Wednesday, May 12, 2010

Repeal ObamaCare - Progress

ObamaCare has been unpopular from long before it was passed. The Demos said that when it passed opinion would turn, but it has not. Opposition has been increasing as we learn that major private employers find its cost will break them - unless they cancel their employees' health insurace. Recently - AT&T has announced the cost it is incurring. MarketWatch
AT&T on Friday said it will record a $1 billion non-cash expense in the first quarter related to the newly passed health-care law, joining a growing list of large U.S. companies. The AT&T (T 25.62, -0.02, -0.08%) write-down is the largest reported so far. Caterpillar (CAT 67.78, +1.71, +2.59%) this week recorded a $100 million charge in the first quarter and Deere & Co. (DE 60.69, +1.23, +2.07%) said it will report a one-time $150 million expense. See previous story on industries that say warn health reform will cost them. Yet companies that still offer retiree drug benefits, mostly older industrial concerns or those with unionized employees, say the end of the deduction could force them to alter their benefit plans. In other words, they might curtail or even cancel them. "As a result of this legislation, including the additional tax burden, AT&T will be evaluating prospective changes to the active and retiree health care benefits offered by the company," AT&T said in a filing with the government on Friday.
Jeffrey Anderson in Weekly Standard says that strong negative public opinion makes repeal possible:
[Opposition] has risen to 19 points (56 to 37) -- and to 28 points among independents (60 to 32 percent). Independents actually favor repeal by more than Democrats oppose it (34 percent of Democrats support repeal, while 58 percent oppose it).

No comments: