Saturday, March 27, 2010
Accounting rules require that publically traded companies must restate earnings when there are changes to healthcare liabilities. As much as the defenders of this "reform" may not like it, we will be hearing about this over the next few weeks. So far the damage is as follows:
AT&T $1 Billion
John Deere $150 Million
Caterpillar $100 Million
AK Steele $31 Million
3M $90 Million
Valero Energy $20 Million
Verizon has sent out warnings to employees that healthcare costs will increase. This is not going to sit well with union employees.
Caterpillar had already announced layoffs before the bill passed. I don't think I am going out on ledge to say more may be in the offing in coming days.
For those who have internet service through AT&T should expect a raise in fees. As much as democrats don't want to admit this, companies don't absorb these costs, they pass them on. Fewer available jobs, lower wages, cut hours, and higher costs to consumers.