Barack Obama’s salary will be $400,000 per year when he becomes President of the United States on January 20th 2009. Since this is the top job in America – no other CEO, CFO, COO should earn more than the President of the United States of America. There is no job with more responsibility, stress, accountability or risk management than this.
For the last several years many CEO’s on Wall Street have earned in excess of 100 million dollars a year. Last year the CEO of Blackstone earned 150 million in salaries and bonuses (400 million in 2006). Nobody needs this much money. It is pure excess and greed. If these people really cared about the world they should give back 99 % of these earnings. If everybody had to return everything above 400 k (salaries and bonuses) for the past 10 years we would be out of this mess and probably pay off a huge chunk of the National debt.
As long as we continue to pay these salaries and bonuses in excess of $400,000 we will never get out of this mess. Go to www. Change.gov and let the Leadersip of this country know what you think about greed and excess in America.
If Unemployment spikes and we are paying more in unemployment and pensions than there are working people to sustain them-legislate a 3 day work week. Reduce salaries and reduce Income Tax at the same time. This will allow more people to work, and reduce the strain on taxes required to pay unemployment.
Lower sales tax to zero for 1 year so that people who have money can start spending again. We will all need basic staples such as food and clothing, heating and cooling, and homes – reduce the tax burden on these basic items and we will all survive this global economic crisis.