Daily Caller reports that Rep. Henry Waxman decided against a hearing to excoriate business executives for recording tax losses attributable to ObamaCare. The reason: not only did the companies have a legal obligation to do so (had they not, Sen. Carl Levin would no doubt be hauling them before his committee one day to decry the fraud on the shareholders); they also would have produced some very embarrassing evidence that ObamaCare is going to drive up health-care costs. The report explains:
Most significantly, documents unearthed by the investigation highlight companies that are considering dumping employees from their current health-care plans in the face of new costs from the health-care law. President Obama repeatedly promised his health-care law would let Americans keep their current insurance if they’re happy with it.
A March 3 internal Verizon memo on the impact health-care law said new taxes on insurance companies and health-care equipment manufacturers will be passed onto employers through higher prices.
Facing such increased costs, employers like Verizon “may consider exiting the health-care market and send employees to the exchanges,” the memo says.
Under the law, companies would pay fines for not providing insurance companies coverage. But, the Verizon memo said, the fines would be “modest” compared to providing coverage for employees.
In a March 25 e-mail, John Deere’s director of labor relations, Kenneth Hugh, said, “We ought to look at … denying coverage and just paying the penalty … we would need to figure out which one was more expensive.” John Deere faces a unique situation because of contracts with its unionized workers.
Whether or not companies are being forced to rescind employee coverage, they may need to raise insurance premiums, the documents show.
The top human resources official at Caterpillar said in a March 23 e-mail that the company will need to “figure out what this will cost us and collect that in increased premiums which we will attribute to the legislation”
Oops. Wrong answer. Bag the hearing. It seems that ObamaCare opponents would do well to get one or more of these execs in front of a committee and let them tell the American people what Obama and Waxman won’t — that ObamaCare isn’t going to guarantee they can keep their insurance and it is going to cost them a bundle. Republicans argue that divided government is needed to check Obama’s leftist agenda. As Waxman’s gambit shows, it’s also the only way to achieve congressional oversight.