Wednesday, March 31, 2010

More Health Care Write Downs

I knew that Obamacare would be a disaster for America's economy, but I must admit that I am shocked at how quickly things have worsened. The number of major companies forced to write down their projected profits due to Obamacare continues to grow:

  • Boeing will take a$150 million charge
  • Goodrich: $10 million charge
  • Illinois Tool Works: $22 million
  • Prudential Financial: $100 million
  • Caterpillar: $100 million
  • John Deere: $150 million
The Obamacare bill is like the anti-stimulus. All of these write-downs will translate into unemployment -- as well as reduced earnings for pensions and college funds. Obama promised hope but delivered despair. That mantra about "change" is turning into "Buddy, can you spare a dime?".

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