We wrote here about the consequences of Obamacare that are beginning to be felt, even before its provisions are implemented: Caterpillar said Obamacare will cost it an additional $100 million in the first year; Medtronic warned that the new tax on its products “could force it to lay off a thousand workers;” Verizon told its employees that it “will likely have to cut healthcare benefits to offset the new costs;” and AT&T announced that it will record a $1 billion non-cash expense in the first quarter and “will be evaluating prospective changes to the active and retiree health care benefits offered by the company.”
These announcements are the tip of the iceberg; hundreds like them will follow as Obamacare becomes a reality. Congressional Democrats, evidently stung by the bad publicity, are trying to strike back. A reader writes:
Good post on the true cost of ObamaCare. But it gets better: the Dems are now shaking down CEOs who don’t get with the program. In the attached letter, Henry Waxman not only orders the CEOs of AT&T, Caterpillar, Deere & Co, and Verizon to testify before the Energy and Commerce Committee, but also to produce internal analyses and emails related to their statements. They don’t expressly subpoena the CEOs, so we can hope that they tell the Dems to GFY, though somehow I doubt that will happen.
The Dems sent these letters to the Republicans on the committee after 6pm tonight with no advance notice or prior cooperation.
Here is the letter Waxman sent to the Chairman of AT&T; the others are similar. Click to enlarge:
In my original post, I wondered why these companies had not spoken out sooner, when it could have done some good. I suppose this is the answer: they know how vindictive the Democrats are. The Democrats’ reaction would have been even more hostile (and more dangerous to the companies’ well-being) if they had dared to blow the whistle on Obamacare before Congress voted.