Sheila Bair, the former head of the Federal Deposit Insurance Corporation, has a great post-election idea for President Obama and Congress: National politicians should be subjected to “pay for performance” incentives.
Though it will never happen, it’d work like this: The president and Congressmen would each get half their pay in cash, the other half in 10-year Treasuries. If they adopt sound policies that promote economic growth and reduce the nation’s deficits, then, well, Treasuries should hold their value. Right? If they don’t, the value drops.
At least Bair’s thinking outside the box.
As for last night’s election: Democracy won again! Not because any specific individual or party won an election. But because so many people braved long lines, post-hurricane conditions, and basically performed their civic duty by simply voting. No Tommy guns. No grenades. No riots. No bands of goose-stepping goons in the streets. Just ordinary Americans peacefully having the final say on who should govern the country on their behalf and with their permission. Not bad.
As for Congressional pay-for-performance, well, we can dream, can’t we?