Forgive me, Drones, but your approach is highly flawed for 2 reasons:
1 - Term limits are essentially anti-freedom, as they seek to limit the choice of the constituents. Aren't elections a form of term limits?
2 - What happens when you have someone like Ron Paul, or even Tom McClintock? I like those guys and would gladly keep them around for as long as I could have them.
If you want to seriously change things you will need to accomplish these things:
1 - Make being a politician less lucrative. Congress gets fantastic bennies, and they get them long after they stop "serving" in public office. Cut the bennies; make it so that one can live a decent but not sweet living. In NH we have basically an unpaid legislature and we seem to do a decent job holding socialism at bay.
2 - Have some measure of accountability where politicians will be held personally responsible for their decisions. Perhaps a mechanism via the state govt to criminally charge the politicians for a violation of their duties. I'd like to see a few executed. "Ok, so you voted for Headstart, what a gushy for-the-kids program? Hmmm, I don't see this anywhere in your prescribed duties, would you like to see a minister or priest before you're hanged?" Make politicians scarred to vote for this nonsense and you won't see the parasitic type trying to get into it; the cost/benefit ratio simply isn’t there.
3 - Get the govt out of the school business. Congress is generally representative of their constituents, as you can see by contrasting a Republican from rural Idaho v. a Republican from Southern California. The dumber you make people the more garbage you're likely to see elected. The tremendous damage done to America by the govt school system would take volumes to catalog. Even though we continually throw more and more money at education, far more per student than anywhere else in the world, our students rank pathetically against countries we generally regard as being basket cases.
While I could go on at length describing the intricacies of the problem, suffice it to say that intellectual development has been cast aside in favor of social conditioning. What kind of leaders do you expect to elect with a dumbed down/feel-good population?
4 - Eliminate doles. A dependant population is going to vote for the guy who promises them more handouts, and when you cross the situation with every sector of the population being on some type of dole you ensure that you can succeed by promising more and more doles. The result is that govt will always get bigger and more invasive. Divide and Conquer is the tool used to enslave the people through doles, which is why eliminating them is key.
5 - I know I'll take a generous amount of flak for this but so be it, Eliminate Universal Suffrage!!! When you have a situation where one can fully enjoy the benefits of something yet having absolutely no idea of how it functions, you will soon see it disintegrate. What would happen if you hand someone keys to a brand new car yet they do not have any idea how it works and what must be done to maintain that car? They will destroy it. I know a mechanic who has seen more than a few engines trashed because the twits driving them didn’t know that the oil must be changed.
If someone votes, they should be able to pass a test on basic economics, mathematics, how our govt is structured, etc. It wouldn't be terribly different from a driver's license test. If someone is so stupid and ignorant that they don't know how our society functions then they don't deserve a say in wreaking it.
On that note, only taxpayers should vote. A tax schemes have serious flaws, whether they be income (the most disgusting), a flat tax (less cumbersome but still morally reprehensible), or a sales tax (requires an intrusive govt mechanism to enforce). The least unjust would be a head tax. The budget is divided by amount of people who claim a share, only one per person, and they pay that amount to support the running of the govt. If someone does not pay tax, why should they have a say in how things are run?
Keep in mind that being able to vote, which one would be eligible for after paying the head tax, would not waive the academic requirement. This would eliminate the possibilities of some who is rich but stupid getting a vote.
If you accomplished all of those steps term limits would be a moot point.