Word: reformations
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...without subsistence benefits for poor children," says Frank Mecca, executive director of the County Welfare Directors Association of California. If California ends CalWORKs, the state's welfare-to-work program, it would save $1.3 billion but lose three times that amount in federal money. (Since President Bill Clinton's reform, welfare has been run by the states, which receive block grants from the Federal Government that they spend as they wish. Mecca says no other state has ever said no to the federal money, nor has one proposed a flat-out elimination of welfare for families with children.) (Read...
...result is a reform plan that's clearly had a lot of thought put into it, and responds to many of the most obvious failings of our financial regulatory setup, but doesn't really change the way the financial game is played. The Federal Reserve would have more power to snoop around financial institutions that it thinks pose a systemic risk, the FDIC would get the power to take over and wind down non-banks, most over-the-counter derivatives would be forced onto exchanges, and capital requirements would be ratcheted up across the financial system. But the current alphabet...
...drop it in favor of being insured through a government program (which would, in many cases, put at least part of their health costs on the back of the taxpayer). Finance Committee members also are considering how generous to make the basic benefits that would be offered under health reform, since the more medical services that they insist be offered, the more it will cost the government. Additionally, they are looking for other ways to squeeze money out of the Medicare program...
Whether or not health-care reform actually passes in the end, this may be remembered as the week when the reality of the challenge such a massive overhaul poses finally dawned on lawmakers. And the reality is this...
...about the dollars. Coming up with a bill that doesn't add to the deficit is turning out to be even harder than members of Congress thought it would be. (Read "Kennedy's Absence Felt on Health-Care Reform...