Aren't you just loving all this change? (Note: That's Henry Waxman over there, on the left we believe, Chairman of the House
Energy and Commerce Committee, who wants to scold private companies for inadvertently revealing to the public the disaster of Obamacare.
by Neal Boortz
In the wake of Obamacare, companies around the country are preparing
themselves for their next earnings reports. There seems to be some pesky
little regulation out there form the Security and Exchange Commission
that requires a company to restate its earnings projections as soon as
the company learns of anything that could have a significant affect on
earnings and loss figures. So, after the passage of ObamaCare, some
companies are doing just that. Here is a list of companies that, just within the
last week, have outlined how they expect to change their ways in order
to compensate for Obamacare.
- Farm-equipment manufacturer John
Deere "said it expects its expenses to rise by around $150 million on
an after-tax basis, mainly in the second quarter, as a result of the
- Verizon "told employees in an email Tuesday that
Verizon's costs will go up in the near term, pinpointing a tax-subsidy
reduction for retiree health benefits."
- Heavy-equipment manufacturer Caterpillar "said that its
first-quarter earnings will be hit with a $100 million after-tax charge
under tax law changes attached to the new health care reform
- AK Steele Holding Corp., "the third largest U.S.
steelmaker by sales, said it will record a non-cash charge of about $31
million resulting from the health-care overhaul signed into law by
President Barack Obama. The charge will be recorded in the first quarter
- Valero Energy "will take a $15 million to $20 million
charge to second-quarter earnings for the same reason."
maker Medtronic "warned that new taxes on its products could force it
to lay off a thousand workers."
And now, let's add the
biggest one to the list ... AT&T. It says that it will take a $1 billion charge against
earnings in the first quarter because of Obamacare. That's
"billion," folks, with a "b." This is because of changes to how Medicare
subsidies are taxed. AT&T also says that it may cut benefits
offered to current and retired workers. Analysts are predicting that
retirees could lose their prescription drug coverage altogether.
as you would expect, here come the Democrats. Our masters aren't happy
that some of these companies have come out of the gate so quickly with
their predictions of negative economic consequences under ObamaCare.
Remember, as The Community Organizer told us time after time ..
ObamaCare would lower costs, create jobs, lower the deficit and keep
asteroids from striking the earth until the year 8314.
looks like it's time to flex the good old government muscles. And who
better tto do that than our friend Henry Waxman from California? Henry Waxman has summoned the executives from some
of these companies to Capitol Hill to defend these assessments. That's
right. Waxman wants these evil companies to come to Washington and
testify as to exactly why they complied with the law. Waxman is also
demanding that these bring internal company documents on their
healthcare finances. The hearing is set for April 21. Here is the letter
Waxman sent to several executives, including AT&T: "After the
president signed the health care reform bill into law, your company
announced that provisions in the law could adversely affect your ability
to provide health insurance ... The new law is designed to expand
coverage and bring down costs, so your assertions are a matter of
concern ... [these decisions] appear to conflict with independent
Independent analysis? Waxman means "political
This is the new America under a president who
considers the private sector to be "the enemy." The purpose of Waxman's
little dog and pony show is to intimidate corporate America. Don't
embarrass Obama right after his wonderful victory with ObamaCare.
Remember ... government, not the private sector, is paramount in our
country right now. Businesses exist to support government, not the other
Aren't you just loving all this change?