Following the release of a staff report that the companies complied with accounting rules, Congressman Henry Waxman (D-Cal.) has called off the hearing that would have required a number of CEOs to explain why they had reported large losses due to a provision in the health reform law that would reduce tax deductions for retiree drug benefits (see The Waxman Inquisition). The mainstream media will almost certainly give far less attention to the cancellation than they gave to the announcement of the hearing.

Demanding that corporate CEOs attend a Congressional hearing to explain why their companies have to take charges because of lost tax deductions associated with healthcare reform is asinine. The apparent motive is to send a message to corporate leaders that they should be very careful not offend the Democrat regime.

This is yet another indication that America needs a regime change.

President Obama is reportedly going to launch a campaign to explain and clarify Obamacare; i.e., to sell the plan and explain why this nasty-tasting medicine is good for the patient — just in case anyone who cares about healthcare was comatose the past year.

We’ll find out in November how many voters can be duped by charm and personal magnetism.