Leadership on the Bonus Question – Part 2

Two follow-up comments on yesterday’s post. First, in case there are any doubts about the problems with (and general stupidity of) the proposal to impose a 90% surtax on these bonuses, see this article by Joe Nocera in today’s New York Times. There is no need for me to list the problems. Mr. Nocera does a fine job.

Second, congratulations to Senator Jon Kyl of Arizona, Republican Whip in the Senate, for blocking the efforts of Senate Democrats to vote on the anti-bonus bill Thursday night. As Senator Kyl said, "I don't believe that Congress should rush to pass yet another piece of hastily crafted legislation in this very toxic atmosphere, at least without understanding the facts and the potential unintended consequences. Frankly, I think that's how we got into the current mess."

Cynics may say Senator Kyl is just trying to slow things down so the continuing story will hurt the Democrats. At this point, I’m going to give Senator Kyl credit for actually trying to do something right.

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Update (3/22/09 8:45 p.m.): For another view on the problems with the 90% surtax, see Steve Chapman's article in today's Chicago Tribune.