RSSMore Money Into The Black Hole Of Government
J.J. Jackson | April 26, 2010
Lots of companies are making news these days as they do what they are required to do and report the losses they will suffer at the hands of Obamacare. These losses are huge and have drawn threats from members of Congress who, as is typical, do not even know how their own laws work. See, companies are required to make the debits public and do so in the period which they are incurred. Since Obamacare is now law that means that companies, like AT&T who previously announced losses due to government action, are required to do so now. Not next year. Not ten years from now. But now now.
It was a huge black eye for Congress whose members were caught unaware. For as smart as they think they are we are repeatedly shown by their own actions how extremely dumb they really are.
Pittsburgh based AK Steel Corp. is in the same boat. After loosing $73.4 million in 2009 the company was on target to post a healthy $27.2 million in the first quarter of 2010. But not so fast. Alas, most of that profit was quickly frittered away down the black hole that is government. The company had to take a $25.3 million non-cash charge due to the unconstitutional health care plan that was recently passed dwindling that profit down to just $1.9 million. The move is costing share holders and the company and even the workers that work for the company a lot of money.
These charge offs are starting to add up to real money even by federal government standards which is saying something for an entity that spends multiple trillions of dollars each year. Imagine what all that money could do if it were left in the hands of people that knew what to do with it? Imagine how many jobs would be created or saved if that money were just left with those that earned it?
Instead that money is being forced this way and that by members of our government who think they know better what is good for us. Yes, I am talking about those same Congressmen and women that didn’t even realize that companies had to announce these charges and then threatened them up one side and down the other because they thought these companies were trying to make them look bad. Boy, I’m just brimming with confidence in their ability. Aren’t you?
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