Impose 500k on Congressional Pay After Leaving Office

[American Horse]

President Obama has imposed 500k cap on CEO executive pay.
$500,000 cap would apply to those getting ‘exceptional’ bailout assistance....

The cap the president has put on these CEOs might be a good thing; If they don't want to take the pay-cut let them step aside. It might give some lower level "unproven talent" a chance to shine by good example, and we could improve our CEO stock.

But they might need some other sort of incentive; perhaps an income tax "holiday" lke Congress people seem to so often give themselves.

And since $500k seems to be such a magic number, once they have gone into the private sector, Congress-people should likewise be obligated to a limit of 500k of annual income for any lobbying they do of their former colleagues. Wouldn't that be fair?

 

[Skull Pilot]

too generous

i think a senator or president once out of office should not be allowed to earn more than they did when they were serving in office.

that way they won't be tempted to use their political influence while in office to set themselves up with sweetheart deals.

 

[oreo]

Why doesn't President Obama go after Franklin D. Raines--the Clinton appointee who ran Fannie Mae into the ground while collecting 98 million dollars in bonuses? Oh I forgot, Franklin Raines was on Obama's campaign committee.

Yes, I certainly agree with you but the above example is why that will never happen. Congress imposing pay limits on "themselves"! That'll be the day.

Our newly elected congress just voted themselves a pay raise. Along with that they stuffed into this new so-called stimulus bill that's really not a stimulus another 600 MILLION dollars, "gratitude of the American taxpayer", so they can all drive around leased hybrids during their terms in office.

 

[Mad Scientist]

President Obama has imposed 500k cap on CEO executive pay.
$500,000 cap would apply to those getting ‘exceptional’ bailout assistance....
The cap the president has put on these CEOs might be a good thing; If they don't want to take the pay-cut let them step aside. It might give some lower level "unproven talent" a chance to shine by good example, and we could improve our CEO stock.
But they might need some other sort of incentive; perhaps an income tax "holiday" lke Congress people seem to so often give themselves.
And since $500k seems to be such a magic number, once they have gone into the private sector, Congress-people should likewise be obligated to a limit of 500k of annual income for any lobbying they do of their former colleagues. Wouldn't that be fair?

Interesting post, you seem to be all over the place though. You advocate pay caps for those on the government dime, fine.
Then you want the same for private citizens? You want government dictating the pay scale of private citizens? What do you want, total government say over how private business is run? You want to dictate pay, why don't we just dictate how they run the business then? Oh yeah they're already doing that with the Auto Bailouts, telling companies what cars to build. I'm guessing those will turn out to be pieces of crap, just like the DMV and Social Security. Have you thought this through?
Then you say you want "tax holidays". That would increase economic activity wouldn't it? I'd agree. Let me ask you this: If tax holidays increase economic activity then wouldn't it be best to have them all year round? Why just certain holidays?
You're a strange sort American Horse (I don't mean that as an Insult). You advocate both freedom and Fascism at the same time. And you're a Marine right? How odd.
I have a question for you. I ask this of most people I have economic discussions with: What do you think of Alex Rodriguezs' 10 year 250 million dollar contract to play baseball for the NY Yankees? Would you, if you could, sign a similar contract with a private company?
I'd be interested to hear your answer and how you came to these conclusions.

 

[American Horse]

Interesting post, you seem to be all over the place though. You advocate pay caps for those on the government dime, fine.
Then you want the same for private citizens? You want government dictating the pay scale of private citizens? What do you want, total government say over how private business is run? You want to dictate pay, why don't we just dictate how they run the business then? Oh yeah they're already doing that with the Auto Bailouts, telling companies what cars to build. I'm guessing those will turn out to be pieces of crap, just like the DMV and Social Security. Have you thought this through?
Then you say you want "tax holidays". That would increase economic activity wouldn't it? I'd agree. Let me ask you this: If tax holidays increase economic activity then wouldn't it be best to have them all year round? Why just certain holidays?
You're a strange sort American Horse (I don't mean that as an Insult). You advocate both freedom and Fascism at the same time. And you're a Marine right? How odd.
I have a question for you. I ask this of most people I have economic discussions with: What do you think of Alex Rodriguezs' 10 year 250 million dollar contract to play baseball for the NY Yankees? Would you, if you could, sign a similar contract with a private company?
I'd be interested to hear your answer and how you came to these conclusions.

I'd just say don't take my post too seriously. I was trying to find some good in what's already happened anyway, a silver lining, if you will. I absolutely want government out of the business of business. I believe that talent should determine wages at every level. That applies to sport figures, talk show hosts, and people just like you and me. Since we have a business realm where "talent" may not be the leading requisite, largely as a result of government interference in all kinds of ways, there is a chance to see what happens in those "industries" in which the results of their extreme philosophy will be visible for all to see. (politicians)

Since you wonder about the paradox in my comment, I'll just say that my deepest philosophy is "free trade"
I have an almost religious belief that the archetype of freedom is the free trader. He was the first free man; because his freedom could not be hampered without the loss of his product. He brought to each community or tribe in turn, things they did not have, and took away the things they were willing to forego, in each transaction taking a profit for himself. In the ancient world there was no freer man, perhaps the first individual. The founders of democratic society, the Greeks, expanded their colonies as trading centers.

I fancy myself an individual. I'll just close with this quote:
All I say is by way of discourse, and nothing by way of advice, I should not speak so boldly if it were my due to be believed – MONTAIGNE

 

[Zoom-boing]

Listening to Lou Dobbs tonight, he said that the pay cap will be for execs on future bailouts. Future bailouts? What about the $350 billion they already gave away? And if he wants to impose these pay caps, why not to those who already took the money? What they hell are they talking about more bailouts for the banks? They didn't do shit as far as lending with the money they did get!