It seems to me that the person who got the huge bump is now getting paid more than they're worth. If person A is getting paid 66% more than they're worth and person B is getting paid only what their worth then person B is going to be upset. Maybe they shouldn't be, but they absolutely will.
I dunno about that, sounds like they are just getting paid more.
The free market has always been shitty about getting money to people who "deserve" it versus people who acquire it. If you think a high-paid lawyer is somehow worth the same as elementary school teacher, you should agree with the reduction in the massive disparity of salary. If you honestly think the lawyer is "worth" more, I don't want to know you, be around you, or have to interact with you at all.
Congratulate their coworker.
> Suddenly that person is worth 66% more
No. That person is finally getting paid what they're worth.
> so what about everyone else?
What about them? Did they suddenly lose money?
> Come salary review time, I'd be asking for a huge raise, ..., and if they're handing out 50+% raises, my value must have also increased.
Why would your value raise at 'salary review time'?
> because clearly the company has the cash to throw around
Why do you think it has money to throw around? If the company hires someone else, do you think the company has cash to throw around?
You're making a bunch of illogical statements that make bad assumptions.
Start with this: how does one person getting a raise increase your value later on? How does hiring someone else increase your value later on? Unless you can answer these two questions satisfactorily, you are just being petulant.