Umair Haque / Bubblegeneration
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Friday, November 19, 2004


The First World is the New Third World

"...According to a Bush advisor, the Post says, "the administration is considering eliminating the deduction of state and local taxes on federal income tax returns and scrapping the business tax deduction for employer-provided health insurance."

I am actually stunned as I read this. The effect of this will be pretty close to catastrophic. The rationale for this is that hiring isn't happening because healthcare costs are rising massively.

If this goes through, emplyoment increases in the short term at the expense of a long term incentive (decent health insurance), and in the long term, the winner-take-all brain drain dynamics that have kept the US at the top will be irreversibly broken: human capital will flow to Europe and Asia - because, simply, no one will be able to afford elite (much less average) workers here. God. I am dumbfounded...

-- umair // 1:34 PM // 0 comments


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