Dems Lash Out at GOP Over Billion Dollar Corporate Losses Under Obamacare
Posted by Jim Hoft on Wednesday, March 31, 2010, 10:07 PM
You knew this was coming.
Earlier this week several US corporations announced that Obamacare would cost their companies billions of dollars in new taxes. The democrats were so angry over this “leak” of information that they’ve already called for Congressional show trials… Now they’re blaming the GOP for playing politics with these corporate losses.
The Wall Street Journal reported:
So the wave of corporate writedowns—led by AT&T’s $1 billion—isn’t caused by ObamaCare after all. The White House claims CEOs are reducing the value of their companies and returns for shareholders merely out of political pique.
A White House staffer told the American Spectator that “These are Republican CEOs who are trying to embarrass the President and Democrats in general. Where do you hear about this stuff? The Wall Street Journal editorial page and conservative Web sites. No one else picked up on this but you guys. It’s BS.” (We called the White House for elaboration but got no response.)
In other words, CEOs who must abide by U.S. accounting laws under pain of SEC sanction, and who warned about such writedowns for months, are merely trying to ruin President Obama’s moment of glory. Sure.
Presumably the White House is familiar with the Financial Standard Accounting Board’s 1990 statement No. 106, which requires businesses to immediately restate their earnings in light of their expected future retiree health liabilities. AT&T, Deere & Co., AK Steel, Prudential and Caterpillar, among others, are simply reporting the corporate costs of the Democratic decision to raise taxes on retiree drug benefits to finance ObamaCare.
For those of you unaware of this worn out democratic tactic… It’s called deflection.
The last thing they want is for Americans to know the truth about their devastating legislation.
Michelle Malkin wrote more about the Congressional show trials.
Related… Mark Levin: “You lied, Mr. President.”
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notso commented:
I enjoy the Redstate.com (Erick Erickson I think) naming of this tactic. It’s not McCarthyism, it’s “Waxmania”!
I think it should be called this everywhere.
mark commented:
Boeing is taking a $150M hit. Lockheed Martin, another 95M or so. That’s three major Illinois Corps totaling over $400M in new taxes. First, more job losses are coming. Second, Team Obama had better get used to the IRS rules. I know most of them don’t pay taxes or pay attention to the IRS but since they are using the IRS to extract health care money from free citizens, they might as well get comfy with the agency itself.
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Andreas K. commented:
But it’s all for the greater good!
And… uh… think of the children!
Rock commented:
I never understand why Democrats hate facts so much.
Sickofobama commented:
The progressives in office thought with their unConstitutional passage of Obamacare that WE THE PEOPLE would shut the hell up.
Hey progressives, we are just getting started.
What are you going to do – put us in trains and haul us off to the gulag?
People, remind everyone you know what we don’t have to look forward to with this passage of this Obamanation.
The No Longer Democrat Party – now called the Progressive Party – are counting on us to forget about Obamacare by November.
Pagar commented:
“Presumably the White House is familiar ”
IMO, the only thing, one can be sure the White House/Obama Administration is familiar with is the Communist Manifesto. Fidel Castro and Hugo Chavez must be so proud.
Gary commented:
Corporate Losses = Raaaacism!
squeaky commented:
there’s a lot of biting off nose to spite face
events. when you take out the pitchforks and
lanterns to take down those “greedy rich” people and then are shocked when local charities either have to cut back or close because most of the benefactors happen to be
the very same “greedy rich” and you got your wish……
squeaky commented:
from free republic
http://www.youtube.com/watch?v=JtxqtBq0uVw&playnext_from=TL&videos=JXEcJf_WwGc&feature=sub
Kevin P commented:
Oh – I get it now. Since the complicit MSM-DNC propaganda arm isn’t reporting it, it’s not true…
“…Where do you hear about this stuff? The Wall Street Journal editorial page and conservative Web sites. No one else picked up on this but you guys. It’s BS.”
Riiiiiight…
newton commented:
“Team Obama had better get used to the IRS rules. I know most of them don’t pay taxes or pay attention to the IRS but since they are using the IRS to extract health care money from free citizens, they might as well get comfy with the agency itself.”
Don’t ya know? Taxes are only for the little people…
ViewPointThinker commented:
Keep up the good work with this reporting. The “main stream” media is as corrupt as this administration and they will not report it. I can only hope that some of these CEOs who are being “commanded” to testify before Waxman, Stupak and their co-conspirators will tell these traitors to kiss their butts. This administration is bullying anyone who gets in their way. Let’s all stand up against this and speak our minds and VOTE these people out of office. The reason they are so upset with the news of these enormouse corporate write downs is because they never read the bill they passed and had no idea that this was going to be a result. Does anyone see a problem with this?
Kevin P commented:
“A White House staffer…” – could that be Rahm Emmanuel?
Chris commented:
White House: “Why on earth won’t these selfish bastards work at a loss for the greater good? The government does it all the time!”