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.
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??
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bg commented:
++
clarifying bg #18
DEMS ADMITTING ANYTHING..
re: what difference does it make..
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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.
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