Let The Congressional Hearings Begin

There could be so many different titles for this post but I think sticking with congressional hearings for all is proper, since the only people that know this bill isn’t a done deal are the dems.  They are racing around trying to make everyone believe that Obamacare is the ‘law of the land’.   It may be for a short period of time, but Obamacare as the law of the land for any length of time is a fantasy.  Why else would Chuck Schumer be telling people that anybody that voted against it is going to lose in November? That statement goes well beyond anything anybody smokin’ crack and living in ‘my little pony’ world would ever think to say.

“I predict that by November those who voted for healthcare will find it an asset and those who voted against it will find it a liability,” Schumer said on NBC’s “Meet the Press.” – Chuck Schumer

The ObamaCare Writedowns

The corporate damage rolls in, and Democrats are shocked!

It’s been a banner week for Democrats: ObamaCare passed Congress in its final form on Thursday night, and the returns are already rolling in. Yesterday AT&T announced that it will be forced to make a $1 billion writedown due solely to the health bill, in what has become a wave of such corporate losses.

This wholesale destruction of wealth and capital came with more than ample warning. Turning over every couch cushion to make their new entitlement look affordable under Beltway accounting rules, Democrats decided to raise taxes on companies that do the public service of offering prescription drug benefits to their retirees instead of dumping them into Medicare. We and others warned this would lead to AT&T-like results, but like so many other ObamaCare objections Democrats waved them off as self-serving or “political.”

Perhaps that explains why the Administration is now so touchy. Commerce Secretary Gary Locke took to the White House blog to write that while ObamaCare is great for business, “In the last few days, though, we have seen a couple of companies imply that reform will raise costs for them.” In a Thursday interview on CNBC, Mr. Locke said “for them to come out, I think is premature and irresponsible.”

Meanwhile, Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment “appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs.”

In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don’t like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet.

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.

The original story from 3.25.2010:

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11 thoughts on “Let The Congressional Hearings Begin”

  1. Hey Nancy see what happens when you have to pass the bill to know what is in the bill, you reap what you sow and the reaping is just starting.

  2. Pingback: SteveTaff
  3. Well I just have to say I am laughing my fanny off. Everything the Dems touch turns to Sh*t. Please Democrats, continue to hit yourselves in the head and expect a different result. You can’t fix stupid or brain damaged.

    • I was laughing too when I read about Schumer’s insane spin. The truly horrific thing is that he actually believes it. I don’t know what is scarier, the dems or their bills.

  4. Unfortunately most patriotic Americans and the mush brained Taxocrats don’t realize that Herr Obama only cares about his desire for Amerca to become a Communist country under his control. His agenda is about the control of all wealth and power in America. He will continue to disregard the will of the American people, while throwing his own party under the bus. Obama will continue to feel nothing but contempt for patriotic Americans while making deals with the Black Panthers, the Nation of Islam, Bill Ayers and Jerimiah Wright. Obama is not going to stop until “We the People” rise up and stop him.

    Enough said!

  5. it is Tyranny, Treason,
    and they all need to experience free Prison HC.
    One thing that has become extremely obvious is the Mothers and grandmothers are the ones with the spine, leading the resistance movement. Just hear them ROAR.
    Arrogant Chuckie is in for one big surprise. Perhaps he should learn to read.

  6. DT even more hysterical is that they actually believe their own
    calculated lies about their calculated lies.
    They do not have a clue that we have been on to them for over a year now.

  7. The administration of Comrade Obama is desperately trying to have all electronic voting machines in place for the November election. In this manner he will be able to steal any and all elections that will help his master plan for America. 2012 forget about it, Comrade Obama is the winner.

    As Bill Ayres has so defiantly stated ” America is over”

    Patriots, the answer is out there, when are we going to embrace it?

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