Henry Ford applied a similar encouragement to his sales staff (back at the start). He'd fire the lowest performing sales person each month. Jobs were scarce. Good jobs were even more scarce. It encouraged maximum effort each month.
And, I'd maybe want to throw in another caveat: Anyone who actually WANTS to be elected should be automatically disqualified from running. We should maybe have something like a "draft" where we select several choices and require them to run/serve for a 2 or 4 year period--even if they don't want to. At the end of their national service, they would be manditorily exempt from the draft and would not be allowed to hold other political office.
Even if we managed to select only complete morons in our national draft, we'd be stuck with them for only a short time. (I'm specifically thinking of Barney Frank here, but the House and Senate are rife with examples.)
I don't see how we could end up with less competence than we enjoy under the current system.
I've often considered that option. If a person is so hungry for power as to go through what it takes to get elected, they are suspect. Some would start from a true desire to make the country better, but the problem is that they will end up feeling that
they need to do things to make everything better and that
they are the right one to do it. Next thing you know,
they are meddling in everything. Good Intentions paving stones.
Only some details to work out to make it work I think.
I believe I read a book that sort of addressed that idea. Might have been named
Dark Horse but it was 40 years ago that I read it.