Skip to comments.Deere (And Others) In The Headlights
Posted on 03/26/2010 5:06:50 PM PDT by Kaslin
Health Reform: As major businesses lay out the impact of ObamaCare in dollars and jobs, two things are clear: the costs will be enormous, and the president's vow to focus on "jobs, jobs, jobs" can no longer be believed.
Early returns on ObamaCare are coming in, and they belie proponents' claims of job creation and cost reduction. The costs will increase. They are merely being shifted to the states and to America's businesses, large and small.
AT&T, the country's largest telephone company, announced Friday it will take a $1 billion first-quarter charge related to the new health care law. The noncash charge has been triggered by a change in the tax treatment of Medicare subsidies.
Bloomberg reports that health care charges may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Walton. That's $14 billion that will not be available for expansion, research and development, or the hiring of new employees.
On Thursday, Deere & Co. announced that the Patient Protection and Affordable Care Act will adversely impact its expenses for fiscal 2010. As a result of the legislation, expenses for the farm equipment manufacturer are expected to be about $150 million higher on an after-tax basis, mainly in the second quarter.
At issue is the new tax the health care bill imposes on subsidies paid to corporations for 28% of their retiree prescription costs under a 2003 Medicare bill.
"The 2003 legislation encouraged companies to stay in the game and continue to fund their retirees' prescriptions," Deere spokesman Ken Golden said. "Otherwise, the retirees would go onto the Medicare prescription program, which would cost the government more money."
Now they're being punished for doing what the government asked them to do.
(Excerpt) Read more at investors.com ...
So folks. When the cost of your phone service increases exponentially, and the cost of your lawn mower or tractor goes though the roof; remember the blame lays at the feet of barry obammy, and the congressional and senatorial RATS! Thanks a billion you scum-buckets!
I run a small technology company on the West Coast. I took the opportunity to layoff several workers. Somehow when the selection was complete they were all Democrats. OMG it was fun telling them how we had to adjust to the bad times that are coming down the road with Obama-care passing.
More Maxism. Destroy the banks and the largest industries. Then, Im from the government and Im here to help.
I bet the health insurance rates increase a lot before the ‘open enrollment’ for employees.
Just tell the employees ‘ Welcome to Obama Care’.
even my ignorant Obama loving lazy neighbors are finally getting it.
He’s also destroying small business which employs far more people than big business.
Is that what you call a “teachable moment”? LOL.
Good for you!
The guy I am working for and I have talked about him sub contracting to me. I want him to stay in business. So I am willing to sub job to save my job. We are both conservatives.
We still dont know how this is all gonna go coming down to micro business..he has a gross business at about the 2 million dollar level..that’s gross and not net.
If you own a business, you better get out of it.
My 82 year old mother got a notice day before yesterday that unless she signed a new agreement her GAP insurance rate would jump from $34 to $83 a month. If she signed the new agreement her rate would remain unchanged. However, the agreement essentially gutted her old policy and with two trips to the doctor, let alone a visit to the hospital would wipe out any savings. It was a deceptive and a trick.
All insurance companies will have little choice but to move in anticipation of the increase cost of health care insurance coming with Obama-care.
Why was Omama’s word ever believed? This person is a liar without peer and has been forever.
anyone know what kind of cigarettes nobama smokes...maybe we should start a nationwide movement and everyone sent him a pack at the same time, on the same day...just to let him know how we really feel...keep on amoking AH!
Just in time for the elections. This needs to be exposed BIGTIME!
How about if I just quit making money? ....I’ve already quit
"I'm from the government, I'm here ... " BANG BANG .... BANG BANG
Honey, can you bring me another box of them .45's out here, another gubmint car coming up the road ....
So did I.
Remember the story of the pied piper of Hamelin? He promised the citizen who were plagued with rats to get rid of them. Instead he lead the children of Hamelin out of the gate of the town and into disaster. The citizen of Hamelin fell for a charlatan and the idiots who voted for 0bama, also fell for a charlatan
Shame it has to take the Country going down the crapper for people to really wake up isn’t it?
I will also be sacking a couple of Democrats at our office in San Francisco soon.
I’ll try to hold off saying that this is your “teachable moment”.