Pay For Performance Act of 2009 | Destroy All Salaries!

“An outrageous federal power grab”

The Obama administration has garnered some praise and faced significant heat for the way in which it has handled cash advance bailouts and faced down executive bonuses. I hope they’re prepared for citizen revolt and the necessity for martial law soon, however.

That’s what they’ll get if the Pay For Performance Act of 2009 legislation makes it through as it is currently conceived. All of you know what will break loose. Clarice Feldman blogs for American Thinker that the United States government wants to regulate ALL pay levels, not just those of executives. She cites Byron York’s recent piece in the D.C. Examiner:

The House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds. ... click here to read the rest of the article titled "Pay For Performance Act of 2009 | Destroy All Salaries!"