Parallels.

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Oh, this might bring up a few memories.

In 2010, the Democrat controlled Congress passed the Affordable Care Act (aka Obamacare) in what was touted as a major reform of the health care system providing coverage to millions of Americans that would otherwise not be available (their words).  Speaker Nancy Pelosi also touted the bill would generate up to 2 million new jobs, effectively making it a pro growth legislation.

In December 2009, after corporations had been given the major points of the bill, many warned that the legislation would hurt their businesses with the major tax hikes provided in the legislation.  Some corporations even suggested they would end up having to ditch employee plans and force their workers onto the exchange.

When wind of this reached the bill writers, they changed it up, forcing companies that employed over 50 people to have to provide coverage and dictating how much companies had to spend to cover premiums.

The kicker in all this is what happened the day the bill passed while the Democrats were taking their victory laps. Ironically, AT&T was the first company to make an announcement: It would take a $1 billion non-cash charge because of the legislation.  And included in that announcement was that it might have to cut other benefits to retirees.

Later that day and in the following days, other companies released statements they, too, would have to make accounting charges that amounted to billions of dollars and the necessity to cut benefits.

In fact, Democrats were so aghast that corporations were announcing such bad news during their victory lap, California Democrat Henry Waxman immediately called for hearings and asked the companies announcing all the bad news just what the heck they were doing.

After AT&T and other companies submitted internal documents a few days later, Waxman abruptly cancelled the hearings when they realized all these evil corporations were following the law ….

… that the Democrats.. wrote..

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Fast forward to December 2017, and the Tax Cut and Jobs Act of 2017 is passed and signed into law by President Trump.  Almost immediately, AT&T announces $1,000 bonuses for over 200, 000 employees.  Other large companies also announce bonuses and benefits increases as a result of future tax savings.

And yet, the Democrats are mad. Gee, wonder why?

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2 thoughts on “Parallels.

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