Well, it has started. Major companies are already adding up the mounting costs of the health care takeover law recently signed by Obama:
AT&T Inc. will book $1 billion in first-quarter costs related to the health-care law signed this week by President Barack Obama, the most of any U.S. company so far.
AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.
AT&T previously received a tax-free benefit from the government to subsidize health-care costs for retirees, who would otherwise be on a Medicare Part D plan. Under the new bill, AT&T will no longer be able to deduct that subsidy.
“As a result of this legislation, including the additional tax burden, AT&T will be evaluating prospective changes to the active and retiree health-care benefits offered by the company,” the carrier said in the filing. Business Week
The health care takeover is costing businesses and their stockholders a lot of money. Businesses will have to make adjustments that will include removing retirees from subsidized plans and putting them on Medicare plans as well as downsizing the number of employees.
This will not be good for the economy.
The takeover is not about health and not about care. It is about control and about Socialism as pointed out by the NYT and other liberal sources.
We are watching the destruction of America.
Yep, this was a historic piece of legislation. Obama and his progressives will go down in history as the group that destroyed our way of life.
Never surrender, never submit.
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