Setting the Maximum Wage

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4 comments posted
A maximum wage?

The idea of a maximum wage actually has roots that go deep into American history. In fact, back in 1942, a President of the United States actually proposed what amounted to a maximum wage. FDR that year called for a 100 percent tax rate on all individual income over $25,000, a sum that would equal about $318,000 today.

Congress didn't go along with FDR's income cap, but Congress did set the top tax rate -- for income over $200,000 -- at 94 percent, and that top rate would hover around 90 percent for the next two decades, years that would see the greatest period of middle class prosperity in U.S. history.

The latest political figute to call for a maximum wage: Dr. Brian Iddon, a world-class chemist who currently sits in the British Parliament as a Labor Party MP. He called for an income cap late last month in a House of Commons question-and-answer exchange with British Prime Minister Tony Blair.

For more on the history of the maximum wage notion, and thoughts on a maximum wage strategy for today, check Greed and Good (www.greedandgood.org), an Apex Press book now available free online.

Sam Pizzigati's picture
Posted by Sam Pizzigati (not verified) on 22 June 2006 - 6:59am
Oh, I much prefer that Dick Cheney is lining his pockets

...rather than having proper healthcare or road maintenance or decent schools....

How can I ever hope to be a success in life unless CEOs can make $100,000 an hour? Someday I may make that much money. But if I can make only $1,000/hour or even $10,000/hour, well, shoot, there's just no incentive for me to work hard!

I might as well stay at my minimum wage job. After all, that way I can be a lazy "low productivity worker" instead of a hard working board jockey.

media girl's picture
Posted by media girl on 22 June 2006 - 7:58am
Capitalism as a religion

Capitalism is a good system, but turning it into a religion is going a bit far. The capitalist theology has a series of unexamined beliefs - one is that corporations are divinely conceived and are "better" at doing almost all things.

To say the top guy at Exxon works 15 times harder because he is paid $147,000/day vs. $8000/day, is tommy rot.

There is a "religious" belief people's performance corresponds to their wage ad people's wages correspond to their performance. But what invisible hand works its wonders, here?

Corporations were invented as a means to serve the people - to generate taxes through wages and products and to increase the national wealth - not operate as person fiefdoms for modern day robber barons.

Time for a maximum wage law.

Matsu's picture
Posted by Matsu on 22 June 2006 - 10:20am
Let's Start With A Maximum Wage For Politicians...

What do you say ? I really think we need to do something about these fine bipartisans joining hands to vote themselves more boatloads of gravy every fifteen minutes...

ms_xeno (fka alsis39)'s picture
Posted by ms_xeno (fka alsis39) (not verified) on 24 June 2006 - 1:01pm