Finance Chiefs to Chide Bush on Deficit

[UpInArms]

http://www.nytimes.com/2004/02/06/business/06finance.html?ex=1076734800&?en=05c484d8b4f4f076&?ei=5062&?partner=GOOGLE

WASHINGTON, Feb. 5 - When the United States opens a two-day meeting of finance ministers from the Group of 7 industrialized nations on Friday, the Bush administration will come under fire for a plunging dollar and a surging budget deficit.

Though officially still committed to a strong dollar, Treasury Secretary John W. Snow is fending off European leaders who fear that the dollar has fallen so far against the euro that European exports will soon be in jeopardy.

<snip>

At the same time, President Bush's new budget proposal has convinced many traders that the federal budget deficit will remain quite high for years to come and that the United States will be an even bigger borrower of foreign money than it already is.

<snip>

Among other things, the White House has proposed a new tax credit for uninsured people to buy catastrophic health insurance. The measure would reduce revenue by $65 billion over 10 years, but the administration listed the cost as zero because it promised that it would find - though it did not spell out - other ways to offset the credit's expense.

...more...

Do you think that the cost of that "tax credit for uninsured people" will be "zero" because logic dictates that if you can't afford insurance a "tax credit" is not going to do you any friggin' good?

[hadrons]

1. Besides, insurance companies will just rise the rates ....

once these stupid credits come, just like private schools do when voucher programs are created (Moran-Americans almost always ignore this reality)