Democrats threaten companies hit hard by health care bill

Waxman

Henry Waxman wants some 'splainin'

Immediately following the passage of economy-killing obamacare, several large private employers announced that their profits would suffer as a result. (more here) Apparently this embarrassing new revelation has some democrats in a huff. They want to call these companies on the carpet to explain why this wonderful, money-saving “reform” will have a negative business impact. (story here from the Washington Examiner)

Rep. Henry Waxman, chairman of the House Committee on Energy and Commerce, has summoned some of the nation’s top executives to Capitol Hill to defend their assessment that the new national health care reform law will cost their companies hundreds of millions of dollars in health insurance expenses.  Waxman is also demanding that the executives give lawmakers internal company documents related to health care finances — a move one committee Republicans describes as “an attempt to intimidate and silence opponents of the Democrats’ flawed health care reform legislation.”

On Thursday and Friday, the companies — so far, they include AT&T, Verizon, Caterpillar, Deere, Valero Energy, AK Steel and 3M — said a tax provision in the new health care law will make it far more expensive to provide prescription drug coverage to their retired employees.  Now, both retirees and current employees of those companies are wondering whether the new law could mean reduced or canceled benefits for them in the future.

The news is an embarrassment for Democrats. As President Obama and congressional leaders tout the purported benefits of the new health care law, some of the nation’s biggest companies are saying it will mean higher costs and fewer benefits — not exactly what Democrats want to hear in the days after their historic victory.

So Waxman doesn’t understand a basic tenet of Business 101? He cannot grasp the concept that if the government forces a business to spend more on operating costs without a corresponding increase in revenue, that business will have lower profits? What’s so difficult about that? This is not rocket science – it’s common effing sense. I guess that’s why he doesn’t get it.

Geez, I hope these executives don’t fly on corporate jets to Washington – that might really make Waxman mad. Ugh…

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One Response to “Democrats threaten companies hit hard by health care bill”

  1. […] plan to haul business executives before a congressional inquisition on the effects of obamacare. (more here) He has decided that the truth might be more embarrassing than the news that obamacare will hit […]

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