CEOs of struggling companies have sometimes taken the symbolic step of forgoing a salary or taking only $1 in compensation to show their commitment to the company’s success. President and Mrs. Obama earned 13 times more from book royalties and other sources than his $400,000 presidential salary, which itself is high enough to land them in the highest tax bracket.
If the president were truly concerned about the deficit, perhaps he could set an example for the others like he and his wife who are “well-off and well-connected.” He could give up the presidential salary and make a voluntary contribution to the government to help pay off the national debt. Bill Gates and Warren Buffett are very committed to giving their money away and raising taxes. I’m sure he could convince them to chip in a billion dollars each. Maybe George Soros could divert his money from funding left wing groups and actually fund the progressive government programs those groups promote.
It could be like the war bond sales of the miracle 1940s. Not a lot of money in practical terms, but an important symbolic step. It could also set a new course of cajoling cooperation instead of cudgeling capitulation.
