It’s easy to point the finger at the opposite political party and blame them for any problems in Washington D.C. But this is one of the few things that’s not a political issue. Both the Democrats and Republicans have multiple Senators who have been serving in Congress for almost 50 years!
There are a ton of arguments for and against term limits. Academics who have spent their entire careers studying this will argue with each other all day and night about what is right.
But, there seems to be a clear stance right now that the general public is in favor of congressional term limits. There have been numerous polls done recently that show upwards of 80%+ of Americans think that term limits are needed.
Each political party has a history of talking about term limits whenever it is convenient for their party. But most of it is just political rhetoric with no follow through. So, will we see congressional term limits at some point?? Who knows.
Whether or not there are term limits are passed, what is most important for you is to take care of your own personal finances to the best of your abilities. Find ways to boost your income. Continue to spend less than you make and consistently invest the difference in low cost index funds! (bet you never saw that conclusion coming from your PFC friends!!)
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
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