It just piles up – one corporation after another announcing the massive costs they’ll incur for ObamaCare.
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.
Funny, but the insurance and pharmaceutical companies don’t seem to be hurting all that bad. In fact, from what I can see, they are set to do pretty well. Almost as if ObamaCare is actually going to be a net benefit to them.
But that can’t be true, can it? I mean, Obama said we had to stop the big, mean, old insurance companies, right?
Or, are we just stuck in the biggest piece of political feces in human history?
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