OBAMACARE MIGHT VERY WELL BE THE BIGGEST BLUNDER AND MOST AWFUL LEGISLATION EVER PASSED BY ANY LEGISLATIVE BODY ANYWHERE IN THE WORLD IN ALL OF HUMAN HISTORY.
Remember Henry Waxman’s threat to subpoena CEOs over their write-downs on the tax credit that disappeared in ObamaCare? Fortune now reveals why those hearings got canceled:It’s not just the calculus of mandates and penalties that has employers considering the option of dumping health care and paying more in salaries instead. The mandate to keep “children” on plans until the age of 26 has employers seeing a steep cost curve. For Caterpillar alone, the 26-year-old mandate will cost over $20 million a year. Under those conditions, the penalties look pretty good.
Waxman didn’t simply request documents related to the write down issue. He wanted every document the companies created that discussed what the bill would do to their most uncontrollable expense: healthcare costs.
The request yielded 1,100 pages of documents from four major employers: AT&T, Verizon, Caterpillar and Deere (DE, Fortune 500). No sooner did the Democrats on the Energy Committee read them than they abruptly cancelled the hearings. On April 14, the Committee’s majority staff issued a memo stating that the write downs were “proper and in accordance with SEC rules.” The committee also stated that the memos took a generally sunny view of the new legislation. The documents, said the Democrats’ memo, show that “the overall impact of health reform on large employers could be beneficial.”
Nowhere in the five-page report did the majority staff mention that not one, but all four companies, were weighing the costs and benefits of dropping their coverage.
THE ONLY GOOD THING ABOUT OBAMACARE IS THAT THE DEMOCRATS WILL PAY FOR IT AT THE BALLOT BOX IN NOVEMBER!