You think Obama has been a nightmare? You ain't seen nothing yet. That was just the previews.
Have you seen the commercials yet for people who have maxed out their credit cards, have loans over ten thousand that they can't pay back, urging them to apply for stimulus dollars? It's enough to make you puke. For those who played by the rules, worked hard, did the right thing -- you're screwed, the man has you and your wallet and your kids' wallet by the throat. Welcome to the era of the degenerate -- they will be sucking your blood and your children's blood and your children's children's blood for decades to come, or however long America lasts.
American business, the motor of the global economy, was dealt a deathblow by the marxist putsch delivered by the Demo-rat party. The numbers are staggering. AT&T, the largest telephone company in the country, will take a one billion dollar hit in the current quarter as a result of this economic attack on America.
Verizon Communications, the second biggest U.S. phone company, told employees that tax burdens under the new law would likely filter down to employees.
Other companies that announced health care reform related charges include Deere, a maker of farm equipment, which sees a US$150-million charge for its current quarter, and Caterpillar, which warned of a US $100-million charge.
Who do you think will pay for this? We will pay. Business is not something in the abstract, or the evil force the leftists and the communists deceptively smear it to be -- business is work, business is people, it is jobs, it is production. When business pays, we pay. Jobs pay. Consumers pay.
Notice how Obama bad news always drops on Friday nights. You won't be able to keep the reality and the consequences of Obama rule.
Why wasn't this made public before the vote?
AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.
The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.
All five are smaller than AT&T, and their combined charges are less than half of the $1 billion that AT&T is planning. The $1 billion is a third of AT&T's most recent quarterly earnings. In the fourth quarter of 2009, the company earned $3 billion on revenue of $30.9 billion.
AT&T said Friday that the charge reflects changes to how Medicare subsidies are taxed. Companies say the health care overhaul will require them to start paying taxes next year on a subsidy they receive for retiree drug coverage.
White House spokesman Robert Gibbs said Thursday that the tax law closed a loophole.
Under the 2003 Medicare prescription drug program, companies that provide prescription drug benefits for retirees have been able to receive subsidies covering 28 percent of eligible costs. But they could deduct the entire amount they spent on these drug benefits - including the subsidies - from their taxable income.
The new law allows companies to only deduct the 72 percent they spent.
AT&T also said Friday that it is looking into changing the health care benefits it offers because of the new law. Analysts say retirees could lose the prescription drug coverage provided by their former employers as a result of the overhaul.