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LEE IACOCCA SAYS KEEPING U.S. COMPETITIVE IS CHALLENGE FOR NEW GENERATION

 LEE IACOCCA SAYS KEEPING U.S. COMPETITIVE
 IS CHALLENGE FOR NEW GENERATION
 BALTIMORE, May 21 /PRNewswire/ -- Chrysler Corporation (NYSE: C) Chairman Lee Iacocca told the 1992 graduating class of Johns Hopkins University today that his generation has left them some tough challenges.
 Iacocca said he was a member of the first graduating class of the Cold War in 1945, and the class of 1992 is the last.
 "You are the first class of an entirely new historical era for America and the world. It's an era that's still to be defined, and still to be named."
 His own generation did some significant things, Iacocca said, including containing communism, but didn't solve all the problems.
 "We left a few of them for you to handle," he said. "In fact, we even created some new ones for you."
 Iacocca said he realized all college graduates were preoccupied with getting jobs and acknowledged that the current job market is one of the worst in decades.
 "You're learning early that there are consequences when the country's competitiveness is under attack," he said. "So you can't duck these competitiveness problems."
 Some of these competitiveness problems include the environment, the nation's infrastructure, energy, human rights, trade and foreign debt, and, especially, he said, the spiralling national debt.
 "Here, I'm afraid, is where we've really let you down," he said. "When we ran out of money, we pulled out a credit card. I hate to tell you, but it was your credit card."
 Iacocca said the interest on the debt is $300 billion a year and growing -- money that could be used for poverty programs and medical research to find a cure for cancer and AIDs.
 He said the new generation has to start digging out of "this dungheap of public debt we've buried you under."
 "What's at stake is the country's ability to compete in the world," he said. "It's not a game we're talking about. It's your future."
 Iacocca offered some observations and advice. He said:
 -- Clean air and clean water are not high priorities when people are out of work. A wealthy, prosperous society can take care of the environment.
 -- A national health care program for everyone is a pipe dream in a country that has a $4 trillion debt.
 -- American companies shut out of foreign markets won't be able to build factories in inner cities, where jobs are needed the most.
 -- Schools will never get better from taxes paid by companies to foreign governments on profits made in America.
 -- Don't look for the answers to these complex problems in one ideology. Never let the people with the pat answers tyou can't win, or to figh like hell when you think you can.
 -- Don't be afraid to make mistakes. But never repeat your mistakes.
 -- Finally, and this is the most important advice of all -- don't be scared.
 -- "With the brains you've got ...," he said, "you'll do just fine."
 -0- 5/21/92
 /CONTACT: Kelly Lasecki of Chrysler Corporation, 313-956-5771/
 (C) CO: Chrysler Corporation; Johns Hopkins University ST: Michigan, Maryland IN: AUT SU:


JB -- DE028 -- 2985 05/21/92 15:31 EDT
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Date:May 21, 1992
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