Staff Reports
In a recent RedState article, Ward Clark delves into the issue of CEO compensation and Bernie Sanders’ unwavering desire to reduce it. With his signature wit and sarcasm, Clark recounts a conversation he had with a middle-management type during the 2008 banking crisis, shedding light on the fact that CEO bonuses are often tied to performance and are not as scandalous as the media portrays them to be.
But Bernie Sanders, the self-proclaimed democratic socialist and perpetual honeymooner in the Soviet Union, doesn’t seem to grasp these nuances of corporate compensation. Clark humorously points out that Sanders has never done an honest day’s work in his life and preaches his economic ignorance from one of his three expansive estates. Sanders’ net worth of $3 million (or possibly more) is puzzling given his disdain for wealth and his belief in the Soviet Union’s economic system.
Bernie Sanders Once More Salivates Over Reducing CEO Compensation https://t.co/6roGRB6vXS
— ??jacoo?? (@pjkate) January 22, 2024
Despite the widespread disagreement with Sanders’ proposals, there are unfortunately some segments of corporate America that align with his thoughts. Clark warns of the potential negative repercussions of implementing Sanders’ tax hike on companies with CEO-to-worker salary ratios above 50 to 1. He argues that such a measure wouldn’t raise a dime in revenue, as corporations and individuals have ways to move their income into tax havens. In fact, it may lead to more corporations relocating their headquarters to more tax-friendly jurisdictions, causing economic harm to the US.
Moreover, Clark points out that Congress lacks the authority to regulate corporate compensation unless the 10th Amendment has magically disappeared. He warns that giving Congress the power to tax excessively can have destructive consequences. Bernie Sanders’ proposal to increase taxes on companies with high CEO-to-worker salary ratios may sound appealing to some, but it ultimately ignores the realities of economic incentives and the potential for unintended consequences.
Ward Clark, a veteran and staunch minarchist libertarian, brings a unique perspective to the discussion with his experience in the military and as a self-employed small businessman. His humorous and sarcastic approach offers a colorful take on the issue at hand, showcasing his conservative viewpoints and opposing Sanders’ ideas.
