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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, March 25, 2010

Brace For Economic Impact

John Deere, Caterpillar, Medtronic, Verizon, Ski Resorts In Colorado And New Hampshire, And Student Loan Centers In Indiana Already Report Devastating Effects Of Health Bill
“Deere & Company, Iowa’s Largest Manufacturing Employer, Said In A Statement This Morning That The Recently-Passed Health Care Legislation Will Cost The Company $150 Million After Tax This Year.” (“Deere Says Health Care Bill Will Cost It $150 Million,” Des Moines Register, 3/25/10)

“Deere Employs About 12,000 Workers In Plants At Waterloo, Ankeny, Ottumwa, Davenport And Dubuque And At Its Credit Operations In Johnston.” (“Deere Says Health Care Bill Will Cost It $150 Million,” Des Moines Register, 3/25/10)

PRESIDENT OBAMA: “So what's happening at this company tells us a larger story about what's happening with our nation's economy, because, in many ways, you can measure America's bottom line by looking at Caterpillar's bottom line. (President Obama, Remarks To Caterpillar Employees, 2/12/09)

“Mandates In The [Health Care] Legislation Will Hinder The Company's Recovery This Year”

THE WALL STREET JOURNAL: “Even Before President Obama Signed The Bill On Tuesday, Caterpillar Said It Would Cost The Company At Least $100 Million More In The First Year Alone. Medical Device Maker Medtronic Warned That New Taxes On Its Products Could Force It To Lay Off A Thousand Workers. Now Verizon Joins The Roll Of Businesses Staring At Adverse Consequences.” (Editorial, “ObamaCare Day One,” The Wall Street Journal, 3/25/10)

“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.” (“Caterpillar Takes Hit On Health Care,” The Wall Street Journal, 3/25/10)

CATERPILLAR SPOKESMAN:From Our Point Of View, A Tax Increase Like This Cannot Come At A Worse Time.” (“Caterpillar Takes Hit On Health Care,” The Wall Street Journal, 3/25/10)

“A Dire Warning From Bay State Medical-Device Companies That A New Sales Tax In The Federal Health-Care Law Could Force Their Plants - And Thousands Of Jobs - Out Of The Country Has Rattled Gov. Deval Patrick, a staunch backer of the law and pal President Obama.” (“Beware The ‘Jobs Killer’,” Boston Herald, 3/25/10)

“‘This Bill Is A Jobs Killer,’ Said Ernie Whiton, Chief Financial Officer Of Chelmsford’s Zoll Medical Corp., Which Employs About 650 People In Massachusetts. Many of those employees work in Zoll’s local manufacturing facility making heart defibrillators.”(“Beware The ‘Jobs Killer’,” Boston Herald, 3/25/10)

“‘We Could Be Forced To (Move) Manufacturing Overseas If We Can’t Pass Along These Costs To Our Customers,’ Said Whiton.”(“Beware The ‘Jobs Killer’,” Boston Herald, 3/25/10)

GOV. DEVAL PATRICK (D-MA): “I Am Obviously Concerned About The Medical Device Burden Here On The Commonwealth, Which Has A Very Robust Industry Around Medical Devices.” (“Beware The ‘Jobs Killer’,” Boston Herald, 3/25/10)

COLORADO: “Steamboat Ski Area Officials Said Tuesday That The Federal Health Care Overhaul Could Cost Their Business As Much As $2 Million A Year Beginning In 2014. The health care overhaul includes a policy that would assess a fine, per employee, to large businesses that do not provide health care to full-time workers. The policy’s potential impact is ringing alarm bells with the Colorado ski industry, which has a large number of uninsured seasonal employees who work enough days to qualify as full-time workers.” (“Health Policy Raises Red Flags At Steamboat Ski Area,” Steam Boat Pilot, 3/24/10)

“‘The Potential Impact To Colorado Ski Country Member Areas Is Somewhere Between $9 Million And $14 Million In Penalties (Per Year),’ Steamboat Ski And Resort Corp. President Chris Diamond Said Tuesday, Citing A Colorado Ski Country USA Estimate. ‘It’s A Stunning Blow To Any Large Employer Like Ours That Employs Seasonal Staff.’” (“Health Policy Raises Red Flags At Steamboat Ski Area,” Steam Boat Pilot, 3/24/10)

NEW HAMPSHIRE: “The State’s Seasonal Tourism Industry Is Only Now Beginning To Realize That It Could Get Hammered By The New Health Care Reform Law.” (“John DiStaso's Granite Status: Ski Resorts Worry Health Care Reform Will Have Chilling Effect,” New Hampshire Union Leader, 3/25/10)

“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.” (“John DiStaso's Granite Status: Ski Resorts Worry Health Care Reform Will Have Chilling Effect,” New Hampshire Union Leader, 3/25/10)

“The Result: Under A Worst-Case Scenario, Muncie Might Lose 700 Jobs At Its Sallie Mae Call Center On The City's North Side. A Star Press Article On Tuesday Said The Company Might Have To Cut Its 8,600 Total Workforce By 2,500 Workers And Reduce Its National Locations From 25 To About Six.” “Just to be clear, we're not discussing the pros or cons of the health bill; it's the Christmas tree ornaments that Congress hung off it to assure its passage. The main one (at least that we know of so far; it takes time to wade through 2,409 pages of legislation) will expand the government's Pell Grant programs at the expense of private student loan originators such as Sallie Mae. The result: Under a worst-case scenario, Muncie might lose 700 jobs at its Sallie Mae call center on the city's north side. A Star Press article on Tuesday said the company might have to cut its 8,600 total workforce by 2,500 workers and reduce its national locations from 25 to about six. It's unknown how Muncie might fare if the company starts closing offices.” (Editorial, “Health-Reform Package Contains Nasty Surprise,” The Muncie Star Press [Indiana], 3/25/10)

“Phillip Walsh, A Senior Director At Sallie Mae’s Office In Fishers, Said The Company Will Lose Approximately 2,500 Of Its 8,500 Jobs.” “Sallie Mae, a major student loan provider, has its largest office in Fishers, Ind. For years, the company has been involved in supplying federal and private loans to students. If the reconciliation bill’s amendments to health care pass the Senate and are signed into law, private lenders will no longer have the ability to originate student loans. The effects of this portion of the health care bill have concerned several of the 35,000 people employed in the lending industry. Phillip Walsh, a senior director at Sallie Mae’s office in Fishers, said the company will lose approximately 2,500 of its 8,500 jobs.” (“Loan Providers Forced To Cut Employees,” Indiana Daily Student, 3/25/10)

Tags: healthcare, government, economic impact, economy, John Deere, Caterpillar, ski resorts
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