FRONT PAGE CONTRIBUTOR
Democrats want to ignore the Law of Causality and waterboard job creators instead
The problem is, when it comes to Congressional actions like ObamaCare, the effects are impossible to ignore, as the Washington Examiner notes:
Democrats have discovered this week that maybe they can’t handle the truth — at least not when it exposes the real economic effect of Obamacare on private sector companies large and small. Thousands of employees, their families and retirees get their health insurance coverage through firms that are now having to figure out how to cope with government-run health care.
On Capitol Hill and in the White House on Monday, Democrats were fuming over a series of announcements that started Friday from Fortune 500 firms saying their bottom lines will take huge negative hits because of changes in tax law mandated by Obamacare. That hit in turn means lower profit projections. Caterpillar estimates, for example, that Obamacare will cost it $100 million; John Deere faces expenses of $150 million; 3M, $90 million; AK Steel, $31 million; Valero, $20 million. And then there’s AT&T, which is marking its balance sheet down by a whopping $1 billion. All in all, the Wall Street Journal estimated a $14 billion haircut for these corporations.
Under post-Enron accounting rules, the corporations were required to revise their projections to account for the effect of Obamacare on their bottom lines. The effect is negative because Democrats, in their zeal to raise revenues and improve Obamacare’s claimed effect on the federal deficit outlook, took away a tax break these companies needed in order to supply prescription drugs to their retirees.
The New York Times reports:
[T]he American Benefits Council, said the provision — which reduces the tax deductions for companies with drug coverage for their retired employees — would deal a significant blow to corporate profits and would discourage companies from hiring more workers.
In other words, many retirees may be losing their company-provided prescription drug coverage and ObamaCare may cause continued unemployment [*feign surprised gasp here*].
To the Democrats, that translates into a really big: Oooops!!!
Never ones to admit there are ramifications to their actions, Democrats are calling the CEOs of these companies out for a public flogging. Apparently, Waxman & Company feel that publicly water boarding corporate honchos will cause enough humiliation to make them alter the facts?
It’s too bad facts are facts, no matter how much Democrats wish otherwise.
The Law of Causality:
The law of causality is the law of identity applied to action. All actions are caused by entities. The nature of an action is caused and determined by the nature of the entities that act; a thing cannot act in contradiction to its nature . . . . The law of identity does not permit you to have your cake and eat it, too. The law of causality does not permit you to eat your cake before you have it.
[Emphasis added throughout.]
“I bring reason to your ears, and, in language as plain as ABC, hold up truth to your eyes.” Thomas Paine, December 23, 1776
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