Skip to comments.Democrats Admit Companies Were Correct In Warning Of Major Losses Due To ObamaCare
Posted on 04/27/2010 8:18:00 AM PDT by Starman417
You recall Waxman's outrage over large companies, such as AT&T, informing its shareholders that they will be taking large hits due to ObamaCare:
After the passage of the health care reform bill, some public corporations announced the bill would have adverse affects on how they do business. Deere & Co. announced that it would cost them an additional $150M in expenses, Caterpillar stated in an SEC filing they would earn $100M less in 2010, Verizon sent emails to employees informing them of their expected costs to increase in the short term, and AT&T filed with the SEC that they expect a $1B hit because of the new law.Waxman eventually canceled those hearings and now we know why. The companies were right:
Now, the the Subcommittee on Oversight and Investigations is calling on the "senior company officials" of each of those companies, and others, to come to D.C. and explain / prove their claims. The stated purpose of this meeting is, "to ensure that the [health care] law is implemented effectively and does not have unintended consequences."
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.
Read more at floppingaces.net...
Now being reported in my local paper on page 34, column D, right after the lost dog notices.
Obama is an idiot!
Down with Marxism!
Just vote them OUT!!
Rebellion is brewing!!
Obama told Waxman to back off his kangaroo court
Public hearings would have shown what a disaster and expense business faces
These companies should demand that Henry Ratman come before their CEO’s and explain to them where the federal government got its bullsh!t numbers from.
Wow, I wonder if water is still wet.
Wow, who would have ever thought that Fortune 100 CEOs and CFOs would know more about corporate accounting and about their own companies than a pile of jerkball congressites.
And if they used the gov stats, they would be accused of hiding something....sound familiar...
How many times did we hear that?
How is that possible? CEO’s and CFO’s of multi-billion dollar companies understand their accounting? I thought they were all greedy crooks looking for every dime with which they can screw you. And the only people looking out for us were the Henry Waxman’s of the world?
SAY IT ISN’T SO!
The dems were furious that the companies revealed that information but are now scorching Goldman Sachs for not revealing information to their clients.
Just make sure that your local GOP candidate brings it up again in October in an ad. That’s all we need.
0bama’s boys don’t give a rip about losses to companies. They do care about losses in contributions to the Democrat party.
Not to worry, in 0bama's world hand baskets are subsidized to carry us all there and that paved road is marked by signs that say "Project Funded by the American Recovery and Reinvestment Act."
The “losses” were a loss of a taxpayer subsidy. Having the CEO’s complain about the loss would have sounded like a unemployed person complaining about their unemployment insurance running out.
According to Pelosi all we needed to do was pass it in to law so we could see what was in it.
So what. The thug tactics worked. How many of those negative corporate reports have you seen highlighted since Waxman threatened his show trial? Their seemed to be a steady stream of negative reports and then after Waxman’s tantrum it has been a news blackout.
But... but... but the “law of unintended consequences” isn’t supposed to apply to liberals since they have good intentions!
America deserved a DEBATE on this legislation. America deserved a VETTING of Obama’s agenda in 2008.
The Pravda Media has sold out America for the naked political power of the DNC.
to read later...
Actually this could be done pretty easy, setup a press conference and have a hearing in front of the Media with a bunch of empty chairs representing Pelosi,Waxman,Schumer....
But they won’t
It’s all about power to them.
They were claiming that businesses would save so much money they could raise employee salaries by significant amounts. It will turn out to be the exact opposite like all the other lies of democrats and this ridiculous administration.
Somebody with a TV show ought to organize it.
Word of the Day: Dhimmitude
Dhimmitude is the Muslim system of controlling non-Muslim populations conquered through jihad. Specifically, it is the TAXING of non-Muslims in exchange for tolerating their presence AND as a coercive means of converting conquered remnants to Islam.
The ObamaCare bill is the establishment of Dhimmitude and Sharia Muslim diktat in the United States . Muslims are specifically exempted from the government mandate to purchase insurance, and also from the penalty tax for being uninsured. Islam considers insurance to be “gambling”, “risk-taking” and “usury” and is thus banned. Muslims are specifically granted exemption based on this. How convenient. So I a Christian, will have crippling IRS liens placed against all of my assets, including real estate, cattle, and even accounts receivables, and will face hard prison time because I refuse to buy insurance or pay the penalty tax. Meanwhile, Louis Farrakhan will have no such penalty and will have 100% of his health needs paid for by the de facto government insurance. Non-Muslims will be paying a tax to subsidize Muslims. Period. This is Dhimmitude.
Dhimmitude serves two purposes: it enriches the Muslim masters AND serves to drive conversions to Islam. In this case, the incentive to convert to Islam will be taken up by those in the inner-cities as well as the godless Generation X, Y and Z types who have no moral anchor. If you don’t believe in Christ to begin with, it is no problem whatsoever to sell Him for 30 pieces of silver. “Sure, I’ll be a Muslim if it means free health insurance and no taxes. Where do I sign, bro?”
The suit goes beyond Obamacare:
Join the Obamacare Class Action Lawsuit
"The purpose of this lawsuit is to reverse Supreme Court precedent related to the Commerce clause and thereby overturn Obamacare. The Supreme Court has historically erred in its interpretation of the Constitutional role of the Federal Government. Recent Supreme Court rulings hint that they may be willing to take another look at Commerce clause precedent. Obamacare is so over reaching and so onerous, that it must either be repealed in Congress or struck down in the courts. We must fight this on both fronts. This is our historic opportunity to reverse Americas trend toward Socialism by overturning this unconstitutional precedent.
If you are a US citizen and agree with the goal of this lawsuit, please join us. If you have concerns about joining, please review the FAQs for more information. Every person we add strengthens the voice of "We the People".
Why not throw the corporate executives in jail anyhow? Most of
them are capitalists anyhow. Mao, Fidel or Pol Pot would have.
translation: a 2800 page bill and none of us thought to revise the SEC reporting requirements....just damn!
Triple Dip Recession, brought to you by Tripple Dip Leadership....
I belong to a health club and was told this week that there will be a fee charged to me every month now to pay for “obamacare”. Now how is charging me to work out and stay healthy going to get the fat cow collecting welfare & eating rice crispy treat, off the couch????
I think it’s time to get those annoying electric scooters out of the grocery stores too. I see more overweight people in them than I do someone with a broken leg!
This was the first thing I thought of when Obambi came out running his trap about AZ’s immigration law, which simply takes provisions that are in federal law and gives state and local officials reponsibility and authority to enforce them.
In essence, AZ is simply going to enforce federal law because the feds won’t.
I figured once Obambi figured this out, he might have a Waxman “cancelling the hearings” moment. Never mind.
Usually, government “bait and switch” takes years to develop. The arrogance and hubris of the political class now reveals itself within weeks.
But I thought ObamaCare was going to help the economy. /s
That would be great!
Okay we lied.
We promised to tell the truth from now on. :)
Or, to put it another way, Obama care will tax something that is not now taxed.
No you are confused.
Before obamacare, and after the bushcare the system was the following:
1) The American Taxpayer gave companies a 28% subsidy on the cost of their retirees’ plan.
2) The Company could deduct the entire cost of the plan from their taxes.
Obamacare is taxing the subsidy. If we are going to tax unemployment benefits, if we are going to tax Social Security benefits, then by God we should tax a subsidy to employers.
And by an accounting quirk, when a company lose a perpetual income stream, they have to write it off immediately. It doesn’t really effect the company.
For example -
Caterpillar is at a 52 week high and they took a 90 million hit with the loss of your tax dollars.
How many time does mac daddy lie?
The Socialist Insaneatics have got to GO!Just look at the Insurance insanity. I have been trying to figure it out and the more I learn the worse it appears. It is simply AWFUL!
It will be mandated at 9.5% of low earners incomes. Premiums over that will be subsidized by a tax credit. HAHAHAHAH!
What in the hell are you talking about here? Please explain your logic?