Tuesday, March 30, 2010

The Obamacare Financial Hits to Business Continue

Insurer Prudential Financial Inc. is the next to take a financial hit due to Democrats takeover of health care. They are taking a $100 million charge. The list of $100 plus million hits grows almost daily. Anyone who doesn't think this will cost jobs has no understanding of business. Companies will be forced into additional cost cutting measures. The first place most companies look is labor. Unlike the imaginary jobs created by the 'Stimulus." These will be real jobs lost.

Prudential joins a growing list of companies that have said they will take accounting charges because of the health care bills. AT&T said last week it would take a $1 billion charge in the first quarter. AK Steel Corp., 3M Co., Caterpillar Inc., Deere & Co. and Valero Energy have also said they would take smaller charges.

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