Democrat Henry Waxman announced that they will hold hearing with major companies April 21 because the Companies like 3M, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy, and AT&T Inc. have elected to take Billion dollar writedowns due to healthcare costs. Waxman wants to get in their face and call them liars in a public forum because, the companies saying healthcare will increase costs , “appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs.” Corporate America doesn’t seem to think so… what happens when you disagree with Congress? You get brow beaten and threatened.
The WSJ puts it this way:
It’s been a banner week for Democrats: ObamaCare passed Congress in its final form on Thursday night, and the returns are already rolling in. Yesterday AT&T announced that it will be forced to make a $1 billion writedown due solely to the health bill, in what has become a wave of such corporate losses.
This wholesale destruction of wealth and capital came with more than ample warning. Turning over every couch cushion to make their new entitlement look affordable under Beltway accounting rules, Democrats decided to raise taxes on companies that do the public service of offering prescription drug benefits to their retirees instead of dumping them into Medicare. We and others warned this would lead to AT&T-like results, but like so many other ObamaCare objections Democrats waved them off as self-serving or “political.”
Perhaps that explains why the Administration is now so touchy. Commerce Secretary Gary Locke took to the White House blog to write that while ObamaCare is great for business, “In the last few days, though, we have seen a couple of companies imply that reform will raise costs for them.” In a Thursday interview on CNBC, Mr. Locke said “for them to come out, I think is premature and irresponsible.”