BUSH ACTS TO REWARD COMPANIES WHO CUT OFF SENIORS' DRUG COVERAGE
Late last year, President Bush promised retirees that "if there's a Medicare
reform bill signed by me, corporations have no intention to dump retirees
[from their existing drug coverage]...What we're talking about is trust."
The White House and its congressional allies backed up Bush's assertion by
claiming the bill included a special tax subsidy to "encourage employers' to
retain prescription-drug coverage" for their retirees' and not to cut them
off.
But just three months after Bush's pledge, the Wall Street Journal now
reports that the White House quietly added "a little-noticed provision" to
the bill that allows companies to severely reduce - or almost completely
terminate - their retirees' drug coverage "without losing out on the new
subsidy." In other words, the president did not just break his promise to
sign a bill that prevents seniors from losing their existing drug coverage.
He actually acted to reward companies who cut off their retirees with a
lavish new tax break.
The provision was no mere oversight by the president. The major backers of
the provision were Lucent Technologies, General Motors, Dow Chemical and SBC
Communications - all major campaign contributors to the president. According
to the non-partisan Center for Responsive Politics, executives from those
companies have donated almost $140,000 in hard money and $2.5 million in
soft money to Bush and his party since 2000.
Lucent hard money contributions to Bush since 2000: $14,415
Lucent soft money contributions to RNC since 2000: $27,000
Dow hard money contributions to Bush since 2000: $23,200
Dow soft money contributions to RNC since 2000: $631,354
GM hard money contributions to Bush since 2000: $92,050
GM soft money contributions to RNC since 2000: $95,260
SBC hard money contributions to Bush since 2000: $9,450
SBC soft money contributions to RNC since 2000: $1,762,206
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