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America's $400bn war bill
national |
miscellaneous |
news report
Friday March 21, 2003 11:14 by the guardian
America's $400bn war bill The US is spending more on this war than it raises in taxes, paving the way for a nasty surprise for its taxpayers, writes Randeep Ramesh Thursday March 20, 2003 War costs, but it is unclear who will pick up the tab. George Bush is not financing this campaign through taxation. Instead the president is cutting taxes - sending a welfare cheque to the wealthy - and raising military spending. The slowdown in the American economy has seen many states, who have to balance their budgets, cut back on social spending. The White House made it clear that there would be no federal bail out for these programmes. The president is reheating Reaganomics - cutting back on welfare, overcompensating with defence spending and offering big tax cuts to the rich at the expense of the poor.
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