OK, I get that Obama and many in Congress believe that the government should have a role in determining the compensation of employees of companies that they purchased with taxpayer money. Some logic there. But here comes the proverbial slippery slope we often hear about.
From Fox News:
The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a plan to overhaul financial regulation, the New York Times reported.
Obama is expected to announce the plan, which officials said would include a broad new role for the Fed to oversee large companies, ahead of the G-20 summit in early April.
If our government can regulate compensation for banks and insurance companies partially owned by the government, why not banks and insurance companies that did not get bailout money? After all, best to have a say in these companies too since clearly they are out of control and it’s only a matter of time before we’ll need to bail them out. Plus, it levels the playing field, right?
You know, this oversight thing looks like a great idea… why limit ourselves to banks and insurance companies. There is so much greed on Wall Street we need to make sure their employees are not getting way overpaid. After all, someone needs to make sure compensation is fair and equitable.
But now we have a problem, don’t we. Doesn’t seem fair to target one sector of the economy… no, not fair at all.
Nope, as much as it pains us to admit it, we can not trust any of the greedy, money grabbing corporations to determine compensation for their employees. Clearly, the time has come for a national pay scale, set by Congress and enforced by our federal government. Never again will the hard workers of American be forced into virtual slavery to enrich the elite who do nothing but stuff their pockets while stepping on the fallen heroes of our economy.
But, there are so many companies it would be nearly impossible to provide oversight solely from Washington, and that’s where the unions come in. We will take full advantage of the unions to be the eyes and ears of the federal government. Since this will require that every company be unionized so that no stone is left unturned, henceforth all companies granted the privilege of operating within the borders of this great country will be required to unionize, no exceptions.
Then and only then will the Democratic Republic of America be a fair country where all citizens truly have an equal opportunity to share in prosperity and the happiness that comes from the truths that are self evident, that all are created equal and to each an equal share.
Update: Right after posting this article, saw this on the Fox News website:
“We have to level the playing field,” Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, told “FOX News Sunday,” about the decision to tax executive bonuses at 90 percent at firms getting federal bailout funds.
Ah… there we have it.. we must level the playing field.
More insight over at Gina Cobb: You Earn Too Much (or Will Someday) . . . and Now Congress Will Fix That
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