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.”