Democrats Admit Companies Were Right To Claim Obamacare Would Make Costs Higher Rather Than Lower

Now, before you start thinking this is some sort of right-wing Tea Party claim, look at the source:

Inquiry Says Health Care Charges Were Proper
Robert Pear
New York Times
April 26, 2010

Yes, you read that right. The New York Times. Hardly a bastion of right-wing thought.

Here is what Mr. Pear wrote:

When major companies declared that a provision of the new health care law would hurt earnings, Democrats were skeptical. But after investigating, House Democrats have concluded that the companies were right to tell investors and the government about the expected adverse effects of the law on their financial results.

Within days after President Obama signed the law on March 23, companies filed reports with the Securities and Exchange Commission, saying the tax change would have a material adverse effect on their earnings.

The White House suggested that companies were exaggerating the effects of the tax change. The commerce secretary, Gary F. Locke, said the companies were being “premature and irresponsible” in taking such write-downs.

“Irresonsible?” This from a hard-core leftist administration that is squandering our grandchildren’s and great-grandchildren’s futures as we speak?

Well, it turns out that the companies were right and the Dems were wrong:

In a memorandum summarizing its investigation, the Democratic staff of the committee said, “The companies acted properly and in accordance with accounting standards in submitting filings to the S.E.C. in March and April.”

Moreover, it said, “these one-time charges were required by applicable accounting rules.” The committee staff said this view was confirmed by independent experts at the Financial Accounting Standards Board and the American Academy of Actuaries.

Didn’t the Dems promise that Obamacare would make health care less expensive? This law is only going to make it more expensive and less accessible. Henry Waxman and Bart Stupak (both Democrats) were going to hold hearing on the claims these companies made until the two learned that the claims were well-founded. Those hearings have now been cancelled.

One Response

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