Obamacare Indulgences- Novacain for the Public until 2014
Remember shortly after Obamacare’s passage and ATT and Caterpillar announced that they would write down so many billions of dollars worth of healthcare costs due to the new healthcare law? Why haven’t more corporations done the same? Why has the stock market flourished since then? Especially since late August?
Since the Supreme Court ruled that Corporations may also be involved in political speech, what would be a good way to silence the corporations in regard to the latest healthcare reform efforts? Why haven’t corporations made a bigger stink about the continuing resolutions that continue to fund Obamacare? Insert the Early Retiree Reinsurance Plan, ergo the May 2010 press release as a starting point in the theory that the Democrats have found a way to pay off the employers liable for employee coverage for a larger chunk of medical expenses for those in early retirement years with the over 55 year old crowd.
Note that this coverage applies to governments as well as private employees as well as religious organizations. That is a huge swath that can cover people over 55 who generally can’t qualify for low cost insurance, but those organizations can write off up to 80% of claims worth $15000 – $90000 for people not yet eligible for Medicare.
This is a $5 Billion slush fund. Is this why Republicans didn’t want to touch the Obamacare in the Continuing Resolution?
I subscribe to www.joe-duarte.com ‘s free emails, the tip for this week, says that there is up to a trillion dollars of this slush fund available to the government. Is that why the Democrats can’t come up with more than $20 Billion in cuts? For example recall the recent GE experience in that they received a $4 Billion check from the government due to their write offs, that is that they were net receivers of $4 Billion. Was it early retiree related as well as their Green Energy projects? This free email was largely based on this Reuters report http://www.reuters.com/article/2011/03/28/us-healthcare-reform-business-idUSTRE72O6XE20110328 about how the health care law is currently paying via tax credits and how those companies are currently benefiting from Obamacare tax write offs.
Yes taxpayers are on the hook for this while corporations margins are growing and they are buying back stock, not that I begrudge them the success or their impressive looking stock charts, but here is a factor that points to why those margins are improving.
What factors does this help as far as the stock market is concerned? What about all the pension funds with Union and state Retiree plans? They were enormously underfunded as of the Stock market down turn in 2008-2009. Now we are back to 1300 level on the S&P 500 and 12000 out of the high of the high of 14000. Would all this stop in case of a government shutdown for more than a quarter?
Considering everything that went to trying to stop Obamacare from passing, knowing that corporate interests have a voice, the silence seems deafening, except for the editorials outlining the changes already occurring. On has to dig deep into the industries already affected such as the indoor tanning salon association such as this link to the 10% so called “Caucasian tax” by Rush Limbaugh. (Apropos isn’t it?)
The silence seems deafening at this point and it will take a special kind of politician to defuse this landmine. LOL.