Recently, there’s been a fair amount of resentment expressed in the media and elsewhere, if in a scattered manner, about the “bonuses” still being paid to the already high-paid and most likely overpaid senior executives in the financial industry. Here in Utah, one state agency dealing with trust lands paid bonuses to senior personnel early, just in order to avoid the legislature’s pending ban on such bonuses. I not only understand, but also share, a certain amount of the public outrage at monies above and beyond salaries going to those who have created the financial catastrophe the world is trying to muddle through, as well as at all sorts of maneuvers to keep such extravagant pseudo-compensation.
But… very few of those professing the outrage are looking beyond the obvious sins of the financial, real estate, and other malefactors to the even larger underlying problem. Exactly how rational is a society that pays — or allows to be paid — tens and hundreds of billions of dollars to a relative handful of people who manipulate paper, while underpaying and laying off those who are the backbone of a functioning society?
Everyone professes that education is essential to an information/high tech society. So why are legislators and their constituents allowing teacher layoffs, salary freezes for educators on all levels at a time when school enrollments are growing — particularly college enrollments? Again, here in Utah, college enrollments increased almost ten percent this year, and the higher education budget was cut something like 15%. Next year, enrollments are projected to increase another 15%, and more budget cuts are already before the legislature, while faculty numbers are declining, and, as a result, because many students cannot get into already overcrowded required classes, some may take as long as six or seven years to graduate. Some faculty are so overloaded that they literally have neither time nor space to take on more classes and students. This problem isn’t confined to Utah. Similar problems face other localities, including states like Virginia and California.
Order and law are also another support of society, and more than a few police forces have laid off personnel or stopped hiring and let attrition reduce their numbers. Prisons are so overcrowded in state after state that even dangerous felons are being released early.
Over the past several decades, governments on the federal, state, and local level have neglected infrastructure maintenance, to the point that we’ve had bridges and highways collapse. While a few of these problems are being addressed, most are not… and, by the way, such maintenance problems resulted in the closure of the Bay Bridge in San Francisco for nearly a week — because five thousand pounds of metal dropped out of the bridge and onto the roadway.
On the other hand, the federal government can hand out billions so that Americans can buy new cars — another bailout for the incompetent automakers.
As the retired senior corporate vice president of a large high tech firm once put it, “You can tell how people are valued by what they’re paid.”
So… why, exactly, are we as a society continuing to pay excessive millions to those who’ve already endangered us while underpaying and laying off those who support our society? By what logic do we rationalize the irrational?




