A Salary Cap For Government

President Obama's proposed salary of a $500,000.00 cap for executives of companies receiving federal bailout funds is getting a lot of press lately. The cap is to include such benefits as severance pay and any other compensation above the cap will have to take the form of stocks that are frozen until federal loans are repaid. This is all to prevent what the president, himself, called,‘…being rewarded for failure.’


I can hardly disagree with this suggestion, even if it does result in the loss of ‘talent’ in the financial sector. In the final analysis, we may be better off. It is rare to find any other endeavor where individuals can fail so miserably at their jobs and still be rewarded so handsomely.


One such rare exception is government. Year after year, as the budget deficit skyrockets to unbelievable levels, taxpayer money is wasted on special interest groups and government pork and no one is held accountable. According to www.federalbudget.com, as of February 6th, 2009, the national debt now stands at $10.7 TRILLION!! I can’t even conceive of anything that is analogous to such an astronomical number. Yet, here we are on the edge of financial ruin, contemplating how to throw even MORE money at a hopeless situation.


I have a proposal; Let’s put a salary cap on elected officials as well. Ben Franklin first proposed that those elected to government position not be paid at all! You can imagine how well that went over with the people actually elected to office. Initially, members of Congress received $6.00 per day while in session. Then in 1815 this was increased to an annual salary of $1,500. According to http://usgovinfo.about.com/ the salary for a ‘rank-and-file member of the Senate or Congress’ today is $174,000 a year, while the President himself makes $400,000 a year, with an allowance $50,000 for living expenses and the Vice President makes $227,300. When these are compared against the untold MILLIONS spent on the campaigns to win these positions, it is clear that it is not financial reward alone that drives an individual to serve in public office. If they don’t need it, I see no need to give it to them. In fact I’m paid a mere $5 a day to do my civic duty and sever on a jury


Now while these salaries may pale in comparison to the exorbitant annual salaries and financial compensation paid to Wall Street and Banking executives, they are FAR and above what the average American can ever hope to make, yet it is that very taxpayer who is expected to foot the bill.


Now, there has been some speculation that, due to the President freezing White House staff salaries, that Congress may follow suit. Why not go one step further? Why should we not limit that President to $150,000 a year, while keeping his allowance for living expenses intact; limit the Vice President to $100,000 and the average member of congress to $25,000? Each year, barring war or national crisis, that the budget isn’t balanced, Presidential and Congressional salaries will be cut by 20% until, after 5 years, compensation returns to what it was in 1789…$6.00 a day for Congress, while in session and $25 and $30 for the Vice President and President respectively. Each year, the budget is balanced, pay rates increase 10% until it returns to pre-deficit levels. Is there anyone out there that believes for one moment that a single member of Congress, much less the President or Vice President will quit? If so, then I say good riddance to the lot of them.