The big distraction that Obama and his “progressives” are using now to whip up support among clueless, shortsighted, envious Americans is the inequality issue. “Isn’t it unfair that the CEO of some big company makes X times what the average worker does?!” Professor Walter Williams does a terrific takedown of that argument in this piece.
For one thing, the comparisons are even “worse” if you look at sports or entertainment. Top movie stars earn far greater multiples of what the average worker in the production of a movie makes, yet this elicits no outrage. Nor should it elicit any. Stars are paid what they’re worth. So are business executives.
For another, there is no “remedy” that won’t make things worse. Trying to artificially boost the compensation of all the supposedly underpaid workers will simply cause many to lose their jobs; increasing taxes on the wealthy just puts more resources in the hands of politicians, who are certain to squander the money on things that mostly enrich their supports, not the poor workers.