Farm Equipment Manufacturers Aren’t Feeling the Hope & Change

Via HotAir, here’s President Obama speaking to employees at Caterpillar and reminding everyone that they can measure America’s bottom line by looking at Caterpillar’s bottom line:

Okay, so let’s do what Obama says and look at Caterpillar’s bottom line these days:

Caterpillar Inc. said Wednesday it will take a $100 million charge to earnings this quarter to reflect additional taxes stemming from newly enacted U.S. health-care legislation.

The world’s largest construction equipment manufacturer by sales, warned last week that provisions in the legislation would subject the company to federal income taxes on the subsidies it receives for providing prescription drug benefits for its retirees and their spouses.
The charge is expected to be a one-time cost, but Caterpillar has argued that higher taxes and other potential cost increases related to insurance coverage mandates in the legislation will hinder the company’s recovery this year after a 75% plunge in income during 2009.

“From our point of view, a tax increase like this cannot come at a worse time,” said Jim Dugan, a Caterpillar spokesman.

John Deere announced a Hopenchange induced kick to the balls of their bottom line as well.

Are we liking our free health care yet?

Rumor has it that the president will sign an executive order this afternoon making it illegal to now look at Caterpillar’s bottom line. Problem solved.

(h/t Ace)

Author: Doug Powers

Doug Powers is a writer, editor and commentator covering news of the day from a conservative viewpoint with an occasional shot of irreverence and a chaser of snark. Townhall Media writer/editor. alum. Bowling novice. Long-suffering Detroit Lions fan. Contact: