Pay raises for Indiana elected officials are an opportunity for a bigger discussion

What is the market rate for a governor? Well, it depends on the market of course. In New York, the rate is $250,000 a year. In Maine, it's $70,000. That makes perfect sense, doesn't it? These two states might as well be on two different planets after all. It takes five whole hours to drive from Albany to Augusta, a lovely drive that weaves around Boston, where the Massachusetts governor makes $185,000, before the path follows a stretch along the Atlantic coast.

The real answer is there is no "market," and therefore, there is no "market rate."

Whitney Downard reported last week for the Indiana Capital Chronicle the details on the new salaries of several Hoosier statewide elected officials. They are hefty raises, featuring the new salary of the governor, of $221,024, making it one of the highest paid in the nation. One market-based argument as to why that is outrageously high could be that the Indiana governor is constitutionally weak and should therefore be compensated weakly.

But let's be serious. The new salary is still pretty low when considering the demands of the job. So is New York's. And Maine's? That salary is absurd.

However, and if I could scream that word I would, being elected to a high-profile position absolutely creates opportunity. It's just difficult to quantify. These jobs aren't really jobs. Yes, if done even remotely well, they are work, and a lot of it. But in a market sense, they are more aptly described as "platforms," not occupations. And so, the salary matters far less than it otherwise would.

Governor Eric Holcomb will end his second term at the end of the year, never receiving the new salary. Tough break, guv. But there will be opportunity for him when his political career is over, assuming this is the end of that. I predict he will do quite well, probably through some sort of "job," coupled with other income-generating ventures that are minimally reported but highly profitable. After a long career of low and modestly paid political positions, he knows people, he has skills and value, and this is America. Following his post-governor life would be important to Hoosiers, if for no other reason, to contextualize what serving as governor is truly worth.

These salaries, while they are specifically what taxpayers finance, don't mean much in the end.

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