Dems Admit Obamacare Will Cost US Companies Billions
Posted by Jim Hoft on Tuesday, April 27, 2010, 5:03 PM
After Obamacare was signed into law last month several US corporations reported that the democrat’s health care bill would cost their company millions of dollars.
On top of AT&T’s $1 billion, the writedown wave so far includes Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks.
In response, Congressional democrats announced that they would hold show trials to humiliate these US companies for the bad publicity.
After several more corporations announced their losses from Obamacare the democrats decided to cancel their Congressional dog and pony show.
Today, Congressional democrats finally admitted the corporations were correct and that Obamacare would end up costing US companies billions of dollars.
The New York Times reported:
When major companies declared that a provision of the new health care law would hurt earnings, Democrats were skeptical. But after investigating, House Democrats have concluded that the companies were right to tell investors and the government about the expected adverse effects of the law on their financial results…
In a memorandum summarizing its investigation, the Democratic staff of the committee said, “The companies acted properly and in accordance with accounting standards in submitting filings to the S.E.C. in March and April.”
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Kevin P commented:
Now which is really the case – that they needed an investigation to determine this? Or that they did an investigation to make it look like they didn’t know this would happen?
unbelievable! commented:
It is Obama’s fault that we are faced with crippling Obamacare fallout. It is Obama’s fault that he imposed on Arizonans this law, it is his fault because they are forced into defending themselves inasmuch as Obama is in direlection of his constitutionally mandated DUTY to protect and defend American citizens – INCLUDING those in Arizona. He is a failure, truly of epic proportions. And that is small consolation to those of us suffering under his rule right now. Heaven help us.
Kevin P commented:
Follow up to that is – which is worse:
1) They voted on this completely clueless on the consequences?
2) They are trying to pull the wool over voters eyes acting like they didn’t know the consequences?
Liberalism is a mental disorder.
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redc1c4 commented:
i’m amazed they published this at all, let alone with gems like these in it:
In a general analysis of the new law, Verizon said, “To avoid additional costs and regulations, employers may consider exiting the employer health market and send employees” to state-run insurance exchanges, where people can buy insurance.
A Caterpillar executive made a similar point in an e-mail message to colleagues, saying the tax changes could “drive many employers to just drop coverage for retirees altogether, and let the government foot the whole bill.”
Andreas K. commented:
Well… DUH!
Ancillary labor costs in Austria are horrible. Just like in Germany. I don’t even want to know how many billions per year are destroyed just in little Austria thanks to those. I’m pretty sure the number would make me sick.
The irony is, despite those massive ancillary labor costs that the governments are dumping on the companies… the money isn’t enough.
Not even with the additional huge income due to taxes is the money even remotely enough.
tldr; the companies are bled dry, the workers are bled dry and still the money isn’t enough.
Germany proves it well.
Budget 2010: 320 billion Euros.
New additional debt in 2010: 80 billion Euros.
Cost of the German welfare state in 2010: 150 billion Euros.
As a result Germany can’t even pay the interest on the national debt in 2010.
Hooray for the welfare state!
Socialists, making the rich poor and keeping the poor poor sinec 1848.
Andreas K. commented:
Also:
AK Steel?
Stop creeping me out. AK is usually how I abbreviate my name these days on the net (and everywhere else.)
No really, I’m not kidding. According to some American files I entered Pennsylvania on September 14, 1751.
And then they named a road after me in Tuscon!
This is getting creepy.
Kevin P commented:
Andreas K #8 – and you became a state in 1959.
newton commented:
They knew it. They KNEW IT!!!
They didn’t want the nation to know it before it was signed. They deliberately deceived the American People – for their own gain, no less.
I want to see them removed from office. Every last one of them.
Can YOU hear it, America? Every last one of them!
HandyBill commented:
Is pigface Waxman going to lead the charge on bringing these House Democrats in front of congress to defend why they are siding with evil corporations?
Kevin P commented:
HandyBill # 11 – “…pigface Waxman…” ROFL!!!
Seriously – this guy looks like those evil creatures out of “Lord of the Rings”.
Robert commented:
This is not even the half of it. The costs won’t be borne by the companies, it will be borne by those who purchase the companies’ goods and services.
It is a hidden tax. And when companies begin dumping their health plans it will become an outright public expenditure.
Helath providers will act as though the supply of funding is limitless and will raise their prices. Then that cost which is provided by the government will require greater debt and increased taxes from the public.
As the saying goes, You ain’t seen nothin’ yet!
Replace all elected officials everywhere. Continually.
It is our only hope.
Andreas K. commented:
Kevin P
April 27th, 2010 | 1:45 pm | #9
Andreas K #8 – and you became a state in 1959.
In this case it’s time for…
SECESSION!
wanumba commented:
That’s the purpose isn’t it? To get EVERYONE on government care, then as 300 million requests for medical care come in, the message : CLAIM DENIED.
wanumba commented:
Democrats sure know how to eat other people’s money.
They’re ALL mulitmillionaires on government service while everyone else is getting poorer.
aprilnovember811 commented:
These bastards. We need another Boston Massacre.
bg commented:
++
the Rich overwhelmingly support/ed Obama..
the Jews overwhelmingly vote/d for Obama..
the Corporations overwhelmingly
donate/d to Obama/Dems/DNC..
for all intent & purpose, Obama et al have declared
Jews/Corporations/Rich “evil”.. go figure, i can’t..
that aside, what difference does it make now??
are they going to be held accountable to “we the people”??
or will they just continue to go about their merry way chipping
chunks out of America’s foundation until all of US fall down??
==
bg commented:
++
clarifying bg #18
DEMS ADMITTING ANYTHING..
re: what difference does it make..
==
Adirondack Patriot commented:
So how is this fraud any different from the fraud perpetrated by Goldman Sachs?
Witholding financial information relevant to the investors (e.g., taxpayers) is the same vile act.
Corporal Vere commented:
Adirondack: GS hoodwinked two battalions of MBA’s, quants, and financial modellers. Obama and the effing Drats screwed your Grandma. Stop watching CNN.
Obama lies. Grandma dies.
4/27/2010: “Obama covered up the HHS report until after the vote on hell care reform. Not one of its major programs has gotten started, and already the wheels are starting to come off of Obamacare. The administration’s own actuary reported on Thursday that millions of people could lose their health insurance, that health-care costs will rise faster than they would have if the law hadn’t passed, and that the overhaul will mean that people will have a harder and harder time finding physicians to see them. . . . This is an objective report by administration actuaries that shows this sweeping legislation has serious, serious problems.” Maybe next time they’ll read the bill before passing it. Nah, who am I kidding?
Just two months ago the lying liberal media was saying: 2/25/2010: “One problem for the president is that, so far, he has been unable to convince Americans that they will benefit from health care reforms. CBS News Polls conducted throughout the health care debate have found that only about one in five Americans think health care reform will benefit them personally.”
Pithy conclusion: One in five Americans believes he/she will live at the expense of everyone else.
jomojava commented:
The companies that have reported losses should call a “show trial” of their own.
Sadly, that is impossible die to the consequences.
When the people fear their government, there is tyranny; when the government fears the people, there is liberty.
Thomas Jefferson
bg commented:
++
unbelievable! @ 1:20 pm #2
all too true, however, here’s the thing..
in the Obama et al world he’s a HUGE SUCCESS, and i am not kidding..
ultimate goal..
the US crumbles, the rest of the world follows, the UN takes over & the NWO is formed, a NWO that will eventually be transitioned into a Global Islamic Caliphate.. but for now they feed the alligator believing their power can stop them.. besides, what do they care, they’re the ones not having children.. gah, they are so stupid & shortsighted i feel like screaming, thank God my time on this beautiful but bass ackwards planet is almost up, as loud as i can.. *sigh*
==
Militant Conservative commented:
bg
April 27th, 2010 | 3:09 pm | #23
I’m with you bg.Corporal Vere I am ready for a damn fight. I will not see the lights go out on my watch. I’m ready for a rat killin of immense proportions. The socalists are trying to kill the world and then control it. I think not freedom will live. powder is dry.
heather commented:
the hell with obamacare, check this out!
HR 1388-SERVE AMERICA ACT-PASSED INTO LAW 10/1/09. YOUR CHILD WILL BE TAUGHT BY PEOPLE APPOINTED BY THE CURRENT ADMINISTRATION THE PRINCIPLES OF THE CONSTITUTION AND THE MEANING OF THE PLEDGE OF ALLEGIANCE. THERE IS A NATIONAL CIVILIAN ARMY BEING CREATED FROM JUVENILE DELINQUENTS AND PEOPLE WITH LIMITED ENGLISH PROFICIENCY AND WHAT YOUR CENSUS DATA IS REALLY BEING USED FOR, CIVIC HEALTH ASSESSMENTS-IT’S TRUE AND IT’S A LAW!
–H.R.1388–
Entitled The Edward M. Kennedy Serve America Act, an Act to reauthorize and reform the national service laws
‘PART I–PROGRAMS FOR ELEMENTARY AND SECONDARY SCHOOL STUDENTS
`SEC. 112. ASSISTANCE TO STATES, TERRITORIES, AND INDIAN TRIBES.
(5) developing, as service-learning programs, civic engagement programs that promote a better understanding of–
`(A) the principles of the Constitution, the heroes of United States history (including military heroes), and the meaning of the Pledge of Allegiance;
`(B) how the Nation’s government functions; and
`(C) the importance of service in the Nation’s character.
`SEC. 115. PARTICIPATION OF STUDENTS AND TEACHERS FROM PRIVATE SCHOOLS.
`(a) In General- To the extent consistent with the number of students in the State, in the territory, or served by the Indian tribe or in the school district of the local educational agency involved who are enrolled in private nonprofit elementary schools and secondary schools, such State, territory, or Indian tribe, or agency shall (after consultation with appropriate private school representatives) make provision–
(1) for the inclusion of services and arrangements for the benefit of such students so as to allow for the equitable participation of such students in the programs implemented to carry out the objectives and provide the benefits described in this part; and
`(2) for the training of the teachers of such students so as to allow for the equitable participation of such teachers in the programs implemented to carry out the objectives and provide the benefits described in this part.
`(b) Waiver- If a State, territory, Indian tribe, or local educational agency is prohibited by law from providing for the participation of students or teachers from private nonprofit schools as required by subsection (a), or if the Corporation determines that a State, territory, Indian tribe, or local educational agency substantially fails or is unwilling to provide for such participation on an equitable basis, the Chief Executive Officer shall waive such requirements and shall arrange for the provision of services to such students and teachers.
`SEC. 122. NATIONAL SERVICE PROGRAMS ELIGIBLE FOR PROGRAM ASSISTANCE.
`(2) PROGRAMS- The programs may include the following types of national service programs:
`(B) A program–
`(i) that engages participants in public health, emergency and disaster preparedness, and other public safety activities;
`(ii) that may include the recruitment of qualified participants for, and placement of the participants in, positions to be trainees as law enforcement officers, firefighters, search and rescue personnel, and emergency medical service workers; and
`(iii) that may engage Federal, State, and local stakeholders, in collaboration, to organize more effective responses to issues of public health, emergencies and disasters, and other public safety issues.
`(D) A program–
`(i) in which not less than 75 percent of the participants are disadvantaged youth;
TITLE I–AMENDMENTS TO NATIONAL AND COMMUNITY SERVICE ACT OF 1990
SEC. 1001. REFERENCES.
`(36) DISADVANTAGED YOUTH- The term `disadvantaged youth’ includes those youth who are economically disadvantaged and 1 or more of the following:
`(A) Who are out-of-school youth, including out-of-school youth who are unemployed.
`(B) Who are in or aging out of foster care.
`(C) Who have limited English proficiency.
`(D) Who are homeless or who have run away from home.
`(E) Who are at-risk to leave secondary school without a diploma.
`(F) Who are former juvenile offenders or at risk of delinquency.
`(G) Who are individuals with disabilities.
SEC. 1608. CIVIC HEALTH ASSESSMENT.
`SEC. 179A. CIVIC HEALTH ASSESSMENT AND VOLUNTEERING RESEARCH AND EVALUATION
`(b) In General- The partnership shall facilitate the establishment of a Civic Health Assessment by–
`(1) after identifying public and private sources of civic health data, selecting a set of civic health indicators, in accordance with subsection (c), that shall comprise the Civic Health Assessment;
`(3) UPDATES- The partnership shall periodically evaluate and update the Civic Health Assessment, and may expand or modify the indicators described in subsection (d)(1) as necessary to carry out the purposes of this section.
`(d) Data on the Indicators-
`(1) SPONSORED DATA COLLECTION- In identifying the civic health indicators for the Civic Health Assessment, and obtaining data for the Assessment, the partnership may sponsor the collection of data for the Assessment or for the various civic health indicators being considered for inclusion in the Assessment, including indicators related to–
`(A) volunteering and community service;
`(B) voting and other forms of political and civic engagement;
`(C) charitable giving;
`(D) connecting to civic groups and faith-based organizations;
`(E) interest in employment, and careers, in public service in the nonprofit sector or government;
`(F) understanding and obtaining knowledge of United States history and government; and
`(G) social enterprise and innovation.
`(2) DATA FROM STATISTICAL AGENCIES- The Director of the Bureau of the Census and the Commissioner of Labor Statistics shall collect annually, to the extent practicable, data to inform the Civic Health Assessment, and shall report data from such collection to the partnership. In determining the data to be collected, the Director and the Commissioner shall examine privacy issues, response rates, and other relevant issues.
`(3) SOURCES OF DATA- To obtain data for the Civic Health Assessment, the partnership shall consider–
`(A) data collected through public and private sources; and
`(B) data collected by the Bureau of the Census, through the Current Population Survey, or by the Bureau of Labor Statistics, in accordance with paragraph (2).
`(5) OTHER ISSUES- In obtaining data for the Civic Health Assessment, the partnership may also obtain such information as may be necessary to analyze–
`(A) the role of Internet technology in strengthening and inhibiting civic activities;
`(B) the role of specific programs in strengthening civic activities;
`(C) the civic attitudes and activities of new citizens and immigrants; and
`(D) other areas related to civic activities.
`(g) Volunteering Research and Evaluation-
`(1) RESEARCH- The partnership shall provide for baseline research and tracking of domestic and international volunteering, and baseline research and tracking related to relevant data on the indicators described in subsection (d). In providing for the research and tracking under this subsection, the partnership shall consider data from the Supplements to the Current Populations Surveys conducted by the Bureau of the Census for the Bureau of Labor Statistics, and data from other public and private sources, including other data collected by the Bureau of the Census and the Bureau of Labor Statistics.
`(2) IMPACT RESEARCH AND EVALUATION- The partnership shall sponsor an independent evaluation of the impact of domestic and international volunteering, including an assessment of best practices for such volunteering, and methods of improving such volunteering through enhanced collaboration among–
THERE’S SO MUCH MORE, All day “schools“, sending our children out of the country to “volunteer”! All info available @ Library of Congress website- http://thomas.loc.gov/
Palinfan commented:
Dems Admit Obamacare Will Cost US Companies Billions
God bless this site for posting this information but people have to understand, Liberals cheer news like this. Liberals HATE success, corporations, Democracy, freedom, and Capitalism. So this kind of headline should stop shocking us. You’re up against a large number of citizens who have been hoodwinked into believing that America is bad, white people are bad, Capitalism is bad, Democracy is bad, success is bad, Socialism is a good idea, and that no one anywhere should be above anyone else – we’re all part of the global village (gag!) and citizens of the world (America should = Zaire).
And this also is the mentality of our Commander In Chief.
wanumba commented:
Students already have a name for it now:
VolunTOLD
Jo commented:
ObamaCare to provide used garbadge bags for your poor loved ones funerals. This is at the Medical, Medicade level, to go into effect in 2014. Obama seeks to save money by throwing your relatives into an earthen pit full of other poor people. NOw go out and thank him for his mentoring.
LibsAreCommies commented:
LibCommie liars suck.
HART commented:
IMPEACH! IMPEACH OBAMA FOR LYING!!! THROW THE BUMS OUT!!! THEY ARE RUINING OUR GREAT COUNTRY!!!! OBAMA…YOU ARE A A**HOLE!!
LUV2h8BHO commented:
I pay for health insurance premiums out of my check bi-weekly. My company was one of those organizations that was affected by the H.C. legislation and the write down for us was 39million. So, I stock price took a twenty percent loss and I lost thousands of dollars in my 401k. With all the new taxes being proposed, I will pay for this bill several ways and 47% of all Americans will have no skin in the game. SHAME ON YOU! YOU ARE A BUNCH OF PARASITES (Dems).