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.”