It's starting

[NOT]

It's starting already so look out for the Juggernaut to come as more and more companies either cut benefits or shut the doors.

I know of one small restaurant chain (60 employees) that the owner just announced that he couldn't afford the health care and would have to close the doors.

A local (international company) just announced they were closing one division and laying off 86 people. The jobs would go to one of the overseas divisions.
_____________________________________________
By BARBARA ORTUTAY, AP Technology Writer Barbara Ortutay, Ap Technology Writer   – 2 hrs 20 mins ago

NEW YORK – AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.

The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.
http://news.yahoo.com/s/ap/20100326/ap_on_hi_te/us_tec_at_t_health_care

jray

yep...

Nicholas James

AT&T and the others are now being accused by Big Brother of trying to sabotage the new bill by claiming losses that can't possibly exist because Dear Leader said the bill will save money.

Corporate America is going to be bullied (Waxman already wants to haul them in front of Congress) into either defying Congress or defying the SEC which absolutely requires corporations to disclose losses that are anticipated.

There can be big fines either way. The folks in power now hate corporations, hate wealth, and hate freedom.

lex

The bill may 'save money' overall {NOT} and still cost the companies a bundle.

They are now obligated to cover a parents children up to age of 26.  That is an increase from current maximum age of 21.

So yes, EVERY large corporation is going to get hammered.  That is 5 more years of coverage for every dependent a worker has.

Now while the young don't necessarily have many medical expenses, one large medical expense they all have is for the birth of their children. That means they will be covering the birth of these children's children.

That is a major expense on the bottom line of all the companies.

Nicholas James