Anybody who has a couple of little grey cells speaking to each other amicably will know that Obamacare (as written now) is just the beginning of a universal, single payer, healthcare system that will bankrupt the nation. Bahana C. Obama states it himself, (and so does Nancy; “Kick open that door, and there will be other legislation to follow,” she said. “We’ll take the country in a new direction.”).
Caterpillar and Massachusetts Treasurer Tim Cahill give us a peek at what the true cost of Obamacare will spiral toward.
Dow Jones Newswires | Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House of Representatives would increase the company’s health-care costs by more than $100 million in the first year alone.
In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan “because of the substantial cost burdens it would place on our shareholders, employees and retirees.”
Caterpillar, the world’s largest construction machinery manufacturer by sales, said it’s particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.
The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.
“We can ill-afford cost increases that place us at a disadvantage versus our global competitors,” said the letter signed by Gregory Folley, vice president and chief human resources officer of Caterpillar. “We are disappointed that efforts at reform have not addressed the cost concerns we’ve raised throughout the year.”
Business executives have long complained that the options offered for covering 32 million uninsured Americans would result in higher insurance costs for those employers that already provide coverage. Opponents have stepped up their attacks in recent days as the House moves closer toward a vote on the Senate version of the health-care legislation.
A letter Thursday to President Barack Obama and members of Congress signed by more than 130 economists predicted the legislation would discourage companies from hiring more workers and would cause reduced hours and wages for those already employed.
Caterpillar noted that the company supports efforts to increase the quality and the value of health care for patients as well as lower costs for employer-sponsored insurance coverage.
“Unfortunately, neither the current legislation in the House and Senate, nor the president’s proposal, meets these goals,” the letter said.
What do you think is going to happen to what is left of America’s small businesses? The mandated insurance that Hawaii companies are required to offer is what caused my and my spousal unit’s layoffs. I wonder how that experiment will work with the rest of the country?
The Massachusetts treasurer said Tuesday that Congress will “threaten to wipe out the American economy within four years” if it adopts a health care overhaul modeled after the Bay State’s.
Treasurer Timothy Cahill — a former Democrat running as an independent for governor — said the 2006 law has succeeded only because of huge subsidies and favorable regulatory changes from the federal government.
“Who, exactly, is going to bail out the federal government if this plan goes national?” He asked.
Cahill made his remarks after Gov. Deval Patrick, a Democrat, accused him and Republican gubernatorial candidate Charles Baker of being silent amid the ongoing health care debates.
Cahill said he’s called for the state to abandon its plan, and for the federal government not to match it.
“If President (Barack) Obama and the Democrats repeat the mistake of the health insurance reform adopted here in Massachusetts on a national level, they will threaten to wipe out the American economy within four years,” the treasurer said.
Tim Cahill on Beck, 3.19.2010: