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.
Full article:
AT&T Will Take $1B Non-cash Charge for Health Care
http://www.wirelessweek.com/News/2010/03/Policy-and-Industry-ATT-1B-Non-cash-Charge-Healthcare/
So much for the government's claim that this law was going to save money.
Our wondrous government responds by demanding the CEOs appear before Congress to explain themsleves. But, these CEOs are required to announce this important financial information to the SEC or face criminal liabilities.
Is our impartial government theatening these corporations for announcing financial information counter to what the government stated? Are these companies being threatened for not playing along? Me thinks this is a threat tactic.
What will be the end result of all these write offs? Companies will have LESS capital to re-invest in growth. Companies will have less capital to hire more employees and may not be able to maintain the employees they have now. This has a negative affect on the national economic situation.
This was created by this "Health Care for all" law which was supposed reduce costs... which Pelosi said... we will have to wait until it's passed before we know what's in it. Now that it's passed, 2 Democratic lawmakers have come forth and said this HC bill was all about wealth redistribution (Howard Dean, http://biggovernment.com/kolson/2010/03/31/uh-oh-another-dem-acknowledges-health-bill-is-wealth-redistribution/, and Max Baucus , http://biggovernment.com/kolson/2010/03/28/better-late-than-never-top-senate-dem-admits-un-american-health-bill-was-to-address-mal-distribution-of-income/), and a third came out and said it was about controlling the people (Rep. John Dingell, D-Mich, http://newsmax.com/InsideCover/healthcare-dingell-control-healthcare/2010/03/25/id/353869).
How long before Insurance companies go bankrupt and everyone is forced onto the government plan?
Now this... As part of the HC reform bill, government has taken over the student loan program.
Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul
http://www.foxnews.com/politics/2010/03/30/sallie-mae-blames-layoffs-obamas-student-loan-overhaul/
So much for creating jobs, improving the economy... Obama said this was to help the students, but did they really need this kind of help? Was this called for? Do we really need to move closer to complete socialized education? How are the students going to be "helped" when there are no jobs available for them when they graduate? How will they be helped when the economy is still in recession?
Socialism is contrary to the free-market and prosperity.
