I agree and disagree with your comment. Agree with term limits and very few politicians we can trust.
I disagree with your comment about politicians having a 'hard time' getting back to where they left off before entering public service.
Have you heard of the revolving door? There are countless politicians who leave public office only to be hired on as lobbyists, business consultants, executives for corporations, etc. This door exists in every single powerful private sector industry. If I had more time to gather the information I guarantee that I could come up with hundreds of examples of politicians smoothly transitioning into higher paid private sector jobs months after they leave public office.
Oh look at that.... opensecrets.org did have the time to track those who left public office in the 111th Congress, and tracked where they are now. Check it out here
Here is one example of mine: Robert Rubin, US Treasury of Secretary. Helps dismantle Glass-Steagall Act (one of the major reasons for the banking crisis), then retires from public office. Within a month he was an executive on the Citibank board (who also happened to profit IMMENSELY from the repeal of the glass-steagall act...how convenient!) Later on he became a big part of the Obama team, yay!
Now... if money were taken out of politics and the politicians actually represented the people, instead of corporate donors, your idea that politicians would have trouble re-entering the private sector world would probably become a possibility.
And I suppose since I decided to chime in here I should say something about this 'deficit' issue... The only deficit that America is experiencing is a democratic deficit
- the enormous gap between public wishes and government policy.
The debt ceiling 'crisis' is a manufactured crisis. I think Paul Craig Roberts summarized it best... check it our here
Independent economists have been talking about this for some time now. Edward Herman and Robin Hahnel called it the "balanced budget ploy": Excessive military spending, offshoring jobs, and huge tax cuts for corporations and uber-rich create massive deficits... this then turns into irrefutable evidence for the need to reduce out of control spending. Except they (the oligarchy) takes aim at social programs - like welfare, education and health care... regardless of the fact that this spending is tiny in comparison to the military/security industries, tax cuts and loopholes for corporations and uber rich, and the trillions of dollars spent to bailout the banking conmen's 'mistakes'. And regardless of the fact that the 'entitlements' are funded through a payroll tax, and have hardly anything to do with the current deficit problems.
The sad part is that next year the majority of the American voters will most likely line up like little sheep and continue to vote for the same corporate sock-puppets who are helping the oligarchy lie, cheat and steal away our future. (And that includes all of you Obama fans, in case you haven't yet figured out who the Trojan horse really is.) But who knows... cutting these social programs may just create the spark needed for the people to finally stand up and say enough - a la Egypt style. It's a far shot, but ya never know. (So, there, cayo! I left a post with a positive outlook, instead of a 'cynical' one.