Elections have consequences, More from the “I told you so” file
Welch Allyn – announced in September that they would be laying off 275 employees, or roughly 10% of their workforce over the next three years.
Dana Holding Corp. – warned their employees of potential layoffs, citing “$24 million over the next six years in additional U.S. health care expenses”. The company will have to cover the additional $24 million cost somehow, which will likely equate to numerous cuts in their current workforce of 25,500 worldwide.
Stryker – eliminating 96 jobs in December. Worse, they plan on countering the medical device tax in Obamacare by slashing 5% of their global workforce – an estimated 1,170 positions.
Boston Scientific- Elliott announced that the company would be cutting anywhere between 1,200 and 1,400 jobs, while simultaneously shifting investments and workers overseas – to China.
Medtronic – In March of 2010, medical device maker Medtronic warned that Obamacare taxes could result in a reduction of precisely 1,000 jobs. That plan became reality when the company cut 500 positions over the summer, with another 500 set for the end of 2013.
Others – A short list of other companies facing future layoffs at the hands of Obamacare:
Smith & Nephew – 770 layoffs
Abbott Labs – 700 layoffs
Covidien – 595 layoffs
Kinetic Concepts – 427 layoffs
St. Jude Medical – 300 layoffs
Hill Rom – 200 layoffs
http://www.nypost.com/p/news/national/don_go_there_XaKCQnlCrKCXi3F8KmeoWO (Obama heads to Asia amid looming fear of ‘Fiscal Cliff’)
Beyond the complete elimination of a significant number of American jobs is another looming problem created by the health care law – a shift from full-time to part-time workers.
A JP Morgan economist “points out that 8.3 million people are working in part-time jobs even though they’d prefer full-time work. Unfortunately, because of President Obama’s health care law, the Patient Protection and Affordable Care Act (PPACA), workers in the hotel, restaurant, and retail industries could be pushed into part-time jobs working less than 30 hours per week.”
“Under the health care law, if a company has more than 50 “full time equivalent” workers, a combination of full and part-time employees, but doesn’t offer “affordable” coverage that meets the government’s minimum value standard, the company will have to pay a penalty. This penalty is determined by the number of full-time employees minus 30 full-time employees. So to reiterate a very important point: part-time workers are not part of the penalty formula. The health care law creates a perverse incentive to hire part-time versus full-time workers.”