O bama made a sweeping statement today to impose a restriction on what CEOs of companies that accept US bail-out money can earn. This is not only misguided, it is illegal and in direct conflict with the Constitution Obama swore he would uphold.
This is Obama’s first attempt at passing socialist legislation, and he is attempting to do it without the approval of Congress, America or the Supreme Court, which would have no choice but to strike down any such law.
Obama said, “As part of the reforms we are announcing today, top executives at firms receiving extraordinary help from U.S. taxpayers will have their compensation capped at $500,000 – a fraction of the salaries that have been reported recently. And if these executives receive any additional compensation, it will come in the form of stock that can’t be paid up until taxpayers are paid back for their assistance.”
Unless new legislation is passed that would allow the government to restrict salaries, Obama has no legal ground on which to stand. If such legislation were to pass, the United States would have its first truly socialist law, but it would have to pass Congress and most likely would be contested in the courts as clearly unconstitutional.
Many of the naive cheering this action are not contemplating the slippery slope on which Obama is attempting to take America. America deciding to bail out or assist companies in their operations does not give America the right to take away any employee’s Constitutional rights. The CEO’s pay and his position is governed by the shareholders in the company. For a salary reduction to become corporate law within that company, shareholders must vote on that bylaw.
One could, in a weak moment, insist that the US is now a shareholder. As such, we do have every right to apply pressures to make the CEO’s comply to our desired objectives, but we have no legal right to impose those objectives on the CEOs or any other American. Our President does not have the legal authority to cap salaries for anyone. It is not his job nor is it his legal right to destroy capitalism. Obama is President of the United States, not its dictator.
The next step, if we were to allow such socialist actions by our President, may be to restrict pay and benefits to all Americans, governing what we all can earn. That is not government’s place in a Democracy. We did not vote for a socialist government, or did we? If Obama had run as a socialist, would you have voted for him?
When Obama ran for President, he did not speak of taking away our freedoms. What he is now suggesting is criminal and a direct violation of the laws on which this nation was founded. If there are responsible parties for the collapse of our banks and economy, by all means prosecute them for any crimes they committed. They will be tried and given due process and imprisoned if deserving under our laws. That is perfectly fine. However, what Obama is trying to accomplish is clearly stepping over the line, and has now revealed his true doctrine is to gradually destroy the freedoms we all cherish.
Obama apparently thinks of himself as the New Castro, but there was no revolution, and America did not vote for this deception. Until our vote is gone, and until the Constitution is changed, we also have the right to impeach him, and we should do so immediately to prevent what is an apparent attack on our fundamental rights and freedoms guaranteed to us by our forefathers.