Obamacare to Bankrupt Businesses and Families
November 14, 2012
A post-election poll of more than a thousand Americans showed that support for repealing the Affordable Care Act, aka Obamacare, dropped to an all-time low. Although President Obama’s health care initiative will include 20 new or raised taxes, forty-nine percent of respondents still favored it, even as businesses are already planning massive layoffs and price hikes ahead of its implementation.
Freedom Works has compiled a list of companies planning to lay off workers and outsource jobs because of Obamacare. Boston Scientific will be doing both, as CEO Ray Elliott has announced the company will cut up to 1,400 employees and shift workers and investments to China. In order to cover the $24 million in estimated additional Obamacare expenses, auto parts manufacturer Dana Holding Corp. has let go of several higher ups and hinted at more layoffs coming to its 25,000+ workforce. Medical device manufacturers Medtronic and Stryker have both cut at least a thousand jobs already.
Unfortunately, layoffs won’t be the only consequence of Obamacare. Consumers are about to foot the bill for the president’s health care reform in a lot more ways than one.