Since taking office President Obama has been busy taking control of the economy. He has fired the head of General Motors and taken control of it. He has increased the debt in that short time more then all previous 43 presidents combined. He claims he has either “created or saved” 600,000 jobs even as unemployment has risen to a 26 year high of 9.4%. Now Obama wants to take away our freedom to earn money. Never mind the little fact that Obama does not have the authority to do so.
He wants to appoint a “Pay Czar.” They would monitor what people are paid. If they think it is too much, they will adjust it. For now it is for companies that have received TARP money. But remember that the Income Tax only affected the top 3% of wage earners when it started. The problem with the government doing this is that once they start, they expand. For you that think it is a great idea, be careful. What is to keep Obama from setting the pay for burger flippers at $20 an hour? Sounds good if you are the flipper, but do you want to pay $50.00 for a burger? You have to be worth what you earn.
Every time the government comes to the rescue, there are always strings attached. While I understand the need for oversight, I still think having the U.S. Government setting salaries and bonuses will not help these companies survive. If they are restricted by how much they can pay, then it will be difficult for companies to attract the best and brightest to help turn the companies around. A contract between me and my employer should be just that.
And yes I know some will say if they were so good, then why did we have to bail them out? Had the government not forced companies to lead money to people that had no way or plan to pay back the money, then none of this would have happened. I don’t want some government career bureaucrat telling me I can only earn a certain amount of money. This will end the American Dream.
Once we are told what we can make, we will be told what car to drive, what house to live in, how many children we can have. I know you think I am saying the “sky is falling.” But it takes one step at a time to gain control of every area of our lives. We are moving to communism while most of the world is moving to capitalism.
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke want to give the government greater powers to set compensation guidelines across the financial sector. Tuesday Mr. Geithner said, “”I think boards of directors did not do a good job, I think shareholders did not do a good job in terms of discipline and compensation practices.” So blame the management and the people and let the government fix it. Wrong. Wrong. Wrong. I never thought I would live to see this happening to my country.
If you think this is great, it shows that either Obama and or you do not understand how business works. We have to stop looking to Washington to save the day for us. If we could apply this rule, we would stop the government from entering our lives. >“The Government should do what the private sector, Can’t Do, Won’t Do or Shouldn’t Do”.