What Do We Believe About the Role of Government in the economy?

The endless effrontery of this administration to force its policies down our collective throats, is ubiquitous. But even in a regime that is so unashamedly self promoting, the scheduled committee meeting to intimidate business into promoting the Obamacare and by extension the law makers who favored it seems egregious. And, yet, I have heard very little comment about this. Certainly not the outcry this planned abuse of power deserves.

From a story on FoxNews.com April 14, 2010. "Energy and Commerce Committee Chairman Henry Waxman, D-Calif., has canceled a hearing intended to grill CEOs who took a charge against profits because of the health care reform bill. The cancellation came after they realized what everyone already knew - that the companies were required to do what they did because of accounting rules. Waxman and others had reacted with outrage and accused the companies of doing it - in essence, to make health care reform look bad."

The fact is that Obamacare ends a tax break that companies used keep drug benefits for their retirees instead of allowing them to go Medicare. The article then says, "The Democratic memo cancelling the hearing notes, 'These one-time charges were required by applicable accounting rules. Under Generally Accepted Accounting Principles as determined by the FASB, companies are required to take a noncash charge against current earnings to recognize a tax liability for the estimated future tax effects of a new law.'

It goes on to read, 'This noncash charge must reflect the entire present value of the loss of future tax deductions on the subsidy, and it must be taken in the period in which the law is enacted. Moreover, if the level of the impact is deemed "material" under SEC regulations, the company must file the report promptly following the triggering event, in this case the enactment of the law.'"

This is a naked attempt to coerce businesses to act in a fashion that would benefit the law makers who voted for this legislation. Citizens should be outraged about this. This shows a complete lack of ethics. Has it come to this in our history, that we are so cowed by our government that we blithely ignore the open bullying of private institutions for the "offense" of failing to make the government policy's look good? This was unadulterated extortion, should be met with public outcry and government employees whether elected, appointed or hired should be terminated if they attempt to misuse their authority for their own benefit.

What does this say about us a citizens? What does this say about our government? What does this say about our future.