Posts Tagged ‘Caterpillar’

Want To Know How To Balance The Budget And Have Full Employment? Ask Republicans Who Are DOING It

July 18, 2011

Nebraska, a state governed by Republican conservative Dave Heineman.

First there’s the unemployment rate of 4.1%.  Second lowest in the entire nation (behind fellow Republican state North Dakota, for what that’s worth):

LINCOLN, Neb. (AP) — Authorities say Nebraska’s unemployment rate dropped to 4.1 percent in May, a drop of a tenth of a point from April’s 4.2 percent.

Then there’s the fact that this Republican state has a balanced budget.  And how did it balance the budget and get low unemployment?

[M]aybe there is something Washington can learn from Nebraska. How did Nebraska, with an estimated budget shortfall of almost $1 billion November 2010, get to a unanimous decision May 2011 and approve a balanced biennial budget of $6.9 billion?  A balanced budget that does not raise taxes and leaves nearly $300 million in the state’s cash reserves.

Some might presume that life is difficult for Nebraskans, what with their state government required to balance the budget and not allowed to borrow.  Actually Nebraska  is ranked #10 by Lifestyle Statistics, it was 3rd in top jobs behind North Dakota and Texas, and to top it off, the unemployment rate for Nebraska is 4.1%.

How did it happen? Strong leadership. A state constitution that requires a balanced budget and doesn’t allow for borrowing. Tough decisions made during tough times, not delayed.  Priorities identified. Discussions. Debates. Negotiations…and the use of a red line.

An interesting quote from Gov. Dave Heineman occurs midway through this snippet from an article entitled, “Caterpillar Threatens To Leave Illinois Over Taxes“:

“If Illinois doesn’t want your business, Texas does,” wrote Rick Perry, the governor of that state.

The governor of Nebraska, Dave Heineman, wrote: “In Nebraska, we balance our budget by controlling spending, not by raising taxes.”

An official in the South Dakota governor’s office chimed in: “In South Dakota, you make a profit, and you keep your profit.”

The Illinois tax increase will cost Caterpillar’s 23,000 employees in the state about $40 million this year, said Jim Dugan, the company’s chief spokesman. Higher taxes make it harder for Caterpillar to attract and retain engineers, accountants and other employees, Dugan said. He added that Caterpillar’s corporate taxes in the state also will increase but provided no estimate on the added cost.

“The state unfortunately continues to put off the tough decisions” about potential reductions in government spending and pension costs, Dugan said. He said Caterpillar was offering to advise the governor on cost-cutting based on the company’s own experience chopping pay and laying off workers during the 2008-09 recession

First, liberal Democrat Illinois is a hellhole.  And that’s because Democrats own that state.  Some interesting figures: 4 out of the last 7 governors of Illinois are convicted felons.  It’s government union pension program is the biggest disaster in the nation.  It’s major city Chicago is so filled with gang violence that even Democrats have been pleading for the National Guard to come in.  And, if that isn’t bad enough, Democrats are so dishonest that they just altered their congressional map to undo the clear will of the people.  That’s what Democrats bring.

All over the nation we’ve got cities that have voted Democrat for a hundred years.  And they are all hell holes.  While a jackass is in many ways an accurate symbol of what it means to be a Democrat, it would really be far more fitting if the symbol of the Democrat Party was a black hole surrounded by the white-hot fires of hell.  Because “Democrat” is really a portmanteau for “Demonic Bureaucrat.”  And hell is what demonic bureaucrats invariably bring.  Along with socialism and totalitarian control.

And with that said, did someone say Texas?  Did someone say Rick Perry?  Oh, that’s right, I haven’t talked about Texas and Republican Rick Perry yet.

From a liberal writing in the Los Angeles Times:

For the last few weeks, I’ve been unable to get a startling statistic out of my head: Since the recession officially ended, Texas has created more than 4 of every 10 new jobs in America.

That’s right, Texas: the reddest of red states, home to gun lovers and school textbooks that openly question whether the Founding Fathers intended for the separation of church and state. I am no ideologue. Still, whenever I get political, I tend to tilt reflexively to the left, making the jobs figure a bit disconcerting at first.

But there’s no escaping it. The number is real. Which means that if you care about putting people back to work at a time when nearly 14 million in this country are unemployed, maybe Texas has something to teach us.

[…]

According to the Dallas Fed, Texas generated 43% of the net new jobs in the U.S. from June 2009 through May 2011 — an enormous share when you consider that the Lone Star State accounts for about 8% of the nation’s economy.

So let’s see.  Nebraksa is flyover country as far as liberals are concerned; they prefer their completely failed major metropolitan areas that their completely failed polices have turned into complete failures for a good solid century.  But Nebraska – with it’s 4.1% unemployment rate (second only to ANOTHER state governed by Republicans) and it’s balanced budget – has the last laugh.  It’s kind of like that “Annoy a Liberal – Work hard and be happy” bumper sticker – only with a whole entire STATE.  If you want to try to weasel your way out of contemplating Nebraska’s success by arguing that it’s a small state and it’s low tax, spend-on-a-budget ways wouldn’t translate to a large state, let’s consider Texas and the 43% of ALL U.S. JOBS it has created, instead.

Basically no matter how you slice it, conservatives rule and liberals drool.

We’re coming upon a major decision: do we want four more years of the hellhole of God damn America, or do we want to pursue the economic policies that actually have the advantage of WORKING???

[Update:] Oh, my goodness, I forgot to point out that – after all the unhinged rabid liberal HATE that came out in Wisconsin – Governor Scott Walker was able to sign a balanced budget with no business-hostile tax increases.

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CBS Poll Reveals Obama Hits NEW Low After Imposing Terrible ObamaCare

April 2, 2010

The Wicked President of the West isn’t dead, but he’s melting, MELTING

April 2, 2010 7:01 AM
Obama’s Approval Rating Hits New Low
Posted by Tucker Reals


CBS News Poll analysis by the CBS News Polling Unit: Sarah Dutton, Jennifer De Pinto, Fred Backus and Anthony Salvanto.


Last week, President Obama signed historic health care reform legislation into law — but his legislative success doesn’t seem to have helped his image with the American public.

The latest CBS News Poll, conducted between March 29 and April 1, found Americans unhappier than ever with Mr. Obama’s handling of health care – and still worried about the state of the economy.

President Obama’s overall job approval rating has fallen to an all-time low of 44 percent, down five points from late March, just before the health bill’s passage in the House of Representatives. It’s down 24 points since his all-time high last April. Forty-one percent of those polled said they disapproved of the president’s performance.

More results from this CBS News Poll will be released in Friday’s broadcast of the Evening News with Katie Couric, which airs at 6:30 p.m. Eastern.

When it comes to health care, the President’s approval rating is even lower — and is also a new all-time low. Only 34 percent approved, while 55 percent said they disapproved.

Americans are still worried about the economy, with 84 percent telling CBS they thought it was still in bad condition. However, even that high number represents an improvement: nine in ten thought the economy was bad during the last half of 2008 and at the beginning of 2009, when Mr. Obama assumed the Presidency.

Concern about job loss remains high; slightly more Americans now (35 percent) than in February (31 percent) were “very concerned” that someone in their household would lose a job. Nearly six in ten Americans said they were at least “somewhat concerned” about a job loss.

As has often been the case, lower-income Americans tend to be the most concerned about job loss.

This concern is reflected in yet another low approval rating — this time for the President’s handling of the economy. Just 42 percent said they approved of how President Obama is handling the economy, only one point above January’s all-time low. Half of the public disapproves.

It gets even better as we learn how truly outraged independents are over the incredibly polarizing and partisan tactics this incredibly dishonest, cynical weasel has used to “fundamentally transform” a free market economy into socialism.  From the Washington Times:

Friday, April 2, 2010
Independent voters turn from hopeful to angry
Democrats no longer ride tide of support
By Jennifer Haberkorn

President Obama and congressional Democrats face an uphill climb to reclaim the support of independent voters who vaulted them to the White House and huge majorities in Congress in 2008.

At the end of the bitter, intensely partisan battle to pass Mr. Obama’s health care overhaul plan, independent voters, once captivated by hopeful campaign promises, are feeling burned and appear eager to oust Democrats in November’s midterm elections.

This is the time that we need to take a page from both Barack Obama AND Sarah Palin.

First we need to get “Fired up, ready to go.”  And then we need to RELOAD before getting fired up again.  And again.  And again.  And again, until the worst and most radical and most unAmerican president in history is long gone to go along with the Democrat disaster in Congress.

Obama and the Democrats KNEW that ObamaCare was reviled by the American people; and then they usurped the will of the people and used every parliamentary trick in the book to impose it anyway.

Now it’s the law of the land, and we’re starting to see what a stinking pile of crap it truly is.  First we learned that Obama and the Democrats flat-out LIED when they said that children with pre-existing conditions would be covered as soon as the bill was passed.  That’s just one of an avalanche of lies Obama told the country to push his health care takeover.

Then we learned that thousands of companies were going to be forced to take billions of dollars in writedowns forced upon them by ObamaCare.  The tally so far:

Company                  Charge
AT&T                     $1B
Verizon                  $970M
John Deere               $150M
Boeing                   $150M
Prudential               $100M
Caterpillar              $100M
Lockheed Martin          $96M
3M                       $85M
Exelon Corp.             $65M
AK Steel                 $31M
Eaton                    $25M
IL Tool Works            $22M
Xcel Energy              $17M
Valero                   $15M
Honeywell                $13M
Goodrich                 $10M
Allegheny Technologies   $5M

And the thing is that 3,500 companies are going to find out that they are in the same boat, to the tune of at least $14 billion in private sector profits that will be transferred to a power-hungry government instead of being used to create jobs and expand the economy.

The above is a gift that is going to keep giving – or rather keep taking profits away from businesses and jobs away from citizens.

Then we saw that ObamaCare had prompted a massive sell-off of US Treasuries:

Sell-off in US Treasuries raises sovereign debt fears
Investors are braced for a further sell-off in US Treasuries after dramatic moves last week raised fears that the surfeit of US government debt is starting to saturate bond markets.

By Ambrose Evans-Pritchard
Published: 9:06PM BST 28 Mar 2010

The yield on 10-year Treasuries – the benchmark price of global capital – surged 30 basis points in just two days last week to over 3.9pc, the highest level since the Lehman crisis. Alan Greenspan, ex-head of the US Federal Reserve, said the abrupt move may be “the canary in the coal mine”, a warning to Washington that it can no longer borrow with impunity. He said there is a “huge overhang of federal debt, which we have never seen before”.

David Rosenberg at Gluskin Sheff said Treasury yields have ratcheted up 90 basis points since December in a “destabilising fashion”, for the wrong reasons. Growth has not been strong enough to revive fears of inflation. Commodity prices peaked in January and US home sales have fallen for the last three months, pointing to a double-dip in the housing market.

And why is this?

The trigger for last week’s sell-off was poor demand at Treasury auctions, linked to the passage of the Obama health care reform. Critics say it will add $1 trillion (£670bn) to America’s debt over the next decade, a claim disputed fiercely by Democrats.

Dispute away, you loathsome liars.  But the facts are on the table.

Why you’re explaining away how ObamaCare will cost massively more than you falsely claimed, maybe you can also explain away Obama’s stratospheric spending deficits that make Bush’s worst year look like stringent fiscal discipline.

What we are seeing is Thelma & Louise policies.  Those are the kind of policies that see us insanely driving off a cliff at top speed.

Democrats own all of this now.  They can’t blame anybody but themselves, because they were the only ones who voted for it, and who polarized the country to ram it down our throats.

What’s the result of the Democrats’ idiotic policies?  Ask Treasury Secretary Timothy Geithner, who just told us that sky-high “unemployment is likely to remain unacceptably high for a long time.”

The unemployment rate “is still terribly high and is going to stay unacceptably high for a very long time,” Geithner said.

Of course, if unemployment is going to stay “unacceptably high” for “a very long time,” you’re pretty much accepting it, aren’t you?

You can accept an “unacceptably” awful one-party rule that is destroying the American way of life chunk by chunk, or you can refuse to accept the “unacceptable” and vote these radicals out of office in seven months.

Democrats are betting that you are too stupid and too short-sighted to hold them accountable.

Whether that’s true is up to you.

ObamaCare Destroying Demand For US Treasury Bills

March 29, 2010

Boy, this ObamaCare deal just keeps looking better and better.

First, we see US corporations and businesses forced to take writedowns to the tune of billions of dollars of profits that would otherwise have gone into getting the economy out of recession and creating jobs.  Why are they losing all this money?  Because they committed the unpardonable sin of trying to give their retirees excellent private health care.  The Democrats – whom we’ve been saying all along want to socialize the health care system – can’t be having that.  So they took away the tax incentives that made providing such benefits worth doing for the companies.

That’s bad.  That’s really bad.  And anyone who is actually paying attention should be coming unglued that our new law of the land health care system is not only going to destroy American jobs, but American employee-based health care, too, all in one fell swoop.

But as it so often has been with Obama, it actually gets even worse:

Sell-off in US Treasuries raises sovereign debt fears
Investors are braced for a further sell-off in US Treasuries after dramatic moves last week raised fears that the surfeit of US government debt is starting to saturate bond markets.

By Ambrose Evans-Pritchard
Published: 9:06PM BST 28 Mar 2010

The yield on 10-year Treasuries – the benchmark price of global capital – surged 30 basis points in just two days last week to over 3.9pc, the highest level since the Lehman crisis. Alan Greenspan, ex-head of the US Federal Reserve, said the abrupt move may be “the canary in the coal mine”, a warning to Washington that it can no longer borrow with impunity. He said there is a “huge overhang of federal debt, which we have never seen before”.

David Rosenberg at Gluskin Sheff said Treasury yields have ratcheted up 90 basis points since December in a “destabilising fashion”, for the wrong reasons. Growth has not been strong enough to revive fears of inflation. Commodity prices peaked in January and US home sales have fallen for the last three months, pointing to a double-dip in the housing market.

Mr Rosenberg said the yield spike recalls the move in the spring of 2007 just as the credit system started to unravel. “The question is how the equity market is going to handle this back-up in rates,” he said.

The trigger for last week’s sell-off was poor demand at Treasury auctions, linked to the passage of the Obama health care reform. Critics say it will add $1 trillion (£670bn) to America’s debt over the next decade, a claim disputed fiercely by Democrats.

It is unclear whether China is selling US Treasuries after cutting its holdings for three months in a row, or what its motive may be. There are concerns that Beijing may be sending a coded message before the US Treasury rules next month on whether China is a “currency manipulator”, though experts say China is clearly still buying dollar assets because it is holding down the yuan against the greenback. Some investors may be selling Treasuries as a precaution against a trade spat.

Looming over everything is the worry that markets will not be able to absorb the glut of US debt as the Fed winds down its policy of bond purchases, starting with an exit from mortgage-backed securities. It currently holds a quarter of the $5 trillion of the MBS market.

The rise in US bond yields has set off mayhem in the 10-year US swaps markets. Spreads turned negative last week, touching the lowest level in 20 years. The effect was to drive credit costs for high-grade companies such as Berkshire Hathaway below that of the US government. This may have been a technical aberration.

Democrats can say whatever the hell they want, but people who AREN’T arrogant, incompetent, ignorant fools understand that ObamaCare is going to be to the US deficit what the HMS Titanic was to the cruise liner industry.

Let’s sum up the above article in bullet points.  Stop me when I get to something that sounds like it ISN’T a complete unmitigated disaster in the making:

  • Investors are braced for a further sell-off in US Treasuries after dramatic moves last week raised fears that the surfeit of US government debt is starting to saturate bond markets
  • The yield on 10-year Treasuries – the benchmark price of global capital – surged 30 basis points in just two days last week to over 3.9pc, the highest level since the Lehman crisis
  • Alan Greenspan, ex-head of the US Federal Reserve, said the abrupt move may be “the canary in the coal mine”
  • there is a “huge overhang of federal debt, which we have never seen before”
  • Treasury yields have ratcheted up 90 basis points since December in a “destabilising fashion”, for the wrong reasons
  • the yield spike recalls the move in the spring of 2007 just as the credit system started to unravel
  • The trigger for last week’s sell-off was poor demand at Treasury auctions, linked to the passage of the Obama health care reform
  • Looming over everything is the worry that markets will not be able to absorb the glut of US debt
  • The rise in US bond yields has set off mayhem in the 10-year US swaps markets
  • Spreads turned negative last week, touching the lowest level in 20 years

I tried to explain this growing economic crisis facing the US last month in an article entitled, “Greek Crisis Coming To Your Neighborhood Soon“:

We’re borrowing huge sums of money at a current rate of about 3% interest.  But as the lenders start getting nervous, they’re going to want to increase that interest.  We are in plenty of trouble paying these trillions of dollars back at 3% – but what happens if the interest increases to 5% or 7% as it could very quickly do?  The costs of paying these loans would rise to catastrophic levels, and we could find ourselves literally bankrupt overnight.

And we’ve just jumped from 3 to 4 percent in a great big hurry.

Like I’ve been saying: ObamaCare will ultimately be the anvil that breaks the camels back.

Democrats are telling you this is all just so good.  It’s good that the Democrats created the most gigantic and sweeping legislation in 60 years on a hard-core partisan vote.  It’s good that said bill was shenaniganized to create the illusion that it was “deficit neutral” while in reality it will cost over $6 trillion dollars.  It’s good that companies are going to lose billions of job-creating dollars as Democrats robbed every money-bag they could to fund their next boondoggle.  It’s good that Obama is sending our deficit into the stratosphere while setting up a banana republic-style debt-to-GDP ratio.  And, of course, it’s good that we’re seeing the value of our national holdings rapidly dissolving away.

You’re not that stupid, are you?

I mean, I have to ask: after all, you DID vote stupid when you elected Obama and loaded Congress with Democrats.

    ObamaCare Already Rearing Its VERY Ugly Head

    March 28, 2010

    You’ve got to be amazed at the Democrats’ arrogance, incompetence, and ignorance.

    They are apparently having their version of Casablanca’s Captain Renault moment: “I’m shocked, shocked to find that gambling is going on in here!”

    Only, in this Democrat-retelling, Captain Renault instead says, “Gambling?  There’s no gambling going on here!  It’s just gaming, not GAMBLING!  Why, it’s nothing more than two parties engaging in a predictive enterprise, in which the accurate prediction is rewarded in a monetary transaction.  But gambling?  You’re a violent racist to call that ‘gambling’!!!

    Oh, my goodness.  I think you just spat on me!  It’s just the kind of thing you haters who attack us as “gamblers” would do!”

    MARCH 27, 2010
    The ObamaCare Writedowns
    The corporate damage rolls in, and Democrats are shocked!

    It’s been a banner week for Democrats: ObamaCare passed Congress in its final form on Thursday night, and the returns are already rolling in. Yesterday AT&T announced that it will be forced to make a $1 billion writedown due solely to the health bill, in what has become a wave of such corporate losses.

    This wholesale destruction of wealth and capital came with more than ample warning. Turning over every couch cushion to make their new entitlement look affordable under Beltway accounting rules, Democrats decided to raise taxes on companies that do the public service of offering prescription drug benefits to their retirees instead of dumping them into Medicare. We and others warned this would lead to AT&T-like results, but like so many other ObamaCare objections Democrats waved them off as self-serving or “political.”

    Perhaps that explains why the Administration is now so touchy. Commerce Secretary Gary Locke took to the White House blog to write that while ObamaCare is great for business, “In the last few days, though, we have seen a couple of companies imply that reform will raise costs for them.” In a Thursday interview on CNBC, Mr. Locke said “for them to come out, I think is premature and irresponsible.”

    Meanwhile, Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment “appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs.”

    In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don’t like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet.

    On top of AT&T’s $1 billion, the writedown wave so far includes Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks.

    As Joe Biden might put it, this is a big, er, deal for shareholders and the economy. The consulting firm Towers Watson estimates that the total hit this year will reach nearly $14 billion, unless corporations cut retiree drug benefits when their labor contracts let them.

    Meanwhile, John DiStaso of the New Hampshire Union Leader reported this week that ObamaCare could cost the Granite State’s major ski resorts as much as $1 million in fines, because they hire large numbers of seasonal workers without offering health benefits. “The choices are pretty clear, either increase prices or cut costs, which could mean hiring fewer workers next winter,” he wrote.

    The Democratic political calculation with ObamaCare is the proverbial boiling frog: Gradually introduce a health-care entitlement by hiding the true costs, hook the middle class on new subsidies until they become unrepealable, but try to delay the adverse consequences and major new tax hikes so voters don’t make the connection between their policy and the economic wreckage. But their bill was such a shoddy, jerry-rigged piece of work that the damage is coming sooner than even some critics expected.

    The Democrats passed their totally partisan bill (the only bipartisanship was in the “Hell no!” vote, with 34 Democrats joining every single Republican).

    The New York Times reported that Obama’s core promise was his pledge that he would transcend the starkly red-and-blue politics of the last 15 years, end the partisan and ideological wars, move beyond the divisive politics of Washington, and build a new governing majority that brought Democrats, independents and Republicans together.  And now we know that his fundamental, core promise was just a total lie, a massive lie of the devil.  Not only did he not try to become a unifying figure, as he cynically and deceitfully promised, but he became the most polarizing president in the history of the nation.  And that broken promise is now erupting into open rage like we have never seen in this country.

    Obama is trying to demonize Republicans for the anger, but HE WAS THE ONE WHO PROMISED TO BE A TRANSCENDENT FIGURE.  HE WAS THE ONE WHO LIED.

    Democrats have obfuscated every fact with spin and lies, and every single truth teller they could not bribe or intimidate they have tried to destroy.

    Democrats can pass a pile of stinking lies on a 100% partisan ideological vote, but what they can’t do is make that pile of stinking lies that comprise ObamaCare actually work.  The Democrats health care law is already an open disaster, and it will continue to grow into a bigger and bigger disaster no matter how many congressional kangaroo courts they hold to demonize businesses who reported that their costs will skyrocket under this evil bill.

    Obama said if you liked your health care you could keep itABC was reporting that that promise was questionable back in July of last year.  Now it is a proven lie.  It was just another whopping lie of the devil all along.  Businesses are taking hits in the millions and even in the billions of dollars.  And one of them after another is going to start dumping their retirees into Medicare as the cost of offering private insurance plans soar under ObamaCare.

    Obama’s reckeless spending is simply staggering.  The CBO is reporting that it is a gigantic $1.2 TRILLION more than Obama said it would be.  And they are reporting the terrifying news that the federal debt will soar to 90% of Gross Domestic Product.

    Business costs are soaring.  AT & T will take a billion dollar hit because of ObamaCare.

    As bad as that is in dollars, the bigger hit may well be the one taken by Caterpillar, because it shows the abject hypocrisy and fraud of ObamaCare.  Last year Obama said that “you can measure America’s bottom line by looking at Caterpillar’s bottom line.” And now that same Caterpillar is taking a $100 million hit due to ObamaCare.  Now that same Caterpillar is saying, “From our point of view, a tax increase like this cannot come at a worse time.”

    That means fewer jobs for Americans.  A LOT fewer jobs.  And no denials by our Democrat version of Captain Renault can change that with his sputtering denials.

    And there are other hidden provisions that are starting to leap out of this bill that Democrats passed, but apparently never bothered to read.

    Now we’re finding that Americans are going to take a hit as high as $2,000 under another dark tunnel provision in ObamaCare.

    “The damage is coming sooner than expected.”

    That’s the nutshell summary of ObamaCare.

    ‘You Can Measure America’s Bottom Line By Looking At Caterpillar’s’ – And Obama Just Torpedoed It

    March 26, 2010

    Just over a year ago on February 12, Barack Obama spoke to Caterpillar employees at the plant in East Peoria, Illinois, and said the following:

    “So what’s happening at this company tells us a larger story about what’s happening with our nation’s economy — because, in many ways, you can measure America’s bottom line by looking at Caterpillar’s bottom line.”

    In that address, Obama provided us with a barometer, a measure, a way to know whether legislation is good or bad in microcosm.

    And judging by Obama’s VERY OWN STANDARD, his health care legislation is absolutely terrible:

    John Deere, Caterpillar, Verizon Announce Rise in Health-Care Costs After Obamacare Passage
    BY Mary Katharine Ham
    March 25, 2010 10:02 AM

    If Verizon weren’t in the mix, I’d be tempted to say this was a rural dudes with heavy machinery tax.

    Farm equipment maker Deere & Co (DE.N) expects after-tax expenses to rise by $150 million this year as a result of the healthcare reform law President Barack Obama signed this week.

    Most of the higher expense will come in Deere’s second quarter, the company said on Thursday. The expense was not included in the company’s earlier 2010 forecast, which called for net income of about $1.3 billion.

    Earlier this week, Caterpillar announced it would take a $100 million hit:

    The charge is expected to be a one-time cost, but Caterpillar has argued that higher taxes and other potential cost increases related to insurance coverage mandates in the legislation will hinder the company’s recovery this year after a 75% plunge in income during 2009.

    “From our point of view, a tax increase like this cannot come at a worse time,” said Jim Dugan, a Caterpillar spokesman.

    Although the tax doesn’t take effect until 2011, the company said it is required to recognize the impact in the period in which the law was signed. Industry analysts estimated the charge at about 13 cents a share.

    That ought to do wonders for the construction sector.

    The National Review got its hands on an e-mail from Verizon to employees:

    …due to the varying effective dates included in the legislation, we expect that Verizon’s costs will increase in the short-term. These cost increases are primarily driven by two provisions.

    The first is a provision that affects the Medicare Part D subsidy for prescription drug coverage. Because Verizon offers retiree prescription drug coverage today, the government provides a 28 percent subsidy to help offset the financial burden of offering that coverage. The subsidy was intended to help employers continue to offer prescription drug coverage for retirees so that these retirees would not have to use the Government Medicare Part D program. However, changes affecting the Part D subsidy will make it less valuable to employers, like Verizon, and as a result, may have significant implications for both retirees and employers.

    Let’s take a closer look at Caterpillar and what they say about ObamaCare, since Obama himself said what affected Caterpillar would affect the country as a whole:

    Dow Jones Newswires | Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House of Representatives would increase the company’s health-care costs by more than $100 million in the first year alone.

    In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan “because of the substantial cost burdens it would place on our shareholders, employees and retirees.” Caterpillar, the world’s largest construction machinery manufacturer by sales, said it’s particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.

    The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.

    We can ill-afford cost increases that place us at a disadvantage versus our global competitors,” said the letter signed by Gregory Folley, vice president and chief human resources officer of Caterpillar. “We are disappointed that efforts at reform have not addressed the cost concerns we’ve raised throughout the year.”

    Business executives have long complained that the options offered for covering 32 million uninsured Americans would result in higher insurance costs for those employers that already provide coverage. Opponents have stepped up their attacks in recent days as the House moves closer toward a vote on the Senate version of the health-care legislation.

    A letter Thursday to President Barack Obama and members of Congress signed by more than 130 economists predicted the legislation would discourage companies from hiring more workers and would cause reduced hours and wages for those already employed.

    Caterpillar noted that the company supports efforts to increase the quality and the value of health care for patients as well as lower costs for employer-sponsored insurance coverage.

    “Unfortunately, neither the current legislation in the House and Senate, nor the president’s proposal, meets these goals,” the letter said.

    It’s bad.  It’s really, really bad.  ObamaCare won’t create jobs.  It will kill them.

    Obama said it himself: “You can measure America’s bottom line by looking at Caterpillar’s bottom line.”  And thanks to ObamaCare, Caterpillar’s bottom line pretty much stinks on ice.  Along with many other companies such as John Deere and Verizon.

    That’s why we have an impending reality of hundreds of thousands of jobs lost due to ObamaDeath:

    In a study prepared for the Americans for Tax Reform Foundation, the Beacon Hill Institute found that the current proposal before Congress to reform the nation’s health care system will destroy up to 700,000 jobs over a ten-year period.  The study uses a more realistic baseline from the Centers for Medicare and Medicaid Services to refute the claim made by the Center for American Progress that PPACA will create up to 400,000 jobs per year over the coming decade.

    Rep. John Dingell, known as “the dean of the House” given the fact that his tenure in the House of Representatives extends to 1955, when he inherited the seat from his father, gave us the REAL reason for ObamaCare:

    “The harsh fact of the matter is when you’re going to pass legislation that will cover 300 [million] American people in different ways it takes a long time to do the necessary administrative steps that have to be taken to put the legislation together to control the people

    It certainly wasn’t to build a strong economy or create jobs.  Businesses are going to be too busy ducking and covering and paying taxes and complying with costly new regulations to worry about expanding.  And every new hire will be a fiscal millstone around the necks of employers who will have to pay increasingly high taxes on every employee to satisfy ObamaCare.

    The 159 new federal agencies that will be created, and the 16,500 IRS agents who will be poking into your lives to ensure compliance with those 159 agencies, don’t come cheap.

    It’s becoming apparent that the “death panels” are for businesses every bit as much as they will ultimately be for senior citizens who will die due to medical neglect when their health care resources get rationed.

    Obama Reveals His Porkulus Was Bogus In His Own Bogus Claims

    May 29, 2009

    Pardon my language, but the Obama stimulus bill was crap.  It hasn’t produced squat.  It was a gigantic $3.27 trillion socialist spending giveaway that has rightly been called “the Generational Theft Act of 2009.”

    First we had Barack Obama, then Joe Biden, falsely claiming that they had the porkulus plan had created or “saved” 150,000 jobs.  There is no proof that any such number of jobs have been created (the figure is actually merely an estimate of what Obama’s own economic advisers say they think the stimulus bill is doing, and not based on any evidence whatsoever of its actual effects).  And for what it’s worth, I can claim that I “saved” 150,000 jobs – and you just try to prove that I didn’t.

    Any rational human being has to mock Obama for claiming he “created or saved” jobs.  The national media would NEVER have allowed George Bush to get away with such pinheaded partisan polemics.  By contrast, the mainstream media wouldn’t even allow Bush to claim he kept America safe in spite of the obvious fact that he clearly did.  Even five years after 9/11, fully two-thirds of New Yorkers said they were still “very concerned” about another terrorist attack on the cityEverybody thought we’d be attacked by terrorists again.  Bush kept the American people safe by carrying the fight to the enemy on foreign soil.  Yet the media that has blithely allowed Obama to claim he “saved” jobs has bitterly resisted allowing Bush to claim he “saved” lives.

    Obama’s arguments that the stimulus worked have increasingly come to sound like Hitler’s claims that the invasion of the Soviet Union worked.

    Among other problems is the fact that only 3% of the stimulus funds have been actually spent so far, which precludes it as a factor in any discussion of “economic recovery.”  Particularly when the states and regions that were hardest hit by the bad economic conditions didn’t even get any money.  And please don’t forget that conservative predicted that the funds wouldn’t go out fast enough to make any difference in any short-term economic recovery, and complained that the people weren’t given enough time to pass a better bill.  Congressional Democrats didn’t even read the bill that they rushed through the process.

    Obama’s own rhetoric proves how terribly flawed his arguments and ideas were.

    Obama promised Caterpillar workers in Peoria, Illinois that laid-off workers would be rehired if his “Death to America Act” (aka his stimulus bill) passed.   Not only was that a complete fabrication, but 2,400 additional workers have been laid off since the passage of porkulus.

    But now there’s an even BIGGER bogus ‘Bama baloney claim that has been utterly refuted by actual reality.  In a March 7 speech in Columbus, Ohio, Obama said the following:

    Now there were those — there were those who argued that our recovery plan was unwise and unnecessary. They opposed the very notion that government has a role in ending the cycle of job loss at the heart of this recession. There are those who believe that all we can do is repeat the very same policies that led us here in the first place. […]

    So for those who still doubt the wisdom of our recovery plan, I ask them to talk to the teachers who are still able to teach our children because we passed this plan. I ask them to talk to the nurses who are still able to care for our sick, and the firefighters and first responders who will still be able to keep our communities safe. I ask them to come to Ohio and meet the 25 men and women who will soon be protecting the streets of Columbus because we passed this plan. (Applause.) I look at these young men and women, I look into their eyes and I see their badges today and I know we did the right thing.

    These jobs and the jobs of so many other police officers and teachers and firefighters all across Ohio will now be saved because of this recovery plan -– a plan that will also create jobs in every corner of this state. Last week, we announced that Ohio would receive $128 million that will put people to work renovating and rebuilding affordable housing. (Applause.) On Tuesday — on Tuesday I announced that we’d be sending another $935 million to Ohio that will create jobs rebuilding our roads, our bridges, and our highways. (Applause.) And yesterday, Vice President Biden announced $180 million for this state that will go towards expanding mass transit and buying fuel-efficient buses -– money that will be putting people to work, getting people to work. (Applause.)

    Altogether, this recovery plan will save and create over three and a half million American jobs over the next two years.

    Well, what has happened since the applause lines?  What has happened since the Teleprompter of the United States was packed up and hauled away?

    The AP article covering the event noted that Obama “suggested that critics talk to 25 police recruits in Ohio’s capital city who owe their jobs to stimulus spending and ‘talk to the teachers who are still able to teach our children because we passed this plan.’”  It also described how “Obama touted the 114th police recruit class as proof that the stimulus plan, which drew scant Republican support in Congress, is paying dividends.”

    That article also presented the Republican prediction that the stimulus would be a failure, and why it would be a failure.  The very last sentence in the article says:

    Breann Gonzalez, a spokeswoman for Rep. Pat Tiberi, one of eight Ohio Republicans who voted against the stimulus, noted that the money that saved the recruits’ jobs will run out next year. [Columbus Mayor] Coleman hasn’t said how he’ll pay the officers’ salaries after that.

    Look what has happened since:

    Without tax increase, 300 police officers to be laid off
    By Robert Vitale  May 26, 2009   THE COLUMBUS DISPATCH

    Nearly 300 Columbus police officers – 17 percent of the force – will be laid off next year if voters don’t approve an income-tax increase on Aug. 4, Columbus Police Chief Walter Distelzweig said this morning.

    “If we receive additional revenue, these cuts would not be made,” Distelzweig said.

    The 2010 budget plan he unveiled this morning is based on revenue projections without the proposed tax increase. The Police Division would shrink by 324 officers, with 297 layoffs and 27 retirements, according to the chief.

    If the cuts happen, the division would have fewer officers than in any year since 1993. Columbus had 91,000 fewer residents then.

    Potential layoffs would affect the 25 recruits whose class was saved by federal stimulus money this year. Officers hired during the past four years likely would lose their jobs, Distelzweig said.

    And I’d be willing to bet the jobs of all the firefighters and nurses and teachers Obama talked all that smack about are in the same boat.

    In other words, Obama created 25 jobs and saved about 300 others – until they were told to expect their pink slips less than 3 months later.  And it only cost $3.27 trillion dollars.  There’s your tax dollars at work.

    How is it that jobs that have already been “saved” by Obama’s gargantuan stimulus plan now have to be “saved” again by a massive state tax increase?

    About the only jobs that are being created by porkulus seem to be making the road signs that falsely advertise currently nonexistent construction projects.

    We’ve also learned the poor are getting poorer under Obama’s “stimulus.”

    Obama’s stimulus was based on bogus and failed economic theory that won’t work.  The President of the European Union has called Obama’s plan “the road to hell” and argued that it will undermine the stability of the global financial market.”  China’s Director General of the Chinese Banking Regulatory Commission has expressed fear that Obama would
    devalue not only your [US] currency but the currencies throughout the world.”  Russian Prime Minister Vladimir Putin warned Obama about his country’s own failed experiment with socialism and urged against “excessive intervention in economic activity and blind faith in the state’s omnipotence.” And “analysts are increasingly concerned about the Treasury’s ability to fund costly economic rescue measures that are expected to drive this year’s budget deficit to $1.75 trillion.”

    Don’t take my word for it that the stimulus was the gargantuan fraud that Republicans claimed it would be; just look at what Obama promised would happen, versus what actually HAS happened.