Your pay

Did you ever think that your pay would be determined by someone other than your boss or your company? If you did, did you ever in your wildest imagination think that the government would control your pay?

Fox news reports "The Washington pay czar who's ordered steep pay cuts for executives at bailed-out firms could have practically unlimited power to regulate compensation at any company that gets federal funding, lawyers say -- even if his legal authority is sketchy."

Unlimited power to regulate compensation? Really? Yep, that's what's happening. So you get a job, negotiate a contract and plan your life style based on your salary. Your company gets in trouble and decides to get a loan from Uncle Sam and viola they now control your salary. There goes your lifestyle.

I'm not for anyone receiving excessive wages, but if you earn that money, I don't care if it's a dollar or a trillion dollars - it's yours.

The federal government now seems to have the authority to trump a signed contract. Why?

The argument is that these companies owe money to the federal government and that gives the government the right to exercise an "ownership stake" or other not so nice tactics like embarrassment etc.

The first problem here is that the government shouldn't have an "ownership stake" in any private industry. Amendment 5 of the constitution reads "... nor shall private property be taken for public use, without just compensation." The private property is the key here. You can call it land, buildings, widgets or even a salary -it's all private property and it's not supposed to be taken by the government. And IF it is then we are supposed to receive JUST compensation. Tell me how slashing anyone's salary by 90% is JUST compensation.

Amendment 8 states "...nor cruel and unusual punishments inflicted." It sure seems cruel and unusual for the government to control the salary of a private company.

And Amendment 27 states "No law, varying the compensation for the services of the Senators and Representatives, shall take effect, until an election of Representatives shall have intervened." The lawmakers themselves can't have pay raises or cuts UNTIL the next election. Not so for these lucky few under the power of the Pay Czar.

Perhaps you don't care for any of my arguments. That's fine you don't need to agree, but you do need to realize that this power grab by the 'savior of the world' and his czar is only the beginning. If they can find a way to alter the pay of these executives or "own" a car company, they can find a way to come after your job and your salary too.