Going Galt
22nd October 2009
Alex Tabarrok reveals the clay feet of the Pay Czar concept.
There is no way this will work as advertised. If the administration actually follows through, most of these executives will quit and get higher paying jobs elsewhere. Executives not directly affected by the pay cuts will also quit when they see their prospects for future salary gains have been cut. Chaos will be created at these firms as top people leave in droves. Will the administration then order people back to work?
October 23rd, 2009 at 14:25
More than half had already left before the announcement. Now how many more will quickly follow? These crazy leftist really want to bankrupt the country and drive out all the ‘evil capitalists’ who are the only ones creating value and taxable incomes. But they are evil so democrats will continue to chase them off.