Wall Street bankers may be a greedy lot, but their eye-popping bonuses are the result of math, not avarice. “Most of us are paid based on what we produce,” explains Robert Samuelson in the Washington Post. “By contrast, Wall Street compensation levels are tied to the nation’s overall wealth.” National income tends always to be a lower figure than national wealth—in 2007, GDP was $14 trillion, while household wealth was $77 trillion, 5.5 times higher.
“People who are trying to protect or expand existing wealth are playing for much higher money stakes than even hardworking or highly skilled producers,” and that’s why they’re paid more. The big question: Is it wise for society to focus so much on existing wealth, rather than creating wealth? Are Wall Street’s big bonuses too darn enticing? “It’s bad for the rest of the economy,” opines one economist. “We also need smart brains outside of finance.” (More Robert Samuelson stories.)
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