Today in Washington, D.C. - Mar 31, 2010 - GOP Advocates Repeal & Replace ObamaCare Which Evidences Major Cost Impacts On Employers
Congress still on recess but many members responding to the negative economic effects of the health care bill. Even more major employers are announcing millions of dollars in new costs this week thanks to Democrats’ job-killing health care bill, while small business owners fret that they’ll be next. Last week, we saw that Caterpillar and John Deere announced the new law will cost each around $100 million each in new taxes. AT&T announced it would cost the company $1 billion, AK Steel said the law will cost it $31 million, and 3M said it will cost that company $90 million. Yesterday, Prudential Financial announced that the health care bill will cost it $100 million and Illinois Tool Works said their company will see a $22 million cost.
Today, we learn that Boeing says "it will take a charge of $150 million due to the recent health care overhaul legislation. The aircraft maker, based in Chicago, says the charge will hurt earnings by 20 cents per share in the first quarter of 2010.” And we learn that aerospace and defense industry supplier “Goodrich Corp. says it expects to incur a one-time charge of $10 million, or 8 cents per diluted share, against its first-quarter results. The company cites the recently passed U.S. health-care reform legislation.”
Apparently appalled that their massive $2.6 trillion takeover of 1/6th of the economy is generating trouble for businesses and negatives headlines, Democrats have demanded explanations. The Wall Street Journal writes in an editorial today, “Democrats have responded to these writedowns not by rethinking their policy blunder but by hauling the CEOs before Congress on April 21 for an intimidation session. The letter demanding their attendance from House barons Henry Waxman and Bart Stupak declared that ‘The new law is designed to expand coverage and bring down costs, so your assertions are a matter of concern.’”
Meanwhile, small businesses are worried that the mandates and fines in the Democrats’ health care bill will fall on them as well. Already tanning salon owners and employees across the country are reeling from the new tax imposed on their businesses. But today, another AP story points out, “The national law doesn’t require businesses offer insurance but hits employers with 50 or more workers with an annual $2,000-per-employee fee if the company doesn’t insure them and the government ends up subsidizing their workers’ coverage. . . . For critics, one of the most troubling aspects of the laws is the fines. Massachusetts has already fined more than 1,000 companies over $18 million for failing to offer medical insurance to their workers. . . .
“Such penalties make Doug Newman, owner of Newman Concrete Services in Richmond, Maine, nervous. In the past 18 months, as the economy battered the construction industry, Newman’s work force shrunk from 125 employees to just 25. He is worried that once the economy turns and he begins to hire back workers, he’ll face a critical decision when he nears the 50-worker mark and is no longer exempt from penalties. Newman now pays 60 percent of his employees’ individual premiums and 40 percent of their family premiums. ‘The 51st employee could mean $100,000 in costs. I’ve been calling it the concrete ceiling,’ he said. ‘No employer is going to hire No. 51 if it brings all these mandates down on you, because they’re pretty onerous.’”
It’s been just one week since President Obama signed his unpopular health care bill into law and so far we’ve seen major employers hit with millions of dollars in new costs, other companies preparing to lay workers off, some small businesses hit with a new tanning tax, and others bracing for the impact of new fees and mandates.
This health care bill is a job killer, and it should be repealed and replaced. As House Republican Leader John Boehner told The New York Times yesterday, “Republicans will fight to repeal ObamaCare and replace it with common-sense reforms that focus on lowering health care costs while protecting American jobs.” The message continues to be “repeal and replace” ObamaCare:
REP. JOHN BOEHNER (R-OH):> “Republicans will fight to repeal ObamaCare and replace it with common-sense reforms that focus on lowering health care costs while protecting American jobs.” (“Obama Signs Bill On Student Loans And Health Care,” The New York Times, 3/30/10)
SEN. SCOTT BROWN (R-MA):“For starters, we can work in a bipartisan manner to repeal the worst parts of this bill. Americans have been clear that they do not like its $2.6 trillion cost, the higher taxes on families and businesses, the runaway spending, the state mandates, the sweetheart deals, and overcharging students to pay for health care. We should replace the worst parts of this legislation with solutions that would actually lower costs and improve the quality of care — such as allowing individuals to purchase insurance across state lines, measures that will prevent waste, fraud and abuse, support for increased prevention and wellness programs, and reforms to limit costly litigation and defensive medicine.” (Sen. Scott Brown, Op-Ed, “The Health Care Fight Is Not Over,” The Boston Globe, 3/30/10)
SEN. JIM DEMINT (R-SC): “We’ll find out in November who won or lost this battle. Over 60% of Americans still want Republicans to fight to repeal this. So what I do next is I`m trying to replace those who voted for this bill. I want to repeal it. And I want to replace it with some real reform that puts patients in charge of their health care again.”(CBS’ “Face The Nation,” 3/28/10)
NBC’s DAVID GREGORY: “Senator Graham, despite what you say, is a campaign of repeal -- you're a pragmatic legislator -- is that realistic?” SEN. LINDSEY GRAHAM (R-SC): “Yes, only if you replace it. It is realistic to let the American people know the Class Act, which is a new entitlement where the government offers long-term health care insurance to the population, collects $78 billion in premiums to use to be paid for this bill so when the money is spent to pay for the health care bill, and when you need your Class Act coverage, there is no money there. It is good to repeal the cuts in Medicare and to repeal the massive tax increases and replace it with opportunities to buy insurance from the private sector without cutting Medicare and raising taxes and using budget Ponzi schemes like the Class Act. Yes, there is a way to do that, and 16 million people are dumped into Medicaid. My state is going to get killed by having to serve more Medicaid people. It's going to hurt state budgets.” (NBC’s “Meet The Press,” 3/28/10)
Tags: Obamacare, economic costs, employers, GOP, Repeal the bill, government health care
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Today, we learn that Boeing says "it will take a charge of $150 million due to the recent health care overhaul legislation. The aircraft maker, based in Chicago, says the charge will hurt earnings by 20 cents per share in the first quarter of 2010.” And we learn that aerospace and defense industry supplier “Goodrich Corp. says it expects to incur a one-time charge of $10 million, or 8 cents per diluted share, against its first-quarter results. The company cites the recently passed U.S. health-care reform legislation.”
Apparently appalled that their massive $2.6 trillion takeover of 1/6th of the economy is generating trouble for businesses and negatives headlines, Democrats have demanded explanations. The Wall Street Journal writes in an editorial today, “Democrats have responded to these writedowns not by rethinking their policy blunder but by hauling the CEOs before Congress on April 21 for an intimidation session. The letter demanding their attendance from House barons Henry Waxman and Bart Stupak declared that ‘The new law is designed to expand coverage and bring down costs, so your assertions are a matter of concern.’”
Meanwhile, small businesses are worried that the mandates and fines in the Democrats’ health care bill will fall on them as well. Already tanning salon owners and employees across the country are reeling from the new tax imposed on their businesses. But today, another AP story points out, “The national law doesn’t require businesses offer insurance but hits employers with 50 or more workers with an annual $2,000-per-employee fee if the company doesn’t insure them and the government ends up subsidizing their workers’ coverage. . . . For critics, one of the most troubling aspects of the laws is the fines. Massachusetts has already fined more than 1,000 companies over $18 million for failing to offer medical insurance to their workers. . . .
“Such penalties make Doug Newman, owner of Newman Concrete Services in Richmond, Maine, nervous. In the past 18 months, as the economy battered the construction industry, Newman’s work force shrunk from 125 employees to just 25. He is worried that once the economy turns and he begins to hire back workers, he’ll face a critical decision when he nears the 50-worker mark and is no longer exempt from penalties. Newman now pays 60 percent of his employees’ individual premiums and 40 percent of their family premiums. ‘The 51st employee could mean $100,000 in costs. I’ve been calling it the concrete ceiling,’ he said. ‘No employer is going to hire No. 51 if it brings all these mandates down on you, because they’re pretty onerous.’”
It’s been just one week since President Obama signed his unpopular health care bill into law and so far we’ve seen major employers hit with millions of dollars in new costs, other companies preparing to lay workers off, some small businesses hit with a new tanning tax, and others bracing for the impact of new fees and mandates.
This health care bill is a job killer, and it should be repealed and replaced. As House Republican Leader John Boehner told The New York Times yesterday, “Republicans will fight to repeal ObamaCare and replace it with common-sense reforms that focus on lowering health care costs while protecting American jobs.” The message continues to be “repeal and replace” ObamaCare:
REP. JOHN BOEHNER (R-OH):> “Republicans will fight to repeal ObamaCare and replace it with common-sense reforms that focus on lowering health care costs while protecting American jobs.” (“Obama Signs Bill On Student Loans And Health Care,” The New York Times, 3/30/10)
SEN. SCOTT BROWN (R-MA):“For starters, we can work in a bipartisan manner to repeal the worst parts of this bill. Americans have been clear that they do not like its $2.6 trillion cost, the higher taxes on families and businesses, the runaway spending, the state mandates, the sweetheart deals, and overcharging students to pay for health care. We should replace the worst parts of this legislation with solutions that would actually lower costs and improve the quality of care — such as allowing individuals to purchase insurance across state lines, measures that will prevent waste, fraud and abuse, support for increased prevention and wellness programs, and reforms to limit costly litigation and defensive medicine.” (Sen. Scott Brown, Op-Ed, “The Health Care Fight Is Not Over,” The Boston Globe, 3/30/10)
SEN. JIM DEMINT (R-SC): “We’ll find out in November who won or lost this battle. Over 60% of Americans still want Republicans to fight to repeal this. So what I do next is I`m trying to replace those who voted for this bill. I want to repeal it. And I want to replace it with some real reform that puts patients in charge of their health care again.”(CBS’ “Face The Nation,” 3/28/10)
NBC’s DAVID GREGORY: “Senator Graham, despite what you say, is a campaign of repeal -- you're a pragmatic legislator -- is that realistic?” SEN. LINDSEY GRAHAM (R-SC): “Yes, only if you replace it. It is realistic to let the American people know the Class Act, which is a new entitlement where the government offers long-term health care insurance to the population, collects $78 billion in premiums to use to be paid for this bill so when the money is spent to pay for the health care bill, and when you need your Class Act coverage, there is no money there. It is good to repeal the cuts in Medicare and to repeal the massive tax increases and replace it with opportunities to buy insurance from the private sector without cutting Medicare and raising taxes and using budget Ponzi schemes like the Class Act. Yes, there is a way to do that, and 16 million people are dumped into Medicaid. My state is going to get killed by having to serve more Medicaid people. It's going to hurt state budgets.” (NBC’s “Meet The Press,” 3/28/10)
Tags: Obamacare, economic costs, employers, GOP, Repeal the bill, government health care
To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 2:33 PM - Post Link
1 Comments:
The real reason for repealing Obamacare and other entitlement programs is to paraphrase Jesus, "thoughts held in mind produce after their kind," thus government seeing people as lacking produces people lacking. See the article "The Real Argument for Repealing Obamacare:"
http://constitutionparti.blogspot.com/
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