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The ObamaCare Writedowns—II Democrats blame a vast CEO conspiracy
A War On Reality
I’m not sure what these CEO’s are supposed to “explain” to Waxman’s committee. The only reason to compel their testimony seems to be that their legally mandated disclosures fail to play along with the narrative that Obamacare will expand coverage and bring down costs.
Have we really reached the point where mandated financial disclosures result in a public whipping and other threats by the Powers That Be while nondisclosure by these same companies would promise the ruinous expenses of defending against criminal investigations and civil enforcement?
The way these people think and act is down right scary. Look for Waxman to call the insurance companies in next for a tongue lashing when they are forced to raise their rates.
So the wave of corporate writedowns—led by AT&T's $1 billion—isn't caused by ObamaCare after all. The White House claims CEOs are reducing the value of their companies and returns for shareholders merely out of political pique.
A White House staffer told the American Spectator that "These are Republican CEOs who are trying to embarrass the President and Democrats in general. Where do you hear about this stuff? The Wall Street Journal editorial page and conservative Web sites. No one else picked up on this but you guys. It's BS." (We called the White House for elaboration but got no response.)
In other words, CEOs who must abide by U.S. accounting laws under pain of SEC sanction, and who warned about such writedowns for months, are merely trying to ruin President Obama's moment of glory. Sure.
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Meanwhile, Democrats have responded to these writedowns not by rethinking their policy blunder but by hauling the CEOs before Congress on April 21 for an intimidation session. The letter demanding their attendance from House barons Henry Waxman and Bart Stupak declared that "The new law is designed to expand coverage and bring down costs, so your assertions are a matter of concern."
A White House staffer told the American Spectator that "These are Republican CEOs who are trying to embarrass the President and Democrats in general. Where do you hear about this stuff? The Wall Street Journal editorial page and conservative Web sites. No one else picked up on this but you guys. It's BS." (We called the White House for elaboration but got no response.)
In other words, CEOs who must abide by U.S. accounting laws under pain of SEC sanction, and who warned about such writedowns for months, are merely trying to ruin President Obama's moment of glory. Sure.
***
Meanwhile, Democrats have responded to these writedowns not by rethinking their policy blunder but by hauling the CEOs before Congress on April 21 for an intimidation session. The letter demanding their attendance from House barons Henry Waxman and Bart Stupak declared that "The new law is designed to expand coverage and bring down costs, so your assertions are a matter of concern."
A War On Reality
Rep. Henry Waxman vowed to haul CEOs into hearings after they revealed just how much ObamaCare will cost their firms. It's an absurd war on bookkeeping, from a Congress desperate to avoid heat for this fiasco.
In the wake of President Obama's presidential signature on the gargantuan Patient Protection and Affordable Care Act last Thursday, big companies have crunched their numbers and come up with an ugly picture.
In legally mandated filings, AT&T reported that ObamaCare will cost it $1 billion. Deere & Co. reported $150 million in new costs. Caterpillar must cough up $100 million. 3M must pay another $90 million. AK Steel gets to fork over $31 million. Valero Energy will pay $30 million. There'll be more as other companies report anticipated costs to fulfill their requirements to inform shareholders. What it shows is a huge wave of costs rolling over the private sector to pay for this bill.
It's the real cost of ObamaCare, a bill House Speaker Nancy Pelosi had touted daily as "paid for" in her pitch for Congressional votes.
In the wake of President Obama's presidential signature on the gargantuan Patient Protection and Affordable Care Act last Thursday, big companies have crunched their numbers and come up with an ugly picture.
In legally mandated filings, AT&T reported that ObamaCare will cost it $1 billion. Deere & Co. reported $150 million in new costs. Caterpillar must cough up $100 million. 3M must pay another $90 million. AK Steel gets to fork over $31 million. Valero Energy will pay $30 million. There'll be more as other companies report anticipated costs to fulfill their requirements to inform shareholders. What it shows is a huge wave of costs rolling over the private sector to pay for this bill.
It's the real cost of ObamaCare, a bill House Speaker Nancy Pelosi had touted daily as "paid for" in her pitch for Congressional votes.
Have we really reached the point where mandated financial disclosures result in a public whipping and other threats by the Powers That Be while nondisclosure by these same companies would promise the ruinous expenses of defending against criminal investigations and civil enforcement?
The way these people think and act is down right scary. Look for Waxman to call the insurance companies in next for a tongue lashing when they are forced to raise their rates.
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