Yeah, this one just seemed to be to much. Sure, much as been said in the mainstream media about the AIG execs huge bonuses that were allegedly made with taxpayer money. Let’s skip the fact that they never should have gotten that money in the first place and take a look at a proposed bill that goes beyond even the attempts to seize that money. HR 1664, also called “The Pay for Performance Act”, this bill oversteps Constitutional bounds in ways that Stalin would have been proud of.
What this basically does is, if passed, give the government authority to seize the pay of anyone who they feel is making to much within companies who receive bailout money. Now, the general thoughts is that this only means the executives who receive insane salaries far beyond what you or I might encounter in our lifetimes, but there’s no language in it specifying a limit. If they feel the janitor is making to much, they can seize part or all of his paycheck!
Now, yes this is limited to companies that received bailout money, so perhaps you’re thinking that they probably should have some limits. Well, I could almost agree with you except for the fact that several stable financial institutions were pressured into taking bailout money to remove any stigma from the funds. So now we have companies who have done well being told how much they can and can’t pay people?
First, they pass the highly unpopular bailout despite the public wishes that they wouldn’t. And now they want to regulate how much people can make? Maybe it’s just me, but I don’t see this being the end of it. There is a public outcry about executive salaries. I’ve had countless debates with people criticizing the salary some people receive, so this measure will not put anyone in any political quicksand.
But is this where it stops? All the government needs to do is get someone to accept bailout money, and they now have a say is how the company is run. If you control the pay, you control the company after all. Is this a “worst case scenario”? Yes, it is. But those can and have come true in the past, so it would be foolish to let the government maintain this level of control. Government doesn’t give up it’s power lightly, so this is something to be concerned about for all Americans. It’s yet another assault on Free Enterprise, and a particularly heinous one at that.
This bill has already passed the House, but it doesn’t appear to have passed the Senate. Now is the time to contact Senators Chambliss and Isakson and let them know how we feel about it!
Filed under: National |