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Iacocca's great leadership of Chrysler was to whangel a bail out from the American tax payers with a promise of keeping it all in the US, only to immediately build the new plants in Mexico, yea that is who I would listen to. And by the way, he is hawking his new book. Next he will be on the speaking tour with Gore.:boxing:
 

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I understand your comments, but regardless of his own history, the statements are mostly true.

Just my opinion though. Thought it was some interesting reading.
 

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He is way off on his analysis of the tax cuts. The tax cuts have kept our economic growth at the highest levels since the Reagan tax cuts. In addition
The tax cuts have seen government revenues at the highest levels in our history.
He said he didn't need the tax cuts, which is fine, but with the tax cuts he actually paid more in taxes because he made more money because of the tax cuts, maybe that is why he doesn't like the tax cuts. There is nothing stopping him from sending the government the benefits he received from the tax cuts if he feels so bad.
 

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If I remember correctly, He took a huge bonus after the tax payer bail out, He is no different than those that ran Enron and Global Crossings.
 

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Sorry for my ignorance. Alot of what you are talking about took place before my time here on God's green earth and my history classes in high school only covered up till WWII. I will admit that my knowledge of American history, from WWII up until I was old enough to start paying attention (Desert Storm Era), is lacking. Therefore alot of the points you guys are bringing up about the taxes and whatnot is totally new to me. This is one area where I was disappointed with my education: the Kennedy's, Vietnam, Cold War, Nixon, etc... none of that was taught to me in school.

Thanks for your comments.
 

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Regardless of the source and his past I would agree that the article is for the most part an accurate description of our current situation. I would like to see some more discussion on why you don't like the CONTENT of the article rather then just the author.

As for the argument brought up about the tax cuts first let me say that I do not have the numbers, have not spent the time to really research any of it, and am not an expert by any means but let me play devil's advocate and maybe get educated. What is the advantage of stimulating more economic growth through tax cuts if those same cuts still leave us with record deficiets? From my limited understanding, Either the cuts need to stimulate enough growth to offset the lost revenue in which case the deficiets should not be growing at record rates or they are just life support to keep the economy artificially growing at the expense of making conditions much worse in the future. Of course, I am leaving out the fact that government spending is ridicously out of control to focus solely on the tax cuts and their impact to the situation since the spending is a separate though related issue.
 

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You are right on the mark about the run away spending. We would have been much better off if we had at least slowed down the spending. But, without the tax cuts, we would be in much worse shape than we are now. There have been quite a few discussions on this in the past.
Historically speaking, are debt and deficit is within the norm, and has actually been going down in recent quarters.
Remember that Congress is the body that spends money, although the President should have used his veto pen on many of the spending bills, and that is on him.
At least with the tax cuts, we have nearly full employment, low interest rates
and the government coffers has never seen such a huge inflow of $.
 
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