The 22nd Amendment
Section 1. No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once. But this Article shall not apply to any person holding the office of President when this Article was proposed by the Congress, and shall not prevent any person who may be holding the office of President, or acting as President, during the term within which this Article becomes operative from holding the office of President or acting as President during the remainder of such term.
Section. 2. This article shall be inoperative unless it shall have been ratified as an amendment to the Constitution by the legislatures of three-fourths of the several States within seven years from the date of its submission to the States by the Congress.
Ratification was completed on February 27, 1951.
In the year 2000, Governor George W. Bush of Texas manages to gain the office of President of the United States by an extremely slim margin in the state of Florida due to a concerted Republican effort to suppress the voting rights of black Floridians and halt the unfinished vote recount in 4 Florida counties. Once in office, he breaks the law, lies to the American people and the world (with the help of other members of his administration), allows the largest terrorist attack in US history to take place despite the warning of the outgoing Clinton administration and his own intelligence community, and clears some brush.
In 2004, he is re-elected to the office by supporting fabricated attacks on his opponent's military record, opportunistically using the pubic's memories of the very terrorist attack he allowed to happen in order to instill the image of himself as a hero and champion of freedom, and being friends with the right people (i.e., the ones who own of have owned voting machine companies). Thus far in his presidency, he has led the nation into an illegal war in which thousands of our sons and daughters and countless Iraqis have lost their lives, illegally wiretapped its citizens, racked up an astronomical deficit, and supported the torture of "detainees" at US controlled foreign prisons.
Backed by the right-wing media machine, evangelical Christian leaders who preach politics from the pulpit while managing to avoid paying taxes, and indirect control over private electronic voting machine companies, he is handed the office of "leader of the free world" once again.
By 2010, we are at war with the Middle East at large (with the important exception of Saudi Arabia, where 15 of those terrorist hijackers came from, which is of no consequence whatsoever), we have nuclear warheads pointed at Iran, North Korea, Syria, and just for fun, France (those wimps--who likes them anyway?). Our entire country has been mortgaged off to China to keep our wars financed. Our press is given statements each day directly from the White House Press Secretary, and the information herein is the only information they are allowed to pass on to the public. The White House press office is officially renamed Ministry of Information.
The American public is now enormously supportive of the President, because he controls their access to news with an iron grip. The remaining dissidents (many have been arrested at this point as "enemy combatants" of the United States and either disposed of quietly or interned in camps built by Halliburton subsidiaries) are no longer able to communicate electronically due to the privatization of the Internet and univeral telephone surveillance and only survive by joining together and living in underground bunkers.
In the year 2011, the United States, at the direction of its president, launches nuclear weapons at "key military targets" in the Middle East and succeeds in killing millions of innocent people and, due to ineffective long-term planning, the radiation from these bombings slowly creeps across the entire surface of the planet until the entire world population succumbs to violent radiation poisoning resulting in the complete extermination of the human race.
One side of the 22nd Amendment argument is that the amendment itself is undemocratic, as it takes control away from the voters by removing their ability to continue voting for a leader whom they support. There is logic to this. Voters are able to re-elect their Congressional representatives as many times as they choose, without limit. The only way in which Congressional offices are controlled is by the election process--every two or six years, the voters have the opportunity to choose a different representative or senator, and representatives and senators can be re-elected indefinitely. Presidents, on the other hand, have only two chances to serve in the office and are then ineligible for re-election. In this argument, it is assumed that the Legislative and Judicial branches have sufficient oversight power to control the Executive and keep the holder of that office from overreaching. This is the rationale currently being used to argue for a repeal.
The other side argues that presidential term limits are an absolute necessity in order to control the power of the executive and keep it from expanding unreasonably. This argument takes into account the necessity of limiting executive power and understands that the legislature and judicial systems are not always able to counter that power due to their connections to the executive himself (i.e., a Supreme Court nominee of a sitting president is likely to side with that president on many issues and a member of Congress who comes from the same party as the executive may feel the same or may be under pressure to submit to the party's opinions on the issues).