"President Barack Obama took on bailed-out Wall Street firms on Wednesday, setting a $500,000 annual cap on pay for top executives at companies receiving taxpayer funds and tapping popular anger over financial sector excesses."Now, of all the ideas that have rolled out in the last 2 weeks, this is certainly not the most objectionable. But are there limits to this idea?
"This is America, we don't disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers," he said.If this is the road that Obama wants to go down, the real question needs to be...how far is he prepared to go??
Will he be prepared to call for a limit on the salaries of professional athletes? Much of their exorbitant paychecks are due to ticket sales. Tickets to seats in many stadiums around the country that are subsidized by taxpayer funding. If they had to play in stadiums actually affordable to their team's owner's wallets, there would be no glut of money to pay them millions. New, shiny, tax-payer funded stadia/arena permit the owners to shower manna upon these athletes. And by definition, most of these players are failures, but still accept millions without shame. Thus I would expect Obama to call on the NFL, NBA and MLB to cap their salaries...or else they could feel some pain...Janet Reno style!
Better yet, and perhaps more relevant to this whole bailout/stimulus, will Obama call for a cap on salaries of actors/actresses/executives who get paid millions by studios who take advantage of a possible Stimulus tax breaks for movie project flops? If Hollywood is to benefit directly from the 'stimulating' generosity of future generations, should it not be treated like the executives of bailout slurping companies?? It would be painful to see our favorite starlets wandering around the Cannes and Sundance festivals asking..."Who is John Galt?"
Of course I will not hold my breath. What I am really waiting for is the arrival of the Equalization of Opportunity Act, soon to emerge from inner sanctum of the Speaker of the House...
(Hat Tip: Instapundit)