Obamacare Wrecking Ball Takes Aim at Corporate America
Smoke and Change
The list of US companies announcing charges against earnings to cover the costs of Obamacare continues to grow. New arrivals include Boeing, Goodrich, Lockheed Martin, Ingersoll-Rand, ITW and Xcel Energy. Will Congressman Waxman haul the CEOs of all of these companies before his committee for an in-depth examination as well? When the dust settles Mr. Waxman is likely to be a very busy man considering many of the S&P 500 companies will probably announce some sort of charge related to Obamacare. Total announcements so far add up to more than $1.7 billion.
Company Cost
Here is the latest up to date list of company announcements regarding Obamacare.
3M $90 Million
AK Steel $31 Million
AT&T $1 Billion
Boeing $100 Million
Caterpillar $100 Million
Deer & Co $150 Million
Goodrich $10 Million
Honeywell $13 Million
Ingersoll-Rand $41 Million
ITW $22 Million
Lockheed Martin $96 Million
Valero $20 Million
Xcel Energy $17 Million
In addition to the costs being announced several companies have said they will need to review the healthcare benefits they currently provide to retirees with the upshot being many of these people will ultimately lose their private coverage and be forced into Medicare.
It’s also important to recognize that the announcements we’ve heard so far are from large companies who are able to issue a press release and get media coverage. There will be thousands, if not millions of personal stories and impacts to small businesses that will go largely unnoticed because they will not be in the form of a press release. They will simply be hard working Americans who drive this country’s economy taking yet another kick in the you know what to satisfy the latest power grab from an ever growing federal government.
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Wild Thing’s comment……..
“For 250 years, America has been known throughout the world as the place where anyone could work hard, scrape together a little money and invest in a great idea,” the Trends writers observe. “But a creeping kind of governmental interference has seriously threatened this ideal,” they argue. In other words, the Trends writers continue, “the very bedrock concept underlying what’s typically called ‘the American Dream’ is threatened by these measures.”
The Trends theory is a real life experiment. It’s called the Obama agenda.
Dear God I wish Obama’s war on success would end. Obama wants to not only punish the rich, but punish America for having rich people. That’s justice in his mind, and he never goes after Soros or the cronies that financed him.
I wonder if obama is doing drugs again. I remember that one interview that he did shortly after his successful election where obama was giggling through a large part of the interview. Drug usage could define some of obama’s strange attitude and radical ideas.
He can laugh when these companies start laying off because they can’t afford to lose this kind of money. Barry will soon realize he ratings are in the dumper because alot of those companies are Union.
This game with peoples livelihoods is a two edged sword and it cuts both ways.
When retirees start losing their benefits then the Union membership gets pissed and that starts the old ball rolling. GM had a similar problem a few years ago which ultimately led to their going under. Health Care Benefits for retirees, afterall every member knows that he too will retire someday and they want their bennies waiting for them. GM couldn’t afford to keep people on to work when they were paying cadalac benefits to all their retirees and huge pensions.
At one time it was estimated that the consumer paid an extra $1500 dollars per car for Health Care Benefits for the union membership. the same thing happened with SEIU the Union spent more than it had and their pension suffered because of Health Care. Andy Stern got the fix in for the Unions where they don’t pay a tax on their Health Care but everybody else pays it for them.
This is all going to come back and bite obama in the ass big time. Its a question of time before the bollom falls out of obama’s plan and the money dries up.
Tom, you know what that sure makes one think he might be.
Mark, thank you for that about the Unions. I think so too, this is a two edged sword and obama will find out big time.
I totally believe that Obama is out to destroy America. America is a free country many Americans fought and died so we could live free. He wants to control Americans he already controls the banks, car companies and now our health care THATS ENOUGH I’VE HAD IT OBAMA YOU CAN FUCK YOURSELF!!! I SAY IF HE’S NOT THE DEVIL HE’S THE NEXT THING TO IT JUST WAITING FOR HORNS TO POP OUT OF HIS HEAD.