Excellent WSJ article on (a) increasing corporate analyses of the effects of “ObamaCare” on companies (and ultimately YOUR pocketbook), and (b) Congressional anger at corporate America reporting those effects, as required by SEC regulations.
Commerce Secretary Gary Locke took to the White House blog to write that while ObamaCare is great for business, “In the last few days, though, we have seen a couple of companies imply that reform will raise costs for them.” In a Thursday interview on CNBC, Mr. Locke said “for them to come out, I think is premature and irresponsible.”
Meanwhile, Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment “appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs.”
In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don’t like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet. (emphasis added)
via The ObamaCare Writedowns – WSJ.com. (Accessed 3/28/2010)
Where have we seen suppression of dissent before?