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initiative, referendum, and recall political challengers term limits

A Different Conversation

“Here’s the difference between me and the other candidates,” says billionaire investor-​turned-​presidential aspirant Tom Steyer. “I don’t think we can fix our democracy from the inside. I don’t believe Washington politicians and big corporations will let that happen.”

Of course, if this Democrat becomes president of these United States, that’s hardly the outside.

“For me,” Steyer continues, “this comes down to whether you trust the politicians or the people.”

Well, I certainly trust the people a whole lot more than I trust the politicians.* 

“If you say you trust the people, are you willing to stand up to the insiders and the big corporations and give the people the tools they need to fix our democracy?” Steyer asks. 

Which tools? “A national referendum, term limits, eliminating corporate money in politics, making it easy to vote.”

The toolkit’s a mixed bag.

Eliminating corporate money means repealing part of the First Amendment, and silencing non-​profit corporations such as U.S. Term Limits, MoveOn​.org, the NRA, Planned Parenthood, National Right to Life, etc., etc. 

Mr. Steyer also worries that, without reform, “We won’t be able to … pass any of the great plans proposed by the Democratic candidates running for president.”

We should be so lucky.

Still, here is another Democratic presidential candidate endorsing congressional term limits. And we do need a direct democratic check on Washington, the ability for citizens to initiate reforms such as term limits and take unpopular legislation to a referendum. 

I’m not sanguine that Steyer will get the policy details right, but as fellow Democratic candidate Sen. Kamala Harris is fond of saying, “Let’s have that conversation.”

This is Common Sense. I’m Paul Jacob.


* Constitutional protections for our basic rights, as in The Bill of Rights, mean we do not have to trust government, directly democratic or representative.

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Billions and Billionaires

Where do billionaires come from?

Douglas French, president of the Ludwig von Mises Institute, reminds us where the term “millionaire” came from. It was

coined in 1720 during John Law’s “Mississippi Bubble” to describe those making vast fortunes in Law’s Mississippi Company stock that rose from 150 livres to 10,000 in the matter of months. But just as quickly, the stock and the currency wildly inflated by Law’s Banque Royale, crashed and Law was forced into exile.

Today’s plethora of billionaires — which in 15 years has increased fivefold — is (argues French) at least in part the result of Ben Bernanke’s monetary manipulations. He’s the John Law of our time. “What were once Law’s millionaires are now Bernanke’s billionaires.… Bernanke has been on the job for six years, and the Gates, Buffetts, and Slims of the world are reaping the benefit. But for how long?”

Keeping track of today’s billionaires has become both a form of popular entertainment (Forbes’s list) as well as a topic for careful study. The political “philanthropy” of George Soros and Charles Koch inspires both enthusiasm and dread in activists, left and right; Warren Buffett has become something of a hero to the 99 percenters, what with his repeated pitches for higher taxes on the rich.

But Buffett is a sly one. He makes his money in a variety of ways — one of which Peter Schiff recently explained: “Buffett actually stated in September 2008 that he would not have invested in Goldman Sachs if not for the implicit guarantee of federal assistance. As a result, he profited at the expense of taxpayers at the very time when they were losing their savings in the markets.”

Not all billionaires are created equal.

This is Common Sense. I’m Paul Jacob.