It's been a banner week for Democrats: ObamaCare passed Congress in its final form on Thursday night, and the returns are already rolling in. Yesterday AT&T announced that it will be forced to make a $1 billion writedown due solely to the health bill, in what has become a wave of such corporate losses.AT&T is joining Caterpillar, John Deere, Verizon and Valero Energy, all who have announced in the last couple of days that ObamaCare is going to cost them millions of dollars and cause them to layoff workers, reduce benefits and raise prices. And we're not even one week in to this idiocy.
This wholesale destruction of wealth and capital came with more than ample warning. Turning over every couch cushion to make their new entitlement look affordable under Beltway accounting rules, Democrats decided to raise taxes on companies that do the public service of offering prescription drug benefits to their retirees instead of dumping them into Medicare. We and others warned this would lead to AT&T-like results, but like so many other ObamaCare objections Democrats waved them off as self-serving or "political."
As the Wall Street Journal notes, Democrats are shocked that there are negative consequences to ObamaCare. Instead of the rainbows and unicorns that Dems were sure would magically appear to herald the advent a new era of domestic bliss in the country they've been greeted by the grim reality that their "historic" legislation will further tank an already muffed up economy.
Consequences are a bitch but necessary to the learning process. Granted, Dems are slow learners but I have to believe that the reality of the current situation will eventually sink in. I predict the Dems will see the light sometime around the first Tuesday this November.