Henry Waxman the chairman of the House Energy & Commerce Committee has called for an investigation on companies who have stated that they will lose money, and cut benefits to its current and retired employees because of Obamacare; as reported by the Associated Press:
AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.
The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.
All five are smaller than AT&T, and their combined charges are less than half of the $1 billion that AT&T is planning. The $1 billion is a third of AT&T's most recent quarterly earnings. In the fourth quarter of 2009, the company earned $3 billion on revenue of $30.9 billion.
AT&T said Friday that the charge reflects changes to how Medicare subsidies are taxed. Companies say the health care overhaul will require them to start paying taxes next year on a subsidy they receive for retiree drug coverage.
The Politburo has just called in the recalcitrance, and will deal with these misfits with a heavy hand. After all who knows better about running a business than Henry Waxman? He has spent how many years in the private sector?
Henry Waxman hasn't worked an honest day in his life. He graduated from law school in 1964. He was then elected to the California Assembly in 1969. In 1974, he was elected to the U.S. House of Representatives. And HE is going to pass judgement on these businesses? Has this guy ever glanced at a profit and loss statement? Has he ever made a payroll?
It reminds me of when the Bolsheviks implemented collectivist farming by stealing from the peasants and putting bureaucrats in charge. It led to rationing and starvation.
What in the hell are we doing to ourselves?
Source: http://www.forbes.com/feeds/ap/2010/03/26/technology-health-care-providers-us-tec-at-amp-t-health-care_7469093.html?boxes=Homepagebusinessnews
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