Wednesday, November 19, 2008

Taking a private jet to beg for a bailout

Note also the salaries of these "leaders" in the article above.

Incidentally, none of these excesses existed before Reagan's tax cuts, and they do not exist today in Europe where taxes on super-high incomes are accordingly high.


NS said...

It's not like their workers aren't grossly overpaid. A $100K carpenter? (interview on NPR today)

To be fair, GM's CEO is actually ok. GM has been making much better cars lately. Still not good enough, but much betetr than what they used to make.

BadTux said...

And before someone starts nattering about how high taxes discourage work blah blah blah, the 1960's were the most productive decade in American history, and the effective marginal tax for top earners was over 75%. (Note that because of the way tax rates work, the effective tax will be less than the top tax rate). Sure didn't seem to stop American progress and industrial development then, we sent a man to the moon, we had the best economic growth in the post-WWII era, etc. ...