The federal government has run a deficit every year since 1961, except for the biennium 1999-2000, right before Republican George W. Bush took over the reins of the presidency and quickly proceeded to blow a hole in the federal budget that continues to gush red ink to this day under the leadership of President Barack Obama. Our current-year deficit has broken the $1 trillion barrier ($1.2 trillion, to be more precise), and the national debt now stands at nearly $12 trillion; both continue to move in the wrong direction — up.
With a managerial track record like that, Uncle Sam is not the person you want running your bank, your investment house, or your insurance company; in a position to dictate executive-level pay. Yet, that’s exactly what will happen if legislation that just passed the House and awaits Senate action, is signed into law.
The cleverly-titled “Corporate and Financial Institution Compensation Fairness Act” (who can possibly be against