BUT if the politicians aren't worried about getting re-elected, THEN they don't have to rely upon (or fear the backlash) of lobbyists to get re-elected. It takes away the power of the lobbyists which is mainly the ability to help get the politician re-elected.
That's not true, for two reasons:
1) Unless the term limit is exactly
one, there will be a perpetual rotating roster of first-term politicians looking to get funding for their (limited) re-election
2) As Hoodie stated, politicians leaving office and taking cushy jobs with lobbying firms, or even directly with the corporations they were tasked with regulating, is already a problem today... but in a world with term limits, the moment these guys arrive in office, they are working towards their post-government career. The power of the lobbyists switches from "helps me get re-elected" to "helps me get a good job after I'm termed out," which is a
much worse motivating factor.