –Let me know what you think about my ‘list’. Did I leave anything out? Send your thoughts & comments to bfricke@fmcretire.com
