This is just the beginning... WASHINGTON (MarketWatch) -- AT&T on Friday said it will record a $1 billion non-cash expense in the first quarter related to the newly passed health-care law, joining a growing list of large U.S. companies. http://www.marketwatch.com/story/at...-tied-to-health-law-2010-03-26?dist=afterbell NEW YORK (MarketWatch) -- Caterpillar Inc. and Deere & Co. will see costs increase this year when a government subsidy for retiree drug benefits loses its tax-exempt status under the new health-care law. http://www.marketwatch.com/story/deere-says-health-reform-will-hit-its-bottom-line-2010-03-25
Of course...the democrats cheered that this bill will reduce the deficit by 143 billion dollars. There are only two ways to reduce the deficit...get more income from somewhere else to pay it down, or have someone else pay an expense. So this means that at least 143 billion dollars will be passed on to corporations and such. Thats not including the costs that the government was able to afford to pay without going deeper into debt. I believe the actual costs to corporations and "rich people" will be just under $700 billion per year after factoring in the extra 31 million people that will now have health insurance.
Basicly the government has been subsidizing healthcare all this time. This leads to uncompetitive markets. This means everybody who is against the healthcare bill is a socialist.:eek:
Interestingly short-term many companies reported earnings will INCREASE as the deferred liability from providing retirement healthcare coverage will be repealed and this will have to be reported as income from non-operations with the net result an increase in earnings. Pretty f-ing clever huh? More fuel for the rally into 2011 when the shit hits the fan again.
taxpayers were subsidizing out of their pockets private companies. How come the teabaggers were not up in arms about this or the republicans?
As mentioned it's just gonna get dropped and then the deferred liability will be added as income with the idea that the Feds will pick up the expense just watch.
Medicare and Social Security are working so well (and bankrupt) why not start a new and bigger entitlement for EVERYONE? This will bankrupt the states that aren't already bankrupt with 30 million new on Medicaid and in a few years either bankrupt the federal government or everyone with a decent income will see it taxed to hell and back to pay for this. The Dems spent the $500 bil. they stole from Medicare for this twice and they have a special $300 bil in a different bill to pay off the doctors so they won't quit (but I read that about 1/3 of all U.S. doctors were considering quitting the profession under Obamacare anyway). I shouldn't even mention that Obama plans to sqeeze hundreds of billions in inefficiencies out of the healthcare system (that's a joke). IT AIN'T GONNA WORK! Actually, that is probably the Dem's plan. They will have to fix it with the single payer system, higher taxes and more government control. Then more government contol and more government control. Do you remember with Medicare wasn't deducted from your paycheck and Social Security was just a couple percent? Now you know where this is headed.
Premiums will go up fast. If your lifetime max goes from 1mil to unlimited , it will not be a freebie.
Doctors aren't going to quit because you don't spend a few 100k to go to medical school to become a tax accountant. Doctors will stay doctors but there is a real threat of fewer doctors choosing to become family physicians because they make about 120k per year, which is significantly less than a specialist makes. A family doctor would have to go through a fellowship to become a cardiologist or other specialist. Or, current medical students will choose to become specialists leaving a shortage of primary care physicians. Why would you want to become a PCP and accept $33 per visit from Medicaid? Oh yeah, that's right. They are going to pay 20% more soon so that's another 6 bucks the doctor will get per visit. That still puts them out of business. And your part about medicare and SS taxes increasing? Well, you're spot on there but I doubt it will stop there. Taxes will be added to just about everything to pay for this monstrous bill and that's on top of the additional layoffs employers are gonna have to make to afford insurance for the people they do employ. The downfall of the US is accelerating.
Here is the article. Actually, it says 45% wiould consider quitting. http://www.investors.com/NewsAndAnalysis/Article.aspx?id=506199