The game absolutely should have some kind of "rubber-banding" system that makes it easier for new players to catch up, though I wouldn't agree at all about the way you propose implementing it.
It's critical to the health of a game to allow new players to know they have a chance of catching up, otherwise they'll leave the game.
Unfortunately, I think this game has the opposite of the rubber-band mechanic. Those in front get further away and newbies get further behind.