No more room under the bus

Make room for Retired Americans under the bus.

The following list is new — as the result of the “historic” welfare for Insurance Companies major employers will be cutting back or eliminating insurance for retired workers.

More than likely somewhere on the WWW there exists a list of all the individuals and groups that 0bama has discarded under the bus. This is a list with links of Companies who are discarding their promises to retired workers. More than likely by the time Boomers retire they will need to find a job to buy food and other necessities. The Government will probably reduce Social Security and Medicare and those that imagined that the extra medical costs would be covered by their former employers — well no that won’t happen.

AT&T is the first to announce their cut-back and reductions post “historic” welfare for Insurance Companies BILL passed on 21 March, 2010.

NEW YORK – AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.

The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.

All five are smaller than AT&T, and their combined charges are less than half of the $1 billion that AT&T is planning. The $1 billion is a third of AT&T’s most recent quarterly earnings. In the fourth quarter of 2009, the company earned $3 billion on revenue of $30.9 billion.

AT&T said Friday that the charge reflects changes to how Medicare subsidies are taxed. Companies say the health care overhaul will require them to start paying taxes next year on a subsidy they receive for retiree drug coverage.

Hey INLAWS — what do you think of 0bama now??? You guys are going to take a major hit in the wallet. One of you will have to pay for your meds out of your pocket. Oh so sorry. Retiree’s Social Security is program the next target on 0bama’s hit list.


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