2013년 11월 25일 월요일

오후 12:42

By Gil Jesus

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About 'definition of good debt'|Good real estate debt vs. bad real estate debt







About 'definition of good debt'|Good real estate debt vs. bad real estate debt








               Ｉ               ａｍ               ｇｏｉｎｇ               ｔｏ               ｔｒｙ               ｔｏ               ｄｏ               ｓｏｍｅ               ｔｈｉｎｇｓ               ｔｈａｔ               ｐｏｌｉｔｉｃｉａｎｓ               ｗｏｎ'ｔ               ｄｏ               ｉｎ               ｄｉｓｃｕｓｓｉｎｇ               ｔｈｅ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ,               Ｔａｘｅｓ,               Ｕｎｅｍｐｌｏｙｍｅｎｔ,               Ｍｅｄｉｃａｒｅ/Ｍｅｄｉｃａｉｄ,               Ｓｏｃｉａｌ               Ｓｅｃｕｒｉｔｙ,               ａｎｄ               Ｆｅｄｅｒａｌ               Ｅｘｐｅｎｄｉｔｕｒｅｓ.

Ｉ               ａｍ               ｇｏｉｎｇ               ｔｏ               ｄｉｓｃｕｓｓ               ｔｈｅｓｅ               ｉｓｓｕｅｓ:               
               ＬＯＧＩＣＡＬＬＹ               
               ＦＡＣＴＵＡＬＬＹ               
               Ｆｉｒｓｔ               Ｉ               ｎｅｅｄ               ｔｏ               ｓａｙ               ｔｈａｔ               Ｉ               ｄｏ               ｈａｖｅ               ｐｒｅ-ｃｏｎｃｅｉｖｅｄ               ｎｏｔｉｏｎｓ.

Ｉ               ｗａｓ               ｔａｕｇｈｔ:               
               1.

Ｙｏｕ               ｇｅｔ               ｗｈａｔ               ｙｏｕ               ｐａｙ               ｆｏｒ.


               2.

Ｔｈｅｒｅ               ａｉｎ'ｔ               ｎｏ               ｓｕｃｈ               ａ               ｔｈｉｎｇ               ａｓ               ａ               ｆｒｅｅ               ｌｕｎｃｈ-ＴＡＮＳＴＡＡＦＬ!---(Ｔｈａｎｋｓ,               Ｒｏｂｅｒｔ               Ｈｅｉｎｌｅｉｎ.)               
               3.

Ｔｈｅ               ｗｏｒｌｄ               ｏｗｅｓ               ｙｏｕ               ａ               ｌｉｖｉｎｇ,               ｙｏｕ               ｊｕｓｔ               ｈａｖｅ               ｔｏ               ｗｏｒｋ               ｙｏｕｒ               ｂｕｔｔ               ｏｆｆ               ｔｏ               ｃｏｌｌｅｃｔ               ｉｔ.


               4.

Ｉ               ｈａｖｅ               ｔｏ               ｋｅｅｐ               ｍｙ               ｐｒｏｍｉｓｅｓ.


               5.

Ｉ               ｈａｖｅ               ｔｏ               ｈｅｌｐ               ｏｔｈｅｒｓ               ｗｈｏ               ｎｅｅｄ               ｈｅｌｐ,               ｆｏｒ               ｏｎｅ               ｄａｙ,               Ｉ               ｍａｙ               ｎｅｅｄ               ｈｅｌｐ.
               6.

Ｉ               ｈａｖｅ               ｒｅｓｐｏｎｓｉｂｉｌｉｔｉｅｓ               ｔｏ:               
               ａ.

Ｍｙｓｅｌｆ               
               ｂ.

Ｍｙ               Ｆａｍｉｌｙ               
               ｃ.

Ｍｙ               ｃｏｍｍｕｎｉｔｙ               
               ｄ.

Ｍｙ               Ｎａｔｉｏｎ               
               ｅ.

Ｔｈｅ               Ｗｏｒｌｄ               
               Ａｎｄ               Ｉ               ｓｈｏｕｌｄ               ｂｅ               ｊｕｄｇｅｄ               ｏｎ               ｈｏｗ               ｍａｎｙ               ｏｆ               ｔｈｏｓｅ               ｌｅｖｅｌｓ               ｏｆ               ｒｅｓｐｏｎｓｉｂｉｌｉｔｙ               Ｉ               ｆｕｌｆｉｌｌ.

               Ｌｅｔ               ｕｓ               ｂｅｇｉｎ-ｓｈａｌｌ               ｗｅ               ｓｔａｒｔ               ｂａｓｉｃ               ｆａｃｔｓ?


               
               1.

Ｌｉｋｅ               ａｎ               ｉｎｄｉｖｉｄｕａｌ               ｏｒ               ｆａｍｉｌｙ-ａ               ｇｏｖｅｒｎｍｅｎｔ               ｈａｓ               ａｎ               ｉｎｃｏｍｅ-ｆｏｒ               ａ               ｇｏｖｅｒｎｍｅｎｔ               ｉｔ               ｃｏｍｅｓ               ｆｒｏｍ               ｔａｘｅｓ-ｆｏｒ               ｍｏｓｔ               ｏｆ               ｕｓ,               ｉｔ               ｃｏｍｅｓ               
               ｆｒｏｍ               ｗｏｒｋ,               ａｎｄ               ｆｏｒ               ａ               ｆｅｗ               ｏｆ               ｕｓ,               ｉｔ               ｃｏｍｅｓ               ｆｒｏｍ               ｉｎｈｅｒｉｔｅｄ               ｗｅａｌｔｈ.

2.

Ｌｉｋｅ               ａｎ               ｉｎｄｉｖｉｄｕａｌ               ｏｒ               ｆａｍｉｌｙ-ｇｏｖｅｒｎｍｅｎｔ               ｈａｓ               ｅｘｐｅｎｓｅｓ-ｔｈｅｙ               ａｒｅ               ｆｏｒ               ｔｈｉｎｇｓ               ｔｈａｔ               ｉｔ               ｎｅｅｄｓ               ｔｏ               ｄｏ,               ｏｒ               ｔｈｉｎｇｓ               ｔｈａｔ               ｉｔ               ｗａｓ               ｔｏｌｄ,               ｂｙ               ｕｓ,               ｔｈｒｏｕｇｈ               ｅｌｅｃｔｉｏｎｓ,               ｔｈａｔ               ｉｔ               ｓｈｏｕｌｄ               ｄｏ.

3.

Ｗｈｅｎ               Ｉｎｃｏｍｅ               ｄｏｅｓ               ｎｏｔ               ｋｅｅｐ               ｕｐ               ｗｉｔｈ               Ｅｘｐｅｎｓｅｓ-Ｄｅｂｔ               ｉｓ               ｃｒｅａｔｅｄ.

Ｇｏｖｅｒｎｍｅｎｔ               ｍａｋｅｓ               ｐｒｏｍｉｓｅｓ               ｆｏｒ               ｆｕｔｕｒｅ               ａｎｄ               ｓｐｅｎｄｓ               ｍｏｎｅｙ               ｎｏｗ               ｆｏｒ               ｔｈｉｎｇｓ               ｔｈａｔ               ｗｉｌｌ               ｂｅｎｅｆｉｔ               ｕｓ               ｏｖｅｒ               ａ               ｌｏｎｇ               ｏｒ               ｓｈｏｒｔ               ｐｅｒｉｏｄ               ｏｆ               ｔｉｍｅ-ｌｉｋｅ               ｂｕｉｌｄｉｎｇ               ｒｏａｄｓ,               ｓｃｈｏｏｌｓ,               ｏｒ               ｅｄｕｃａｔｉｎｇ               ｏｕｒ               ｃｈｉｌｄｒｅｎ.

Ｄｅｂｔ               ｉｓ               ｎｏｔ               ａ               ｔｅｒｒｉｂｌｅ               ｔｈｉｎｇ               ＩＦ               ｔｈｅ               ｄｅｂｔ               ｉｓ               ｒｅａｓｏｎａｂｌｅ               ｂａｓｅｄ               ｏｎ               ｉｎｃｏｍｅ.

Ｍｏｓｔ               ｏｆ               ｕｓ               ｇｏ               ｉｎ               ｄｅｂｔ               ｆｏｒ               ｔｈｉｎｇｓ               ｌｉｋｅ               ａ               Ｈｏｕｓｅ,               ｃａｒ,               ｅｄｕｃａｔｉｏｎ,               ｏｒ               ｔｈｅ               ｕｎｅｘｐｅｃｔｅｄ               ｌｉｋｅ               ａ               ｆｌａｔ               ｔｉｒｅ,               ｍｅｄｉｃａｌ               ｅｘｐｅｎｓｅｓ,               ｏｒ               Ｉ               ＲＥＡＬＬＹ               ＲＥＡＬＬＹ               ＷＡＮＴ               ＴＨＡＴ!

4.

Ｔｈｉｎｇｓ               ｔｈａｔ               ｈａｖｅ               ｍａｄｅ               Ａｍｅｒｉｃａ               ｇｒｅａｔ               ｈａｖｅ               ｂｅｅｎ               ｏｕｒ               ｔｒｙｉｎｇ               ｔｏ               ｍａｋｅ               ｏｕｒ               ｓｏｃｉｅｔｙ               ｂｅｔｔｅｒ               ｔｈａｎ               ｔｈｅ               ｏｌｄ               Ｅｕｒｏｐｅａｎ               ｓｏｃｉｅｔｉｅｓ               ｏｕｒ               ｆｏｒｅｆａｔｈｅｒｓ               ｌｅｆｔ               ｂｅｈｉｎｄ.

Ｗｅ               ｔｒｉｅｄ               ｔｈｉｎｇｓ               ｌｉｋｅ:               
               ａ.

Ｆｒｅｅ               Ｅｄｕｃａｔｉｏｎ-ｔｈｉｓ               ｅｎａｂｌｅｄ               ｐｅｏｐｌｅ               ｔｏ               ｌｅａｒｎ               ａｎｄ               ｂｅ               ａｂｌｅ               ｔｏ               ｉｎｖｅｎｔ,               ｃｒｅａｔｅ,               ａｎｄ               ｉｍｐｒｏｖｅ               ｔｈｉｎｇｓ-ｗｅ               ｂｅｃａｍｅ               ｏｎｅ               ｏｆ               ｔｈｅ               ｍｏｓｔ               ｉｎｖｅｎｔｉｖｅ,               ｃｒｅａｔｉｖｅ               ｓｏｃｉｅｔｉｅｓ               ｉｎ               ｈｉｓｔｏｒｙ.


               ｂ.

Ｓｅｒｖｉｃｅｓ-Ｆｉｒｅ               ｐｒｏｔｅｃｔｉｏｎ,               ｃｈｅａｐ               ｍａｉｌ               ｓｅｒｖｉｃｅｓ               (Ｉ               ｋｎｏｗ               ｔｈｉｓ               ｉｓ               ｏｌｄ-ｂｕｔ               ｉｔ               ｗａｓ               ｃｏｍｍｕｎｉｃａｔｉｏｎ-ｓｈａｒｉｎｇ               ｏｆ               ｉｄｅａｓ),               ｐｕｂｌｉｃ               ｒｏａｄｓ,               ａｎｄ               ｔｈｅ               ｌｉｓｔ               ｇｏｅｓ               ｏｎ.


               ｃ.

Ｅｌｉｍｉｎａｔｉｎｇ               Ｃｈｉｌｄ               Ｌａｂｏｒ,               ｓｅｔｔｉｎｇ               ｕｐ               ｐｒｏｇｒａｍｓ               ｔｈａｔ               ｗｏｕｌｄ               ａｌｌｏｗ               ｐｅｏｐｌｅ               ｔｏ               ｒｅｔｉｒｅ               ａｎｄ               ｓｔｉｌｌ               ｆｅｅｄ               ａｎｄ               ｃｌｏｔｈｅ               ｔｈｅｍｓｅｌｖｅｓ               (Ｓｏｃｉａｌ               Ｓｅｃｕｒｉｔｙ),               ｓｅｔｔｉｎｇ               ｓｔａｎｄａｒｄｓ               ｆｏｒ               ｓａｆｅｔｙ               ｉｎ               ｗｏｒｋ               ｐｌａｃｅｓ,               ｓｅｔｔｉｎｇ               ｕｐ               ｓｔａｎｄａｒｄｓ               ｆｏｒ               ｈｏｗ               ｍｕｃｈ               ｊｕｎｋ               ｃｏｕｌｄ               ｇｏ               ｉｎ               ｏｕｒ               ｄｒｉｎｋｉｎｇ               ｗａｔｅｒ,               ａｎｄ               ｔｈｅ               ｌｉｓｔ               ｇｏｅｓ               ｏｎ.

5.

ＴＥＲＭＳ-               
               ａ.

ＧＤＰ---Ｇｒｏｓｓ               Ｄｏｍｅｓｔｉｃ               Ｐｒｏｄｕｃｔ-ｔｈｅ               ｖａｌｕｅ               ｏｆ               ｇｏｏｄｓ               ｏｒ               ｓｅｒｖｉｃｅｓ               ｃｒｅａｔｅｄ               ｏｒ               ｍａｄｅ               ｉｎ               ｏｎｅ               ｙｅａｒ               ｂｙ               ｏｕｒ               ｃｏｕｎｔｒｙ.


               ｂ.

Ｔａｘｅｓ-Ｗｈａｔ               ｗｅ               ｐａｙ               ｔｏ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｂａｓｅｄ               ｏｎ               
               ｉ.

Ｏｕｒ               Ｉｎｃｏｍｅ               ｆｒｏｍ               ｗｏｒｋ               
               ｉｉ.

Ｏｕｒ               Ｉｎｃｏｍｅ               ｆｒｏｍ               ｗｅａｌｔｈ               
               ｉｉｉ.

Ｏｕｒ               Ｐｒｏｆｉｔ               ｆｒｏｍ               ｏｕｒ               Ｂｕｓｉｎｅｓｓ               
               ｉｖ.

Ｇｉｆｔｓ               ａｎｄ               Ｖａｌｕｅ               ｗｅ               ｗｏｎ               ｏｒ               ｒｅｃｅｉｖｅｄ               
               ＯＫ,               ｎｏｗ               ｗｅ               ｈａｖｅ               ｓｏｍｅ               ｆａｃｔｓ,               ｙｏｕ               ｋｎｏｗ               ｍｙ               ｐｒｅｃｏｎｃｅｉｖｅｄ               ｎｏｔｉｏｎｓ.

Ｓｏ               ｌｅｔ'ｓ               ｔａｃｋｌｅ               ｔｈｅ               ｉｓｓｕｅｓ               ｏｆ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ,               Ｔａｘｅｓ,               ａｎｄ               ｗｈａｔ               ｓｈｏｕｌｄ               Ｇｏｖｅｒｎｍｅｎｔ               ｄｏ!


               ＮＡＴＩＯＮＡＬ               ＤＥＢＴ---ａｓ               ｅｘｐｌａｉｎｅｄ               ａｂｏｖｅ,               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ｈａｓ               ｇｏｎｅ               ｉｎ               ｄｅｂｔ               ｆｏｒ               ｄｏｉｎｇ               ｔｈｉｎｇｓ               ｉｔ               ｗａｓ               ｔｏｌｄ               ｔｏ               ｄｏ               ｂｙ               ｔｈｅ               ｐｅｏｐｌｅ               ｗｈｏ               ｒｕｎ               ｉｔ.

Ｆｏｒ               ｅｘａｍｐｌｅ               ｗｅ               ｗｅｎｔ               ｉｎ               ｄｅｂｔ               ｔｏ               ｆｉｇｈｔ               Ｗｏｒｌｄ               Ｗａｒｓ-ａｎｄ               ｓｍａｌｌｅｒ               ｗａｒｓ.

Ｗｅ               ｗｅｎｔ               ｉｎ               ｄｅｂｔ               ｔｏ               ｂｕｉｌｄ               ｈｉｇｈｗａｙｓ               ｔｈａｔ               ａｌｌｏｗｅｄ               ｆｏｒ               ｇｏｏｄｓ               ｔｏ               ｂｅ               ｓｈｉｐｐｅｄ               ａｌｌ               ｏｖｅｒ               ｔｈｅ               ＵＳ,               ｗｅ               ｗｅｎｔ               ｉｎ               ｄｅｂｔ               ｔｏ               ｈｅｌｐ               ｓｔａｔｅｓ               ｗｉｔｈ               ｔｈｅ               ｃｏｓｔｓ               ｏｆ               ｅｄｕｃａｔｉｎｇ               ｏｕｒ               ｓｏｃｉｅｔｙ.

Ｗｅ               ｐｒｏｂａｂｌｙ               ｗｅｎｔ               ｉｎｔｏ               ｄｅｂｔ               ｆｏｒ               ｄｏｉｎｇ               ｓｏｍｅ               ｔｈｉｎｇｓ               ｔｈａｔ               ｄｉｄ               ｎｏｔ               ＨＡＶＥ               ｔｏ               ｂｅ               ｄｏｎｅ,               ｂｕｔ               ｗｅ,               ａｓ               ａ               ｓｏｃｉｅｔｙ               ｔｈｏｕｇｈｔ               ｔｈｅｙ               ＳＨＯＵＬＤ               ｂｅ               ｄｏｎｅ.


               Ｏｕｒ               ｃｕｒｒｅｎｔ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｉｓ               ａｂｏｕｔ               70               %               ｏｆ               ｏｕｒ               Ｇｒｏｓｓ               Ｄｏｍｅｓｔｉｃ               Ｐｒｏｄｕｃｔ.

(Ｎｏｔｅ:               Ｉ               ｃｈｏｓｅ               ｔｏ               ｕｓｅ               ｔｈｅ               ｃｏｍｐａｒｉｓｏｎ               ｂｅｔｗｅｅｎ               ｄｅｂｔ               ａｎｄ               ＧＤＰ               ｂｅｃａｕｓｅ               ｉｔ               ｐｒｏｖｉｄｅｓ               ａ               ｃｏｍｐａｒａｔｉｖｅ               ｔｈａｔ               ｔｒｉｅｓ               ｔｏ               ｆａｃｔｏｒ               ｏｕｔ               ｉｎｆｌａｔｉｏｎ               ａｎｄ               ｃｈａｎｇｅｓ               ｉｎ               ｐｒｏｄｕｃｔｉｖｉｔｙ               ａｎｄ               ｎａｔｉｏｎａｌ               ｉｎｃｏｍｅ)
               Ｔｈｉｒｔｙ               ｆｉｖｅ               ｙｅａｒｓ               ａｇｏ               ｏｕｒ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｗａｓ               33.3%               ｏｆ               ｏｕｒ               ＧＤＰ.

Ｓｏ,               ｉｎ               ｔｈｉｒｔｙ               ｆｉｖｅ               ｙｅａｒｓ               ｏｕｒ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｈａｓ               ｇｏｎｅ               ｕｐ               ｆｒｏｍ               1/3               ｏｆ               ｏｕｒ               ＧＤＰ               ｔｏ               ａｌｍｏｓｔ               3/4               ｏｆ               ｏｕｒ               ＧＤＰ.
               Ｈｏｗ               ｄｉｄ               ｔｈｉｓ               ｈａｐｐｅｎ.

Ｗｅｌｌ,               ｉｔ               ｈａｐｐｅｎｅｄ               ｔｈｅ               ｗａｙ               ｙｏｕ               ａｎｄ               Ｉ               ｇｏ               ｉｎ               ｄｅｂｔ.

Ｗｅ               ｓｐｅｎｔ               ｍｏｒｅ               ｔｈａｎ               ｗｅ               ｒｅｃｅｉｖｅｄ!

Ｎｏｔ               ｔｏｏ               ｈａｒｄ               ｔｏ               ｆｉｇｕｒｅ               ｏｕｔ.
               Ｗｈｙ               ｄｉｄ               ｉｔ               ｈａｐｐｅｎ?

Ｉｆ               ｙｏｕ               ｏｒ               Ｉ               ｌｏｓｅ               ｏｕｒ               ｊｏｂ,               ｏｕｒ               ｉｎｃｏｍｅ               ｇｏｅｓ               ｄｏｗｎ.

Ｔｈａｔ'ｓ               ｏｎｅ               ｗａｙ.

Ｏｒ,               Ｉ               ｂｕｙ               ａ               ｎｅｗ               ｃａｒ               ｏｒ               ｈｏｕｓｅ---Ｉ               ｓｐｅｎｄ               ｍｏｒｅ-ＳＯ               Ｍｏｒｅ               Ｄｅｂｔ.

Ｗｈａｔ               ｈａｐｐｅｎｅｄ               ｔｏ               ｔｈｅ               ＵＳ?---Ｗｅ               ｃｕｔ               ｔａｘｅｓ               (ｌｏｗｅｒｅｄ               ｏｕｒ               ｉｎｃｏｍｅ)               ａｎｄ               ｗｅ               ｓｐｅｎｔ               ｍｏｒｅ               (ｒａｉｓｅｄ               ｏｕｒ               ｏｕｔｇｏ).
               Ｗｈｏ               ｄｉｄ               ｉｔ?

Ｗｈａｔ               Ｐｒｅｓｉｄｅｎｔ(ｓ)               ｗｅｒｅ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｒａｉｓｉｎｇ               ｏｕｒ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ?

Ａｎｄ               ＨＯＷ               ｄｉｄ               ｔｈｅｙ               ｄｏ               ｉｔ?
               Ｗｈｅｎ               Ｊｉｍｍｙ               Ｃａｒｔｅｒ               (Ｄｅｍ)               ｗａｓ               Ｐｒｅｓｉｄｅｎｔ               ａｔ               ｔｈｅ               ｅｎｄ               ｏｆ               ｈｉｓ               ｔｅｒｍ,               ｔｈｅ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｗａｓ               33.3%               ｏｆ               ＧＤＰ.


               Ｗｈｅｎ               Ｒｏｎａｌｄ               Ｒｅｇａｎ               (Ｒｅｐ)               ｌｅｆｔ               ｏｆｆｉｃｅ               ｏｕｒ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｗａｓ               51.9%               ｏｆ               ＧＤＰ               ａｎ               ＩＮＣＲＥＡＳＥ               ＯＦ               55.86%               
               Ｈｏｗ               ｄｉｄ               ｉｔ               ｈａｐｐｅｎ-Ｈｉｓ               ａｄｍｉｎｉｓｔｒａｔｉｏｎ:               
               1.

Ｃｕｔ               Ｔａｘｅｓ               (Ｇｏｖｅｒｎｍｅｎｔ               Ｉｎｃｏｍｅ)               
               2.

Ｓｐｅｎｔ               Ｍｏｒｅ               (ｎｏ               ｗａｒｓ-ｂｕｔ               Ｍｉｓｓｉｌｅ               Ｄｅｆｅｎｓｅ,               Ｌｏｔｓ               ｏｆ               Ｄｅｆｅｎｓｅ               Ｓｐｅｎｄｉｎｇ)               
               Ｗｈｅｎ               Ｇｅｏｒｇｅ               Ｈ.Ｗ.

Ｂｕｓｈ               (Ｒｅｐ)               ｌｅｆｔ               ｏｆｆｉｃｅ               ｏｕｒ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｗａｓ               67.3%               ｏｆ               ＧＤＰ               ＡＮＯＴＨＥＲ               ＩＮＣＲＥＡＳＥ               ＯＦ               29.67%               
               Ｈｏｗ               ｄｉｄ               ｉｔ               ｈａｐｐｅｎ-Ｈｉｓ               ａｄｍｉｎｉｓｔｒａｔｉｏｎ:               
               1.

Ｃｕｔ               Ｔａｘｅｓ               (Ｇｏｖｅｒｎｍｅｎｔ               Ｉｎｃｏｍｅ)               
               2.

Ｓｐｅｎｔ               ｍｏｒｅ               (Ｆｉｒｓｔ               Ｉｒａｑ               ｗａｒ,               Ｌｏｔｓ               ｏｆ               Ｄｅｆｅｎｓｅ               Ｓｐｅｎｄｉｎｇ)               
               Ｗｈｅｎ               Ｗｉｌｌｉａｍ               Ｃｌｉｎｔｏｎ               (Ｄｅｍ)               ｌｅｆｔ               ｏｆｆｉｃｅ               ｏｕｒ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｗａｓ               57.6               %               ｏｆ               ＧＤＰ-Ａ               ＲＥＤＵＣＴＩＯＮ               ＯＦ               14.41%               
               Ｈｏｗ               ｄｉｄ               ｉｔ               ｈａｐｐｅｎ-Ｈｉｓ               ａｄｍｉｎｉｓｔｒａｔｉｏｎ               
               1.

Ｄｉｄ               ＮＯＴ               ｃｕｔ               ｔａｘｅｓ,               ｉｎｃｒｅａｓｅｄ               ｔｈｅｍ               ｂｙ               ｃｌｏｓｉｎｇ               ｌｏｏｐｈｏｌｅｓ               
               2.

Ｓｐｅｎｔ               ａｓ               ｍｕｃｈ               ａｓ               ｂｅｆｏｒｅ               
               Ｗｈｅｎ               Ｇｅｏｒｇｅ               Ｗ               Ｂｕｓｈ               (Ｄｅｍ)               ｌｅｆｔ               ｏｆｆｉｃｅ               ｏｕｒ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ               ｗｅｎｔ               ｕｐ               ｔｏ               69.3%--Ｔｈｅ               ＨＩＧＨＥＳＴ               ＥＶＥＲ               ａｎｄ               ａｎ               ＩＮＣＲＥＡＳＥ               ＯＦ               20.31%               
               Ｈｏｗ               ｄｉｄ               ｉｔ               ｈａｐｐｅｎ-Ｈｉｓ               ａｄｍｉｎｉｓｔｒａｔｉｏｎ:               
               1.

Ｃｕｔ               Ｔａｘｅｓ               (Ｇｏｖｅｒｎｍｅｎｔ               Ｉｎｃｏｍｅ)               
               2.

Ｓｐｅｎｔ               ｍｏｒｅ               (Ａｆｇｈａｎ               Ｗａｒ,               Ｓｅｃｏｎｄ               Ｉｒａｑ               ｗａｒ,               Ｌｏｔｓ               ｏｆ               Ｄｅｆｅｎｓｅ               Ｓｐｅｎｄｉｎｇ)               
               Ｄｏｅｓ               ａｎｙｏｎｅ               ＥＬＳＥ               ｓｅｅ               ａ               ｐａｔｔｅｒｎ               ｈｅｒｅ?

Ｒｅｄｕｃｅ               ｉｎｃｏｍｅ               (Ｔａｘｅｓ)               -Ｄｅｂｔ               Ｇｏｅｓ               ｕｐ!


               Ｓｏ,               ｗｈａｔ               ｗｅ               ｓｅｅ               ｉｓ               ｔｈａｔ               ｅｖｅｒｙ               ｔｉｍｅ               ｔｈｅ               Ｒｅｐｕｂｌｉｃａｎｓ               ｗｏｎ               ｔｈｅ               Ｐｒｅｓｉｄｅｎｃｙ,               ｔｈｅｙ               
               1.

Ｃｕｔ               Ｔａｘｅｓ               (ｐａｒｔｉｃｕｌａｒｌｙ               ｆｏｒ               Ｃｏｒｐｏｒａｔｅ               ａｎｄ               ｗｅａｌｔｈｙ,               ｗｉｔｈ               ｓｍａｌｌｅｒ               ｃｕｔｓ               ｆｏｒ               ｗｏｒｋｉｎｇ               ｐｅｏｐｌｅ.)               
               2.

Ｃｒｅａｔｅｄ               Ｌｏｏｐｈｏｌｅｓ-Ｔａｘ               Ｉｎｃｅｎｔｉｖｅｓ               ｆｏｒ               Ｃｏｒｐｏｒａｔｅ               Ａｍｅｒｉｃａ               
               3.

Ｉｎｃｒｅａｓｅｄ               ｔｈｅ               Ｎａｔｉｏｎａｌ               Ｄｅｂｔ.
               Ｗｈｙ,               ｉｆ               ｔｈｅｙ               ｊｕｓｔ               ｌｏｏｋｅｄ               ｂａｃｋ               ｉｎ               ｔｉｍｅ,               ｔｈｅｙ               ｗｏｕｌｄ               ｓｅｅ               ｔｈｅ               ｓａｍｅ               ｔｈｉｎｇ,               ＷＨＹ               ＤＯ               ＴＨＥ               ＳＡＭＥ               ＴＨＩＮＧ               ＯＶＥＲ               ＡＮＤ               ＯＶＥＲ               
               ＡＧＡＩＮ.

Ｔｈｅ               ｄｅｆｉｎｉｔｉｏｎ               ｏｆ               ｉｎｓａｎｉｔｙ               ｉｓ               -Ｄｏ               ｔｈｅ               ｓａｍｅ               ｔｈｉｎｇ               ｏｖｅｒ               ａｎｄ               ｏｖｅｒ               ａｎｄ               ｅｘｐｅｃｔ               ａ               ｄｉｆｆｅｒｅｎｔ               ｒｅｓｕｌｔ!
               Ｔｈｅ               Ｒｅｐｕｂｌｉｃａｎｓ               ｗｉｌｌ               ｔｅｌｌ               ｕｓ               ｔｈａｔ               ｔｈｅｙ               ｗｅｒｅ               ｉｍｐｒｏｖｉｎｇ               ｔｈｅ               ｃｏｕｎｔｒｙ,               ｄｏｉｎｇ               ｇｏｏｄ               ｆｏｒ               ｔｈｅ               ｃｏｕｎｔｒｙ,               ｔｈｅｙ               ｈａｄ               ｇｏｏｄ               ｉｎｔｅｎｔｉｏｎｓ.

Ｉ               ｈｅａｒｄ               ｓｏｍｅｗｈｅｒｅ               ｔｈａｔ               ｔｈｅ               ｒｏａｄ               ｔｏ               ａ               ｈｏｔ               ｐｌａｃｅ               ｉｓ               ｐａｖｅｄ               ｗｉｔｈ               "ｇｏｏｄ               ｉｎｔｅｎｔｉｏｎｓ."               Ｔｈｅｙ               ａｌｓｏ               ｔｅｌｌ               ｕｓ               ｔｈｅ               ｓａｍｅ               ｔｈｉｎｇ               ｔｈｅｙ               ａｒｅ               ｓａｙｉｎｇ               ｔｏｄａｙ---               
               ＩＦ               ＹＯＵ               ＣＵＴ               ＴＡＸＥＳ-------ＹＯＵ               ＷＩＬＬ               ＣＲＥＡＴＥ               ＪＯＢＳ.


               Ｓｏｒｒｙ               ＧＯＰ-ｔｈａｔ               ｉｓ               ＮＯＴ               ＴＲＵＥ!


               Ｌｅｔ'ｓ               ｇｏ               ｂａｃｋ               ａｌｍｏｓｔ               50               ＹＥＡＲＳ               ａｎｄ               ｓｅｅ               

               Ｌｙｎｄｏｎ               Ｊｏｈｎｓｏｎ               (Ｄｅｍ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ---4.2%               
               Ｒｉｃｈａｒｄ               Ｎｉｘｏｎ               (Ｒｅｐ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ---ＵＰ               19.05%               
               Ｇｅｒａｌｄ               Ｆｏｒｄ               (Ｒｅｐ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ-ＵＰ               ＡＮＯＴＨＥＲ               56%               
               Ｊｉｍｍｙ               Ｃａｒｔｅｒ               (Ｄｅｍ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ-ＤＯＷＮ               16.67%               
               Ｒｏｎａｌｄ               Ｒｅａｇａｎ               (Ｒｅｐ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ-ＵＰ               16.72%               
               Ｇｅｏｒｇｅ               Ｈ.Ｗ.

Ｂｕｓｈ               (Ｒｅｐ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ-ＤＯＷＮ               ｔｏ               6.3%               (ｄｏｗｎ               17.1%               ｆｒｏｍ               Ｒｅｇａｎ)               
               Ｗｉｌｌｉａｍ               Ｃｌｉｎｔｏｎ               (Ｄｅｍ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ-ＤＯＷＮ               17.46%               
               Ｇｅｏｒｇｅ               Ｗ.

Ｂｕｓｈ               (Ｒｅｐ)               Ａｖｅｒａｇｅ               Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｕｒｉｎｇ               ｈｉｓ               ｔｅｒｍ-ＵＰ               2%               
               Ｓｏ,               ＣＵＴＴＩＮＧ               ＴＡＸＥＳ               ＤＯＥＳＮ'Ｔ               ＳＥＥＭ               ＴＯ               ＣＲＥＡＴＥ               ＪＯＢＳ,               ＢＵＴ               ＩＴ               ＣＥＲＴＡＩＮＬＹ               ＲＡＩＳＥＳ               ＴＨＥ               ＮＡＴＩＯＮＡＬ               ＤＥＢＴ.


               "Ｔｒｉｃｋｌｅ               Ｄｏｗｎ"               ｄｉｄ               ｎｏｔ               ｗｏｒｋ               ｆｏｒ               Ｈｅｒｂｅｒｔ               Ｈｏｏｖｅｒ,               "Ｓｕｐｐｌｙ               Ｓｉｄｅ               Ｅｃｏｎｏｍｉｃｓ"               ｄｉｄｎ'ｔ               ｗｏｒｋ               ｕｎｄｅｒ               Ｒｅａｇａｎ,               Ｂｕｓｈ               Ｔａｘ               Ｃｕｔｓ               ｄｉｄｎ'ｔ               ｗｏｒｋ               ｆｏｒ               Ｇｅｏｒｇｅ               Ｗ               Ｂｕｓｈ.

Ｉｆ               ｉｔ               ａｉｎ'ｔ               ｗｏｒｋｅｄ               ｉｎ               80               ｙｅａｒｓ---ｗｈｙ               ｓｈｏｕｌｄ               ｉｔ               ｗｏｒｋ               ｎｏｗ?


               ＳＯ,               ＴＨＥ               ＲＥＰＵＢＬＩＣＡＮ               ＰＲＯＰＯＳＡＬＳ               ＴＯ               ＣＵＴ               ＴＨＥ               ＮＡＴＩＯＮＡＬ               ＤＥＢＴ               ＡＲＥ:               
               1.

Ｃｕｔ               Ｓｏｃｉａｌ               Ｓｅｃｕｒｉｔｙ               (Ｗｏｒｋｅｒｓ               ｈａｖｅ               ｂｅｅｎ               ｐａｙｉｎｇ               ｉｎｔｏ               ｔｈｉｓ               ｓｉｎｃｅ               ｔｈｅ               1930'ｓ)               
               2.

Ｃｕｔ               Ｍｅｄｉｃａｒｅ               (Ｗｏｒｋｅｒｓ               ｈａｖｅ               ｂｅｅｎ               ｐａｙｉｎｇ               ｉｎｔｏ               ｔｈｉｓ               ｓｉｎｃｅ               1965)               
               3.

Ｃｕｔ               Ｍｅｄｉｃａｉｄ               (ｌｅｔ'ｓ               ｍａｋｅ               ｓｕｒｅ               ｔｈｅ               ｐｏｏｒｅｓｔ               ｈａｖｅ               ｎｏ               ｍｅｄｉｃａｌ               ｃａｒｅ)               
               4.

Ｃｕｔ               Ｆｏｏｄ               Ｓｔａｍｐｓ               (ｗｈｅｎ               ｕｎｅｍｐｌｏｙｍｅｎｔ               ｉｓ               ｈｉｇｈ)               
               5.

Ｃｕｔ               Ｄｅｐａｒｔｍｅｎｔ               ｏｆ               Ｅｄｕｃａｔｉｏｎ-Ｈｉｓｔｏｒｉｃａｌｌｙ               ｏｎｅ               ｏｆ               ｔｈｅ               ｔｈｉｎｇｓ               ｔｈａｔ               ｍａｄｅ               ｕｓ               ｇｒｅａｔ-ＥＤＵＣＡＴＩＯＮ               
               6.

Ｃｕｔ               ｔｈｅ               ＥＰＡ               (Ｅｎｖｉｒｏｎｍｅｎｔａｌ               Ｐｒｏｔｅｃｔｉｏｎ               Ａｇｅｎｃｙ)               ｔｏ               ｍａｋｅ               ｔｈｅｍ               ｓｔｏｐ               ｔｒｙｉｎｇ               ｔｏ               ｃｕｔ               ｇｒｅｅｎｈｏｕｓｅ               ｇａｓｅｓ,               ａｉｒ               ｐｏｌｌｕｔｉｏｎ,               ｗａｔｅｒ               ｐｏｌｌｕｔｉｏｎ,               ａｎｄ               ｓｔｏｐ               ｇｉｖｉｎｇ               ｇｒａｎｔｓ               ｔｏ               ｍａｉｎｔａｉｎ               ｄｒｉｎｋｉｎｇ               ｗａｔｅｒ               ｓｔａｎｄａｒｄｓ               
               7.

Ｃｕｔ               ｔｈｅ               ＦＤＡ               (Ｆｏｏｄ               ａｎｄ               Ｄｒｕｇ               Ａｄｍｉｎｉｓｔｒａｔｉｏｎ)               ｓｔｏｐ               ｗａｓｔｉｎｇ               ｍｏｎｅｙ               ｏｎ               ｆｏｏｄ               ｓａｆｅｔｙ-ｏｎｌｙ               .1%               ｏｆ               ｔｈｅ               ｆｏｏｄ               ｍａｙ               ｂｅ               ｕｎｓａｆｅ---(Ｂｕｔ               ｔｈａｔ               ｃａｕｓｅｓ               ｏｖｅｒ               128,000               ｈｏｓｐｉｔａｌｉｚａｔｉｏｎｓ               ＡＮＤ               3,000               ＤＥＡＴＨＳ               ａ               ｙｅａｒ               ｆｒｏｍ               ｕｎｓａｆｅ               ｆｏｏｄ.)               
               8.

Ｈｅｒｅ               ａｒｅ               ｓｏｍｅ               ｍｏｒｅ               ｏｆ               ｔｈｅ               ｐｒｏｐｏｓｅｄ               ｃｕｔｓ               
               ａ.

--               $169               ｍｉｌｌｉｏｎ               ｆｒｏｍ               ｎｕｃｌｅａｒ               ｅｎｅｒｇｙ               
               ｂ.

--               $593               ｍｉｌｌｉｏｎ               ｆｒｏｍ               ｔｈｅ               Ｉｎｔｅｒｎａｌ               Ｒｅｖｅｎｕｅ               Ｓｅｒｖｉｃｅ               
               ｃ.

--               $74               ｍｉｌｌｉｏｎ               ｆｒｏｍ               ｔｈｅ               ＦＢＩ               
               ｄ.

--               $379               ｍｉｌｌｉｏｎ               ｆｒｏｍ               ＮＡＳＡ               
               ｅ.

--               $544               ｍｉｌｌｉｏｎ               ｆｒｏｍ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｆｏｏｄ               ａｉｄ               ｇｒａｎｔｓ               
               ｆ.

--               $6               ｍｉｌｌｉｏｎ               ｅａｃｈ               ｆｒｏｍ               ｔｈｅ               Ｎａｔｉｏｎａｌ               Ｅｎｄｏｗｍｅｎｔ               ｆｏｒ               ｔｈｅ               Ａｒｔｓ               ａｎｄ               Ｎａｔｉｏｎａｌ               Ｅｎｄｏｗｍｅｎｔ               ｆｏｒ               ｔｈｅ               Ｈｕｍａｎｉｔｉｅｓ               
               ｇ.

--               $2               ｂｉｌｌｉｏｎ               ｆｒｏｍ               ｊｏｂ-ｔｒａｉｎｉｎｇ               ｐｒｏｇｒａｍｓ               ---ｗｉｔｈ               ｕｎｅｍｐｌｏｙｍｅｎｔ               ｈｉｇｈ-ｃｕｔｔｉｎｇ               ｊｏｂ               ｔｒａｉｎｉｎｇ?

Ｍａｋｅｓ               ｓｅｎｓｅ????


               ｈ.

--               $1               ｂｉｌｌｉｏｎ               ｆｒｏｍ               ｔｈｅ               Ｎａｔｉｏｎａｌ               Ｉｎｓｔｉｔｕｔｅｓ               ｏｆ               Ｈｅａｌｔｈ               (ｎｏｔｅ,               ｔｈａｔ               ｉｎｃｌｕｄｅ               Ｐｏｉｓｏｎ               Ｃｏｎｔｒｏｌ               Ｃｅｎｔｅｒｓ)               
               ｉ.

--               $224               ｍｉｌｌｉｏｎ               ｆｒｏｍ               Ａｍｔｒａｋ               
               ｊ.

--               $755               ｍｉｌｌｉｏｎ               ｆｒｏｍ               ｔｈｅ               Ｃｅｎｔｅｒｓ               ｆｏｒ               Ｄｉｓｅａｓｅ               Ｃｏｎｔｒｏｌ               ａｎｄ               Ｐｒｅｖｅｎｔｉｏｎ
               Ｗｅ               ａｒｅ               ａｌｍｏｓｔ               ａｔ               ｔｈｅ               ｅｎｄ               ｏｆ               ｔｈｅ               ｄｉｓｃｕｓｓｉｏｎ---Ｓｏ,               ｎｏｗ               Ｉ               ａｓｋ               ａ               ｑｕｅｓｔｉｏｎ               ｏｆ               ｔｈｅ               ｒｅａｄｅｒ-Ｈｏｗ               ａｂｏｕｔ               ｃｕｔｔｉｎｇ               ｌｏｏｐｈｏｌｅｓ               ｉｎ               Ｃｏｒｐｏｒａｔｅ               Ｂｕｓｉｎｅｓｓ               ｔａｘｅｓ               ｔｈａｔ               ｔｈｅ               ＮＹ               Ｔｉｍｅｓ               ｓａｙｓ               ａｍｏｕｎｔ               ｔｏ               ＡＬＭＯＳＴ               1               ＴＲＩＬＬＩＯＮ               ＤＯＬＬＡＲＳ               Ａ               ＹＥＡＲ               ｉｎ               ｌｏｓｔ               Ｔａｘｅｓ               (950               ＢＩＬＬＩＯＮ)               Ｐａｒｔｉｃｕｌａｒｌｙ               ｗｈｅｎ               ｒｅｐｏｒｔｓ               ａｒｅ               ａｌｗａｙｓ               ｃｏｍｉｎｇ               ｉｎ               ａｂｏｕｔ               ｔｈｅ               ｂｕｓｉｎｅｓｓｅｓ               ｔｈａｔ               ｈａｖｅ               ｐｒｏｆｉｔｓ               ｉｎ               ｔｈｅ               ＢＩＬＬＩＯＮＳ               ａｎｄ               ｐａｙ               ＮＯ               ＴＡＸＥＳ.

Ｗｈｅｎ               Ｂｉｌｌｉｏｎａｉｒｅｓ,               ｌｉｋｅ               Ｗａｒｒｅｎ               Ｂｕｆｆｅｔｔ               ｐａｙ               ａ               ｌｏｗｅｒ               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｔｈｅｉｒ               ｉｎｃｏｍｅ               ｉｎ               ｔａｘｅｓ               ｔｈａｎ               ｔｈｅｉｒ               ｅｍｐｌｏｙｅｅｓ               (ｗｏｒｋｉｎｇ               ｐｅｏｐｌｅ)               ｐａｙ,               ＳＨＯＵＬＤＮ'Ｔ               ＴＨＥＲＥ               ＢＥ               ＦＡＩＲＮＥＳＳ?



               Ｔｈｉｎｋ               ａｂｏｕｔ               ｔｈｉｓ--ｃｏｍｐａｎｉｅｓ               -               ｗｈｉｃｈ               ｉｎｃｌｕｄｅ               ｈｏｕｓｅｈｏｌｄ               ｎａｍｅｓ               ｌｉｋｅ               ｅＢａｙ,               Ｂｏｅｉｎｇ,               Ｇｅｎｅｒａｌ               Ｅｌｅｃｔｒｉｃ               (Ｍｓｎｂｃ.ｃｏｍ               ｉｓ               ａ               ｊｏｉｎｔ               ｖｅｎｔｕｒｅ               ｏｆ               Ｍｉｃｒｏｓｏｆｔ               Ｃｏｒｐ.

ａｎｄ               ＮＢＣ               Ｕｎｉｖｅｒｓａｌ,               ｗｈｉｃｈ               ｉｓ               ｊｏｉｎｔｌｙ               ｏｗｎｅｄ               ｂｙ               Ｃｏｍｃａｓｔ               Ｃｏｒｐ.

ａｎｄ               Ｇｅｎｅｒａｌ               Ｅｌｅｃｔｒｉｃ)               ａｎｄ               Ｖｅｒｉｚｏｎ               -               ａｖｅｒａｇｅｄ               $1.9               ｂｉｌｌｉｏｎ               ｅａｃｈ               ｉｎ               ｐｒｏｆｉｔｓ.

Ｂｕｔ               ａ               ｖａｒｉｅｔｙ               ｏｆ               ｓｈｅｌｔｅｒｓ,               ｌｏｏｐｈｏｌｅｓ               ａｎｄ               ｔａｘ               ｒｅｄｕｃｔｉｏｎ               ｓｔｒａｔｅｇｉｅｓ               ａｌｌｏｗｅｄ               ｔｈｅ               ｃｏｍｐａｎｉｅｓ               ｔｏ               ａｖｅｒａｇｅ               ｍｏｒｅ               ｔｈａｎ               $400               ｍｉｌｌｉｏｎ               ｅａｃｈ               ｉｎ               ｔａｘ               ｂｅｎｅｆｉｔｓ               -               ｗｈｉｃｈ               ｃａｎ               ｂｅ               ｔａｋｅｎ               ａｓ               ａ               ｒｅｆｕｎｄ               ｏｒ               ｕｓｅｄ               ａｓ               ｗｒｉｔｅ-ｏｆｆ               ａｇａｉｎｓｔ               ｅａｒｎｉｎｇｓ               ｉｎ               ｆｕｔｕｒｅ               ｙｅａｒｓ.
               Ｖｅｒｉｚｏｎ,               ｗｈｉｃｈ               ｅａｒｎｅｄ               $11.9               ｂｉｌｌｉｏｎ               ｉｎ               ｐｒｅｔａｘ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ｐｒｏｆｉｔｓ,               ｒｅｃｅｉｖｅｄ               ａ               ｆｅｄｅｒａｌ               ｔａｘ               ｒｅｆｕｎｄ               ｏｆ               $705               ｍｉｌｌｉｏｎ.

Ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｃｈｉｅｆ               ｅｘｅｃｕｔｉｖｅ,               Ｉｖａｎ               Ｓｅｉｄｅｎｂｅｒｇ,               ｍｅａｎｗｈｉｌｅ,               ｒｅｃｅｉｖｅｄ               $18.1               ｍｉｌｌｉｏｎ               ｉｎ               ｃｏｍｐｅｎｓａｔｉｏｎ.

Ｔｈｅ               ｏｎｌｉｎｅ               ｒｅｔａｉｌｅｒ               ｅＢａｙ               ｒｅｐｏｒｔｅｄ               ｐｒｅｔａｘ               ｐｒｏｆｉｔｓ               ｏｆ               $848               ｍｉｌｌｉｏｎ               ａｎｄ               ｒｅｃｅｉｖｅｄ               ａ               $113               ｍｉｌｌｉｏｎ               ｆｅｄｅｒａｌ               ｒｅｆｕｎｄ.

Ｊｏｈｎ               Ｄｏｎａｈｏｅ,               ｅＢａｙ'ｓ               ｃｈｉｅｆ               ｅｘｅｃｕｔｉｖｅ,               ｃｏｌｌｅｃｔｅｄ               ａ               ｃｏｍｐｅｎｓａｔｉｏｎ               ｐａｃｋａｇｅ               ｗｏｒｔｈ               $12.4               ｍｉｌｌｉｏｎ.






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