ObamaCare Aftermath

During the debate over ObamaCare, Democrats countered opposition to the bill by saying that, once it became law, it would become more popular.  Echoing that theme, Speaker Nancy Pelosi stated they "had to pass this bill, so you can see what's in it".

Well, now that it is law, some unpleasant surprises are cropping up.

Over the course of the last few days, major corporations have announced that they will be facing multi-million dollar losses as a result of the bill.  They have made these announcements as part of disclosures required by the Securities and Exchange Commission because they're publicly traded companies.  But, that hasn't made Democrats happy.  On Tuesday, Democrat Henry Waxman, Chairman of the House Energy and Commerce Committee, issued letters to those firms demanding they come to his committee and explain themselves.

Democratic Rep. Henry Waxman, chairman of the House Energy and
Commerce Committee, on Friday fired off letters to the heads of
Caterpillar, Verizon, AT&T and Deere after they and other firms
reported that the health care overhaul would dig deep into their bottom
lines. 

Caterpillar claimed it would raise costs by $100 million in the
first year and imperil coverage for its 150,000 employees and retirees.
Deere estimated it would raise expenses by $150 million. 

Waxman, in his letters, called these estimates a "matter of concern"
and said they "appear to conflict with independent analyses" showing
the law would lead to a decrease in premium costs for large companies. 

Waxman called the CEOs to Washington to testify at an April 21
hearing and requested full documentation from the firms detailing how
they arrived at their estimates. ...

Maybe these companies estimates of the impact of ObamaCare on their bottom lines "appear to conflict with independent analyses" Waxman refers to because theirs were done by their own people...who are accountable to their shareholders - not by to folks that were "in the tank" and cooking the numbers for the Democrats so they could pretend it was fiscally responsible and get those last few "moderate" Democrats to vote for it.

The problem Obama and the Democrats have is that, no matter how much they continue to sell ObamaCare, the public isn't buying; which is making them very sensitive to anything that looks like a bad byproduct of the bill becoming "too public".

And speaking of public, insurance companies are indicating that they will now have to raise the premiums of younger people (estimates of around 17%) since they will have to cover more, older, sicker people.  Meaning that the young and the healthy will now subsidize coverage for the older folks.  Merry Christmas.

The result of this type of news is that, contrary to what they hoped for, there really wasn't much of a "bounce" in support for ObamaCare after its passage...and public approval numbers for Obama himself have since gone back down, (according to both Rasmussen and Gallup).

 

Syndicate content