This blog,originally founded by Blogger, who is listed in Marquis Who's Who and is a recipient of the Albert Nelson Marquis Lifetime Achievement Award. He holds a theological degree and a doctorate in Counseling Psychology. Taught Psychology for 32 years and is now Professor Emeritus. Is a board-certified psychologist and was awarded the Lifetime Achievement Award in his profession. Ministered as a chaplain, and pastored Baptist and Episcopal churches. Publications cover the integration of psychology and theology. Served in the Army, the Merchant Marines and the Peace Corps.

Saturday, March 27, 2010

Economic Damage Of Health Bill Continues

Posted by Oatz "RESPONDING TO OBAMACARE: RESTORE, DEFEAT, DEFUND, ...":

AT&T, 3M, And AK Steel Already Report Devastating Effects Of Health Bill

“AT&T Inc. Will Take A $1 Billion Non-Cash Charge In The First Quarter Because Of The Health Care Overhaul And May Cut Benefits It Offers To Current And Retired Workers.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)

* “The Telecommunications Company Also Said It Is Looking Into Changing The Health Care Benefits It Offers Because Of The New Law.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)

“3M Company Today That It Expects To Record A One-Time Non-Cash Charge Of $85 To $90 Million After Tax… Resulting From The Recently Enacted Patient Protection And Affordable Care Act.” “3M Company said today that it expects to record a one-time non-cash charge of $85 to $90 million after tax, or approximately 12 cents per share, in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010 passed by Congress on March 25, 2010. The charge is due to a reduction in the value of the company’s deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements.” (“3M Anticipates New U.S. Healthcare Law to Result in One-Time Charge of $85 — $90 Million After Tax in First Quarter of 2010,” 3M, 3/26/10)

“AK Steel Holding Corp., The Third Largest U.S. Steelmaker By Sales, Said It Will Record A Non-Cash Charge Of About $31 Million Resulting From The Health-Care Overhaul Signed Into Law By President Barack Obama.” (“AK Steel Sees $31 Million Charge From New Health Law,” Business Week, 3/23/10)

17 comments:

Johnny Rico said...

I hear that some companies will move overseas or raise the prices of their products. And how exactly will this create jobs? I have never heard one satisfactory answer to this question. Of course, the IRS will add 16,000 to the payrolls pretty soon.

Johnny Rico

Sarkazein said...

Johnny Rico wrote- "...IRS will add 16,000 to the payrolls pretty soon."


Watch those jobs be outsourced to India. The monitoring and collection and recommending of charges can all be done by electronic communication.

"Halo, my name ees Bob, I am with de Eye Are Ezz.

Sarkazein said...

This Economic damage will be what didn't happen on Y2K.

Oatz said...

The Wall Street Journal reported:

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.”

…Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment “appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs.”

In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don’t like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet.

On top of AT&T’s $1 billion, the writedown wave so far includes Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks.

Sarkazein said...

After the vote they start admitting what they were denying. Leftists never change.

Sarkazein said...

I wonder if in Obama's new law, will these evil corporations NOT be allowed to pass the costs on to WE the consumers. WE are going to be taxed on this Ponzi scheme over and over and over.

Anonymous said...

Caterpillar said it would cost them 100 million, and Deere said 150 million too....just to add to the list.

Liberal POV said...

Conservatives

Wall Street seems to approve.

guy faulkes said...

Wall Street seems to approve. Of what?

Liberal POV said...

Guy

"Wall Street seems to approve. Of what?"


THe New Health Care Bill.

guy faulkes said...

Liberalproverbs18:2, No, Wall street does not approve of the health care bill. Read the thread. Wall Street reflects many stimuli.

Liberal POV said...

Guy

" Wall street does not approve of the health care bill."

10,921.47 +64.84 (0.60%


http://www.google.com/finance?client=ob&q=INDEXDJX:DJI

guy faulkes said...

Liberalproverbs18:2, your link says Wall Street rallied because of an slight increase in demand for manufactured goods, not health care.

Do I need to repost the gun control questions for you?

Liberal POV said...

Guy

"Wall Street rallied because of a slight increase in demand for manufactured goods,


Does this mean the Obama economic policies are working?

guy faulkes said...

No, it means that certain things necessary for living wear out and have to be replaced, no matter if one cannot really afford them.

When are you going to stop running and answer the gun questions?

Liberal POV said...

Guy

Your obsecession with guns or gun fetish show with a questionon each thread.

You must believe a gun increases your manhood.

guy faulkes said...

Why does Liberalproverbs18:2 refuse to support his claims by answering questions? Could it be he knows he is wrong, once again?