Unreasonable and Excessive
Government that is…
Congress is working really hard to take government meddling in the economy to the next level.
The bill, which passed on a 247-171 vote, would give the U.S. Treasury broad powers to prohibit “unreasonable and excessive” compensation and bonuses that are not based on performance standards.
The “Pay for Performance Act of 2009″ is among a number of efforts by Congress to claw back bonuses and curb pay in the wake of public anger over recent executive bonuses at insurer American International Group, which has received a bailout worth up to $180 billion.
“The Pay for Performance Act is based on two simple concepts. One, no one has the right to get rich off taxpayer money, and two, no one should get rich off abject failure,” said one of the bill’s authors, Representative Alan Grayson, a Florida Democrat who co-authored the measure. “We should not pay an arsonist to put out his own fire, and we should not be paying an executive to ruin his own bank.”
Congress represents the pure embodiment of that which of both stipulations aim to curb! Why should politicians be exempt from these standards? Don’t worry though, the free-market republicans will stop this madness right?
“There’s no question we need more performance-based pay decisions, but the government deciding and judging the performance of employees in private companies, the secretary of the Treasury deciding whether an employee is performing? I think not,” said Representative Spencer Bachus, an Alabama Republican. “The answer is not a dramatic expansion of government control.“
In other words, “we need more government controls, but only so many new government controls.”
Just another nail in America’s coffin…
