Some people have been talking about what will happen if the government cuts back on bonus pay for Wall St. types. They say, for example, the industry will lose "the best and the brightest" (that from Amity Shlaes). What these people are saying is that the most capable people go to work for Wall St. because those jobs offer the most money.
So, I started having this nightmare. Imagine if, by law, teachers earned the most of any profession. What if all the "best" of us spent their time educating the children?
Surely, with people a lot more educated, Wall St. Ponzi schemers and bubble-inflaters would have a much more difficult time fooling people, both because the people would have been taught more about scams and the schemers wouldn't be the "best and the brightest" anymore.
As for advertising, I'm not saying Madison Avenue would stop producing multi-million dollar campaigns to convince the teeming masses to buy one brand of flavored-colored-sweetened-caffeinated-bubble-water over the other, but if these ad men weren't as well paid as the people who were preparing the kids for what to expect from Madison Avenue, the outcome is less certain.
And what about the news industry? Who would the media have to fool if, instead of paying clowns like Brian Williams and Chris Matthews multi-million dollar contracts, those same two (motivated by the money) were teaching the young of today how to not be fooled by the likes of a Brian Williams or Chris Matthews?
The worst effects, undoubtedly, would occur in the realm of politics. I daren't even think of it.
It seems like, no matter where I turn my imagination, this idea of "paying teachers the most, because the future is important" is a recipe for a global disaster of epic proportions. Give me multi-trillion dollar asset destroying economic bubbles, give me advertisements featuring young, healthy people enjoying the most fattening foods ever created, give me news that keeps me blissfully unaware, and give me more politicians like we have today! Do I even need say it? Give Me Freedom!
[This message brought to you by the ruling class.]