Let's Pay Politicians Based on Their PerformanceRep. Barney Frank and New York State Attorney General Andrew Cuomo have a great idea "to tie Wall Street pay to the long-term performance of the firms" ("Cuomo, Frank Seek to Link Executive Pay, Performance," Money & Investing, March 13). But we shouldn't take a chance on messing up our financial system any more than it is already. Instead, we should try their idea on a system that is so messed up that we are confident we couldn't mess it up any further: Congress.
Let's tie the pay of Rep. Frank and the other legislators to their approval ratings. A 50% approval rating would mean 100% salary, 40% would bring 80%, 30% would give 60%, and so on. And, of course, no expense account this year. We all have to sacrifice in this crisis. I'm sure you understand.
It's about as interesting as it is horrible. For one, it would implicitly eradicate the taking of political risks for the sake of good policy. It would also make polling the most corrupt industry on the planet. And it would create a disincentive for people to give honest answers in approval polls, in efforts to deny already-wealthy legislators compensation for their work.
Aside from that, pretty fantastic idea!
