The pitched battle over health care has ended due to Congress working over the weekend to vote for the passage of what on the surface appears to be a trillion dollar expansion in the federal government.
I say “appears” because no one is quite sure what “ObamaCare” will cost taxpayers and businesses though the Congressional Budget Office has attempted to show that it will save us money.
But I must tell you that I have my doubts and am siding with the majority of Americans who think that this legislation was ill-conceived, unwarranted and against the will of the people. Certainly, November 2010 will give Americans the opportunity to boot their congressional representatives in retaliation even though the pain, theoretically, doesn’t start to kick in until January 2011.
It’ll take removing Barack Obama from office to repeal his health care plan and perhaps many more years to undo the damage.
Americans should carefully follow the news to discover how the health care plan will impact them. For example, in the Mar. 25, 2010 issue of “The Wall Street Journal,” it was reported that Caterpillar, Inc. expects to take a $100 million charge to earnings before the quarter ends on Wednesday to reflect additional taxes due as a result of the new legislation.
In a letter last week to House Speaker Nancy Pelosi, (D., Calif.) and House Minority Leader John Boehner (R., Ohio) Caterpillar said the additional costs will put the company “at a disadvantage versus our global competitors that are not similarly burdened.”
That Caterpillar hit will be felt by other businesses big and small who will have to provide similar “contributions” as the federal tax code is adjusted immediately. This comes as most businesses are struggling to recover from a deep recession, a jobless recovery that is seeing unemployment near 10 percent.
If you’re glad that Congress pushed through unpopular and costly legislation and think that it won’t have any impact on you, please begin to objectively follow what is taking place. Next up is immigration and if you think that there is no sum total cost in granting universal amnesty, you are about to be taught an awful lesson.
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