Today in Washington, D.C. - Mar 26, 2010 - Health Bill Cost Small Business & Companies Billions; Retirees Could Lose Drug Coverage
Yesterday, Democrats voted down 12 more Republican amendments to the health care reconciliation bill, H.R. 4872. Following those votes, a Republican point of order against the bill under the Byrd rule was upheld, and the offending provisions were stricken, requiring the bill to return to the House. The Senate then voted 56-43 to pass the bill. Last night the House voted 220-207 to approve the Senate changes to the bill, sending it to the president. The bill changes the previously signed health care bill to include even deeper cuts to Medicare, even more tax increases, and even more special deals that helped secure passage in the House of the Senate health bill.
Also last night, Senate Democrats voted 59-40 to kill a Republican bill to extend unemployment benefits for a month paid for with unspent stimulus money. Following that vote, Democrats voted 49-39 to adjourn the Senate as early as this afternoon.
The AP writes today, “The health care overhaul will cost U.S. companies billions and make them more likely to drop prescription drug coverage for retirees because of a change in how the government subsidizes those benefits. In the first two days after the law was signed, three major companies — Deere & Co., Caterpillar Inc. and Valero Energy — said they expect to take a total hit of $265 million to account for smaller tax deductions in the future.”
Ironically, President Obama travelled to Iowa yesterday to promote his unpopular $2.6 trillion health care takeover just after the announcement from John Deere. The Des Moines Register noted that Deere is “Iowa’s largest manufacturing employer.”
At a time when unemployment is 9.7%, this health care bill offers major new burdens for employers. New Hampshire Union-Leader’s John DiStaso wrote yesterday, “[New Hampshire’s] seasonal tourism industry is only now beginning to realize that it could get hammered by the new health care reform law.” DiStaso explains, “The bill signed into law on Tuesday by President Barack Obama fines businesses that do not provide health insurance to full-time employees who work more than 120 days a year. The assessment is $2,000 per employee, which, according to SkiNH lobbyist Bruce Berke and group president Alice Pearce, could mean as much as $1 million in fines to the big ski resorts, some of which hire as many as 500 seasonal workers.” And in Colorado, Steamboat Ski and Resort Corp. President Chris Diamond told the Steamboat Pilot, “The potential impact to Colorado Ski Country member areas is somewhere between $9 million and $14 million in penalties (per year) . . . . It’s a stunning blow to any large employer like ours that employs seasonal staff.” The same can be expected for all other parts of the country where the economy relies on seasonal tourism. Places like the Arkansas Ozarks, cities like Branson, MO, and Dollywood in Pigeon Forge, TN are other examples. The Federal Government's new healthcare may be the death knell of not only seasonal businesses but numerous other businesses. The result also means increased unemployment and a greater burders on the rest of the country.
The AP reports, “‘You’re increasing the incentive for companies to say “We don’t want to be in the health care business any more,”‘ said James Gelfand, senior manager of health policy for the U.S. Chamber of Commerce, which fought the overhaul. American industrial companies that are struggling to compete globally against companies with much lower labor costs are particularly likely to eventually drop retiree coverage, said Gene Imhoff, an accounting professor at the University of Michigan.” Further, according to the AP, “As many as 1.5 million to 2 million retirees could lose the drug benefits provided by their former employer because of the tax changes, according to a study by the Moran Company, a health care consulting firm.”
Democrats were warned of this back in December, but plowed ahead anyway: “Deere and Caterpillar were among a group of 10 companies that sent a letter to congressional leaders in December warning of the cost increases. The others were Boeing Co., Con-Way Inc., Exelon Corp., Navistar Inc., Verizon, Xerox Corp., Public Service Enterprise Group Inc. and MetLife Inc. . . . The companies that signed the December letter warned that changing the way retiree drug benefits are subsidized would have a broad impact on the economy, and there are already indications that the effects will trickle down to individuals.”
We’re only beginning to see the negative consequences for business, for individuals, for the economy, and for our health care from this ill-considered and ideological health care bill. Thank you Democrats for moving unilaterally to destroy the American economy. This bill needs to be repealed and replaced.
Tags: government healthcare, costs, retirees, drugs, seasonal businesses, companies, US Congress, US House, US Senate, Washington D.C., polls, Democrats, socialized health care,
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Also last night, Senate Democrats voted 59-40 to kill a Republican bill to extend unemployment benefits for a month paid for with unspent stimulus money. Following that vote, Democrats voted 49-39 to adjourn the Senate as early as this afternoon.
The AP writes today, “The health care overhaul will cost U.S. companies billions and make them more likely to drop prescription drug coverage for retirees because of a change in how the government subsidizes those benefits. In the first two days after the law was signed, three major companies — Deere & Co., Caterpillar Inc. and Valero Energy — said they expect to take a total hit of $265 million to account for smaller tax deductions in the future.”
Ironically, President Obama travelled to Iowa yesterday to promote his unpopular $2.6 trillion health care takeover just after the announcement from John Deere. The Des Moines Register noted that Deere is “Iowa’s largest manufacturing employer.”
At a time when unemployment is 9.7%, this health care bill offers major new burdens for employers. New Hampshire Union-Leader’s John DiStaso wrote yesterday, “[New Hampshire’s] seasonal tourism industry is only now beginning to realize that it could get hammered by the new health care reform law.” DiStaso explains, “The bill signed into law on Tuesday by President Barack Obama fines businesses that do not provide health insurance to full-time employees who work more than 120 days a year. The assessment is $2,000 per employee, which, according to SkiNH lobbyist Bruce Berke and group president Alice Pearce, could mean as much as $1 million in fines to the big ski resorts, some of which hire as many as 500 seasonal workers.” And in Colorado, Steamboat Ski and Resort Corp. President Chris Diamond told the Steamboat Pilot, “The potential impact to Colorado Ski Country member areas is somewhere between $9 million and $14 million in penalties (per year) . . . . It’s a stunning blow to any large employer like ours that employs seasonal staff.” The same can be expected for all other parts of the country where the economy relies on seasonal tourism. Places like the Arkansas Ozarks, cities like Branson, MO, and Dollywood in Pigeon Forge, TN are other examples. The Federal Government's new healthcare may be the death knell of not only seasonal businesses but numerous other businesses. The result also means increased unemployment and a greater burders on the rest of the country.
The AP reports, “‘You’re increasing the incentive for companies to say “We don’t want to be in the health care business any more,”‘ said James Gelfand, senior manager of health policy for the U.S. Chamber of Commerce, which fought the overhaul. American industrial companies that are struggling to compete globally against companies with much lower labor costs are particularly likely to eventually drop retiree coverage, said Gene Imhoff, an accounting professor at the University of Michigan.” Further, according to the AP, “As many as 1.5 million to 2 million retirees could lose the drug benefits provided by their former employer because of the tax changes, according to a study by the Moran Company, a health care consulting firm.”
Democrats were warned of this back in December, but plowed ahead anyway: “Deere and Caterpillar were among a group of 10 companies that sent a letter to congressional leaders in December warning of the cost increases. The others were Boeing Co., Con-Way Inc., Exelon Corp., Navistar Inc., Verizon, Xerox Corp., Public Service Enterprise Group Inc. and MetLife Inc. . . . The companies that signed the December letter warned that changing the way retiree drug benefits are subsidized would have a broad impact on the economy, and there are already indications that the effects will trickle down to individuals.”
We’re only beginning to see the negative consequences for business, for individuals, for the economy, and for our health care from this ill-considered and ideological health care bill. Thank you Democrats for moving unilaterally to destroy the American economy. This bill needs to be repealed and replaced.
Tags: government healthcare, costs, retirees, drugs, seasonal businesses, companies, US Congress, US House, US Senate, Washington D.C., polls, Democrats, socialized health care,
To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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