The Fallout Begins
The Wall Street Journal discusses the immediate economic fallout from the disastrous passage of Obamacare earlier this week. Major companies are now compelled to "writedown" their expected earnings based on new health care liabilities and taxes. The results are not pretty. As the WSJ succinctly states this is "…wholesale destruction of wealth and capital…" That is the capital necessary to fuel an economic recovery, as well as the profits that reward investors (i.e. your retirement portfolio).
Now, in their usual thuggish style the Dems are making noises about hauling CEOs before Congress in an attempt to intimidate them into hiding their losses. This to protect the Obama administration and Congress by delaying the "adverse consequences and major new tax hikes so voters don't make the connection between their policy and the economic wreckage..." The recovery from this recession has already been delayed by the astronomical Dem spending including the so-called "stimulus" package. Now will a recovery ever come?
