The health care bill and jobs
April 2nd 2010 02:59
This isn't good:
The job situation is already awful in the US. With companies taking a huge hit financially as a result of the health care legislation, more job cuts could be on the horizon. Even if that doesn't happen, these writeoffs could squelch any hiring plans by these companies.
There are a number of reasons that companies haven't been hiring. One obvious reason is that they didn't know how Obama's plans relating to health care and energy would impact them. It looks like their concerns were justified. As long as Obama and the Democrats continue to push through legislation that adversely impacts companies financially, the jobs situation will have no chance of improving.
We need a government that will create an environment in which companies can thrive. Unfortunately, we have the exact opposite of that.
Verizon Communications Inc. announced it will record a related $970 million non-cash charge in the first quarter.
So far at least 15 companies have disclosed about $2.8 billion in charges prompted by the health care overhaul. Verizon's charge is the second-largest after AT&T, which last week announced a $1 billion charge related to the tax bill.
Verizon's announcement follows Wednesday's disclosures by Boeing co. and Lockheed Martin Corp. that they would record first-quarter charges of $150 million and $96 million, respectively, related to the health care legislation.
So far at least 15 companies have disclosed about $2.8 billion in charges prompted by the health care overhaul. Verizon's charge is the second-largest after AT&T, which last week announced a $1 billion charge related to the tax bill.
Verizon's announcement follows Wednesday's disclosures by Boeing co. and Lockheed Martin Corp. that they would record first-quarter charges of $150 million and $96 million, respectively, related to the health care legislation.
The job situation is already awful in the US. With companies taking a huge hit financially as a result of the health care legislation, more job cuts could be on the horizon. Even if that doesn't happen, these writeoffs could squelch any hiring plans by these companies.
There are a number of reasons that companies haven't been hiring. One obvious reason is that they didn't know how Obama's plans relating to health care and energy would impact them. It looks like their concerns were justified. As long as Obama and the Democrats continue to push through legislation that adversely impacts companies financially, the jobs situation will have no chance of improving.
We need a government that will create an environment in which companies can thrive. Unfortunately, we have the exact opposite of that.
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Comment by rickb_georgia
Only problem is most conservatives are also tax payers ... most Obama supporters are tax takers ... so, how are they going to pay?
I think it is time to go back to buying can goods and ammunition. Much better investments than anything Wall Street has to offer today.
Comment by PopulistConservative
Angry Electorate
The scariest thing is that nearly half the country pays no net income taxes. Once you get past the tipping point of 50%, we're in big trouble. That means that those who don't pay into the system would have the numbers to perpetually vote in candidates who will require the shrinking number of taxpayers to pay more and more taxes.
We're in a world of hurt right now.
Comment by S.L.
The Political Brief
Comment by PopulistConservative
Angry Electorate
Comment by Lester Caudill
Round Politics
I was deeply concern when the democrats took control of White House, giving them complete power with no balance for the country.
Now I am scared to death, seeing that they will not listen to the American people, they just keep moving ahead with socialism, and systematic destruction of the United States of American.
We are in deep trouble at this point folks, get ready to stand in bread lines again if this continues. only they won't be any bread the elected officials will have it for them and their families.
Comment by PopulistConservative
Angry Electorate
Comment by rickb_georgia
I am not proposing revolution with heads getting lopped from bodies and such, but we do need to take our revolution to the ballot box and hold the current crop of idiots in Washington accountable for their actions and / or inactions. We need to talk to everyone about this irresponsible government which has lied its way to Washington.
There are things in the health care bill that do need to happen but it could have been done with much less government intervention and taxpayer burden.
Comment by PopulistConservative
Angry Electorate