Do you expect executives for companies that have been growing and making lots of money will keep working hard when their pay is cut? Do you think they will work hard to keep as many jobs as they can? Will they work to keep costs down so they can keep wages high?
Why should they try to keep employee wages up if the government will mandate lower wages?
Do you work at a fast-food restaurant or big box store? Any job that could be considered entry-level? Do you want to have your pay changed to minimum wage?
This is un-Constitutional. There is no provision in the Constitution for government to get involved in regulating business. At all.
If the Federal government wants to tie wages to performance, let them start at home. Cut Congressional pay rates. Tie the President's pay to performance - as the economy dries up, let his pay dry up. Drop the excuses blaming everything on a guy who left office in January when you've effectively been in charge since last November. Try pay for performance there first before you mandate it on everyone else in the country and kill off what economy we still have.