Senator Proposes Pay Cap: If You Make More Than 400K, You Make Too Much

[epchick]

Is Guiliani for reals?

Originally Posted by Rudy Guiliani

"If you somehow take that bonus out of the economy, it really will create unemployment...It means less spending in restaurants, less spending in department stores, so everything has an impact."

So these people will be making $400,000 a year, yet they won't be able to go to restaurants, buy clothes or anything like that because they won't be getting their bonuses? And it's gonna drive up unemployment? GET REAL.

It's not the taxpayers fault if these a-holes decide to live above their means.

[SWTXBelle]

Here's an idea - don't take the bonus out of the economy - use it to pay someone further down the corporate ladder a salary!

And I'm a little bit miffed at all the outrage by politicians - what did you think would happen when you basically wrote them a blank check?

[Munchkin03]

Originally Posted by epchick

Is Guiliani for reals?



So these people will be making $400,000 a year, yet they won't be able to go to restaurants, buy clothes or anything like that because they won't be getting their bonuses? And it's gonna drive up unemployment? GET REAL.

It's not the taxpayers fault if these a-holes decide to live above their means.

They aren't living above their means, not at all. Where did you get that idea?

Bonus time is a big deal in NYC, as crazy as it sounds. Imagine if you got a check for $1 million dollars, or even $100,000--in addition to your baseline salary. New homes are purchased, and renovations begin like crazy. The premium car dealers on Park Avenue bring out all their new Maybachs and Maseratis, and they sell like hotcakes. Major charitable donations are made. We knew a family who was able to pay for their four kids' Ivy League tuitions with one bonus check. People in the fur industry make enough around this time to sustain them throughout the year. All of this spending at the tippy top has a trickle down effect.

So, Giuliani is right in that the bonuses are responsible for injecting a major amount of $$$ in the NYC economy. Granted, I don't think they should have been using taxpayer money, but to say that bonuses are inherently evil is lazy thinking.

[epchick]

Originally Posted by Munchkin03

They aren't living above their means, not at all. Where did you get that idea?

If they can't eat, buy clothes, etc on their $400,000 paycheck (without bonuses, incentives etc) yet they are buying expensive houses, expensive cars--all which you couldn't really do on their paycheck alone. That is living about their means.

[Munchkin03]

Originally Posted by epchick

If they can't eat, buy clothes, etc on their $400,000 paycheck (without bonuses, incentives etc) yet they are buying expensive houses, expensive cars--all which you couldn't really do on their paycheck alone. That is living about their means.

Again, who said that they couldn't eat? Giuliani said "less spending in restaurants, less shopping at department stores." These people are still making good money, and they're still shopping. They just wouldn't buy AS much as they would under normal circumstances.

The folks in finance that I know here all live within their means. The bonuses just allow them to inject even more money into the economy once a year or so.

[epchick]

Originally Posted by Munchkin03

Again, who said that they couldn't eat? Giuliani said "less spending in restaurants, less shopping at department stores." These people are still making good money, and they're still shopping. They just wouldn't buy AS much as they would under normal circumstances.

The folks in finance that I know here all live within their means. The bonuses just allow them to inject even more money into the economy once a year or so.

Well most people are spending less, but they don't get a yearly bonus. Why should it be different for these people, especially when the head honchos asked for money to keep them afloat?

The way I read it, it sounded as if Guiliani meant to say it as a do-or-die scenario. That if these people don't get their bonuses the economy is gonna go down even more, and that unemployment is gonna skyrocket.

[KSigkid]

Originally Posted by epchick

Well most people are spending less, but they don't get a yearly bonus. Why should it be different for these people, especially when the head honchos asked for money to keep them afloat?

The way I read it, it sounded as if Guiliani meant to say it as a do-or-die scenario. That if these people don't get their bonuses the economy is gonna go down even more, and that unemployment is gonna skyrocket.

I read it more as Giuliani talking about the trickle-down scenario that Munchkin described (I think, quite accurately).

[deepimpact2]

Originally Posted by Munchkin03

Granted, I don't think they should have been using taxpayer money, but to say that bonuses are inherently evil is lazy thinking.

I don't think anyone believes that bonuses are inherently evil. It's the AMOUNT of the bonus coupled with other issues.