There's a scene in the movie Amistad in which the captain of an illegal slave ship orders the crew to push the slaves, all chained together, overboard. The camera filming the slaves falling into the ocean looks up from about thirty feet below the surface, giving the viewer a horrifying underwater perspective of the slaves being drowned by the weight of their shackles.
That searing scene is a metaphor, perhaps, for what's already happening to our economy because of Obamacare. Captain Obama has given the order, first-mate Pelosi has carried it out and already the chains of government control are pulling American corporations underwater.
Here's the Wall Street Journal:
The Democratic political calculation with ObamaCare is the proverbial boiling frog: Gradually introduce a health-care entitlement by hiding the true costs, hook the middle class on new subsidies until they become unrepealable, but try to delay the adverse consequences and major new tax hikes so voters don't make the connection between their policy and the economic wreckage. But their bill was such a shoddy, jerry-rigged piece of work that the damage is coming sooner than even some critics expected.
What is that damage? As part of the bill Democrats decided to eliminate tax breaks given to companies that offer prescription drug benefits to their retirees instead of dumping them into Medicare. As a result AT&T announced yesterday that its profits will be reduced by $1 billion this year due solely to the health bill. Other corporations reporting massive losses include Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks, according to the WSJ article.
Nancy Pelosi told us that we'd have to pass the bill to see what's in it, but that once we did the American people would love it. Maybe, but it's hard to love a bill that puts you out of work or keeps you from getting a job, and any policy which imposes huge costs on employers will have just that result.
When employers are losing money their employees suffer. Either they get laid off or they lose benefits. In either case Obamacare looks more and more like a heavy chain around the ankles of the nation's businesses. Given this burden, it's hard to see how there could be much improvement in the job market anytime soon.
My heart goes out to all the students graduating from college this spring who'll be trying to find a job to pay off their student loans. I wish them well, and I hope that next time they vote they'll attend more carefully to what the candidate will actually do once in office rather than, as so many students were in 2008, being seduced by the color of his skin and the eloquence of his words.
RLC
