In the past election, I was often asked about my position on term limits. The Libertarian Party, like many groups, is split on the issue, and it's not uncommon to find a wide variety of positions. I, for one, am solidly against them, for a number of reasons.
First, we already have term limits. It's called, the vote. If the people want a candidate out of office, there's a means to remove them, with varying term lengths (except for certain judicial positions...we can revisit that as a separate issue some time). Yes, usually the one with the most money wins, but, truth is, that is all too often an excuse for lazy campaigning. And it's poor sportsmanship to stand on the field and whine when you lost the game. The truth is, losing candidates (including and especially myself) should spend the "offseason" evaluating the numbers and figuring out how to turn the next campaign into a winning one. One of my pet peeves with third parties is that all too often the candidates content themselves with minority status; basically, they don't even TRY to win. And I find that repugnant.
Second, term limits are a form of political force, and that's something that as a Libertarian I do not subscribe to. Term limits give disproportionate power to special interest groups by giving them a means other than the electoral process to oust a candidate they don't like. Wait long enough, and they're gone.
Third, term limits create "lame duck" terms. As many have noted about the President, he doesn't have to cater to the wishes of his constituents, as he's out for reelection anyway. I find it entirely likely that the nature of George W. Bush's second term would be markedly different if he had to face the voters again in '08.
Fourth, term limits are borderline socialistic, rewarding mediocrity and penalizing excellence. While politics certainly have their crooks, many elected officials are in because they knew how to play the game, and a few are in there because they have served their constituents. In my view, it would be absurd to take away the political office of those who have served well, when we already have a means of removing those who haven't.
Term limits are, like so many other "band-aid" solutions, something that appears to be a good idea until you dissect it and peer into its inner core. They provide a temporary solution, and a rather shoddy one, to a permanent problem. We are better off with the system we currently have even with its imperfections.