Deere (And Others) In The Headlights

Posted on Saturday, March 27, 2010 8:06:50 AM by Kaslin

Health Reform: As major businesses lay out the impact of ObamaCare in dollars and jobs, two things are clear: the costs will be enormous, and the president's vow to focus on "jobs, jobs, jobs" can no longer be believed.

Early returns on ObamaCare are coming in, and they belie proponents' claims of job creation and cost reduction. The costs will increase. They are merely being shifted to the states and to America's businesses, large and small.

AT&T, the country's largest telephone company, announced Friday it will take a $1 billion first-quarter charge related to the new health care law. The noncash charge has been triggered by a change in the tax treatment of Medicare subsidies.

Bloomberg reports that health care charges may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Walton. That's $14 billion that will not be available for expansion, research and development, or the hiring of new employees.

On Thursday, Deere & Co. announced that the Patient Protection and Affordable Care Act will adversely impact its expenses for fiscal 2010. As a result of the legislation, expenses for the farm equipment manufacturer are expected to be about $150 million higher on an after-tax basis, mainly in the second quarter.

At issue is the new tax the health care bill imposes on subsidies paid to corporations for 28% of their retiree prescription costs under a 2003 Medicare bill.

"The 2003 legislation encouraged companies to stay in the game and continue to fund their retirees' prescriptions," Deere spokesman Ken Golden said. "Otherwise, the retirees would go onto the Medicare prescription program, which would cost the government more money."

Now they're being punished for doing what the government asked them to do.

(Excerpt) Read more at investors.com ...
TOPICS: Business/Economy; Culture/Society; Editorial; Front Page News; Government
KEYWORDS: 111th; agenda; atandt; att; bendoveramerica; bho44; bhoeconomy; bhofascism; bhohealthcare; bhosocialism; bhotaxincrease; bhotyranny; boeing; brown; business; caterpillar; caterpillat; deere; democrats; dickdurbin; dingyharry; dirtyharry; djsob; donttreadonme; durbin; economy; exelon; fifth100days; givemeliberty; harryreid; healthcare; hopeandchange; hopeychangey; johndeere; killthebill; liberalfascism; livefreeordie; medicare; mediscam; metlife; nancypelosi; nannystate; navistar; nedtronic; obama; obamacare; othertaxshoes; pelosi; reid; rememberinnovember; repeal; repealthebill; scottbrown; smallbusiness; socialism; socialisthealthcare; socializednedicine; speakerpelosi; taxfairness; telecom; universalhealthcare; verizon; xerox; zoll; zollmedical

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1 posted on Saturday, March 27, 2010 8:06:50 AM by Kaslin
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To: Kaslin

So folks. When the cost of your phone service increases exponentially, and the cost of your lawn mower or tractor goes though the roof; remember the blame lays at the feet of barry obammy, and the congressional and senatorial RATS! Thanks a billion you scum-buckets!

2 posted on Saturday, March 27, 2010 8:11:45 AM by vpintheak (Love of God, Family and Country has made me an extremist.)
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To: Kaslin

I run a small technology company on the West Coast. I took the opportunity to layoff several workers. Somehow when the selection was complete they were all Democrats. OMG it was fun telling them how we had to adjust to the bad times that are coming down the road with Obama-care passing.

3 posted on Saturday, March 27, 2010 8:14:17 AM by kimoajax (Rack'em & Stack'em)
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To: Kaslin

More Maxism. Destroy the banks and the largest industries. Then, “I’m from the government and I’m here to help.”

I bet the health insurance rates increase a lot before the ‘open enrollment’ for employees.
Just tell the employees ‘ Welcome to Obama Care’.

4 posted on Saturday, March 27, 2010 8:16:09 AM by RedMDer (0 = one D Ten T : Recycle Congress in 2010, 2012... Forward with Confidence! Forward!)
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To: vpintheak

even my ignorant Obama loving lazy neighbors are finally getting it.

5 posted on Saturday, March 27, 2010 8:18:05 AM by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: RedMDer

He’s also destroying small business which employs far more people than big business.

6 posted on Saturday, March 27, 2010 8:19:11 AM by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: kimoajax

Is that what you call a “teachable moment”? LOL.

7 posted on Saturday, March 27, 2010 8:19:22 AM by grateful
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To: kimoajax

Good for you!

The guy I am working for and I have talked about him sub contracting to me. I want him to stay in business. So I am willing to sub job to save my job. We are both conservatives.

We still dont know how this is all gonna go coming down to micro business..he has a gross business at about the 2 million dollar level..that’s gross and not net.

8 posted on Saturday, March 27, 2010 8:20:27 AM by crz
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To: Kaslin

If you own a business, you better get out of it.

9 posted on Saturday, March 27, 2010 8:21:05 AM by sport
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To: RedMDer

My 82 year old mother got a notice day before yesterday that unless she signed a new agreement her GAP insurance rate would jump from $34 to $83 a month. If she signed the new agreement her rate would remain unchanged. However, the agreement essentially gutted her old policy and with two trips to the doctor, let alone a visit to the hospital would wipe out any savings. It was a deceptive and a trick.

All insurance companies will have little choice but to move in anticipation of the increase cost of health care insurance coming with Obama-care.

10 posted on Saturday, March 27, 2010 8:22:23 AM by kimoajax (Rack'em & Stack'em)
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To: Kaslin

Why was Omama’s word ever believed? This person is a liar without peer and has been forever.

11 posted on Saturday, March 27, 2010 8:25:45 AM by mulligan
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To: grateful

anyone know what kind of cigarettes nobama smokes...maybe we should start a nationwide movement and everyone sent him a pack at the same time, on the same day...just to let him know how we really feel...keep on amoking AH!

12 posted on Saturday, March 27, 2010 8:25:52 AM by ldish (Looking forward to Independence Day)
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To: kimoajax
All insurance companies will have little choice but to move in anticipation of the increase cost of health care insurance coming with Obama-care.

Just in time for the elections. This needs to be exposed BIGTIME!
13 posted on Saturday, March 27, 2010 8:29:51 AM by RedMDer (0 = one D Ten T : Recycle Congress in 2010, 2012... Forward with Confidence! Forward!)
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To: sport

How about if I just quit making money? ....I’ve already quit

14 posted on Saturday, March 27, 2010 8:32:19 AM by woofie
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To: RedMDer
Marxism...You've got this thing figured out quite well, 'cept for one thing.

"I'm from the government, I'm here ... " BANG BANG .... BANG BANG

Honey, can you bring me another box of them .45's out here, another gubmint car coming up the road ....
15 posted on Saturday, March 27, 2010 8:33:11 AM by exnavy (May the Lord grant our troops protection and endurance.)
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To: exnavy

yep

16 posted on Saturday, March 27, 2010 8:35:45 AM by RedMDer (0 = one D Ten T : Recycle Congress in 2010, 2012... Forward with Confidence! Forward!)
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To: woofie

So did I.

17 posted on Saturday, March 27, 2010 8:37:35 AM by sport
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To: mulligan

Remember the story of the pied piper of Hamelin? He promised the citizen who were plagued with rats to get rid of them. Instead he lead the children of Hamelin out of the gate of the town and into disaster. The citizen of Hamelin fell for a charlatan and the idiots who voted for 0bama, also fell for a charlatan

18 posted on Saturday, March 27, 2010 8:38:31 AM by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: driftdiver

Shame it has to take the Country going down the crapper for people to really wake up isn’t it?

19 posted on Saturday, March 27, 2010 8:52:41 AM by vpintheak (Love of God, Family and Country has made me an extremist.)
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To: kimoajax

I will also be sacking a couple of Democrats at our office in San Francisco soon.

I’ll try to hold off saying that this is your “teachable moment”.

20 posted on Saturday, March 27, 2010 8:58:12 AM by Beaten Valve
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To: Kaslin
WHERE WERE THESE FOKKERS BEFORE THE BILL PASSED???

Thanks for nothing!
21 posted on Saturday, March 27, 2010 9:00:00 AM by montag813
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To: sport

Why? Just curious because I own a small business.

22 posted on Saturday, March 27, 2010 9:04:18 AM by Tucker822
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To: driftdiver

My 0 worshipping neighbors with severe attitude problems probably never will.

23 posted on Saturday, March 27, 2010 9:52:38 AM by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: kimoajax

I bet productivity and morale went up a notch after deep-sixing them.

24 posted on Saturday, March 27, 2010 9:54:13 AM by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: Kaslin
While a tragedy, this may also be of some use in fighting the kenyan and his minions.

All employers just announce that you no longer provide health coverage for your employees; but, obama has passed this wonderful, new health plan to cover those who are uninsured...as you are effective today.

We will, of course, stop deducting the your share of your previous healthcare cost, and, increase your monthly pay by what we were paying as the employer's share.

The taxation and tax penalties imposed by the new "national healthcare" has made it financially impossible for us and many other major corporations, as well as small businesses, to offer health insurance any longer.

This bill was passed to make sure that the 15-million people in the US who are - at any given time - uninsured will have insurance. So since they get insured, then you won't have any problem either...the number just increases from 15-million to somewhere in the neighborhood of 300 million uninsured people.

We would like to thank all those employees, and former employees, who cast their vote for barack obama and brought all this wonderful hope and change to us.

Oh, and one thing further, also due to the high taxes promised us, we are laying off 38% of our work force, those of you who are affected will find a pink slip in this Friday's paycheck.

Now comrades, get back to work or I will call the National Security Squads on you.

Have a nice day.
25 posted on Saturday, March 27, 2010 10:13:37 AM by FrankR (Those of us who love AMERICA far outnumber those who love obama - your choice.)
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To: driftdiver
He’s also destroying small business which employs far more people than big business.

He wants to destroy private business period. ‘ Welcome to Obama Care’.

And Marxism.

This one of the vehicles.
26 posted on Saturday, March 27, 2010 10:15:52 AM by RedMDer (0 = one D Ten T : Recycle Congress in 2010, 2012... Forward with Confidence! Forward!)