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

Kevin · #1 01-30-2009, 07:45 PM

Pretty much immediately, everyone who made any kind of money and didn't have a lot of savings would have to declare bankruptcy. Want another huge group of bad loans? Pass this legislation!

PeppyGPhiB · #2 01-30-2009, 07:48 PM

Quote:

Originally Posted by Kevin

Pretty much immediately, everyone who made any kind of money and didn't have a lot of savings would have to declare bankruptcy. Want another huge group of bad loans? Pass this legislation!

Exactly...what about the people that carry a debt load appropriate for someone who makes $1 million+, but not for $400,000? Do we expect them to sell everything they currently own and re-buy at their new salary level? Who will buy the $5 million homes?