Gerald Celente, 7.2.2010

Gerald Celente, July 2, 2010 on the dog and pony show when it comes to the ‘recovery’ and the lack of jobs.

Obamacare Passes; Say Goodbye To Jobs

Obamacare Passes; Say Goodbye To Jobs

Math is the unrelenting arbiter of all government entitlement programs. It does not take a rocket scientist to understand that if a person or business is required to pay more in taxes, that person, family or business MUST make cuts somewhere to stay even, or in the case of a business, try to make a profit.  Only the federal government believes one can continue to run in the red infinitely.

The Monster will continue to hammer the point that this administration is all about draining the personal coffers of citizens and businesses, not so much to re-distribute the wealth to other citizens, but to keep the bankrupt treasury afloat.  Remember, Washington is all about how it looks, and not how it is.

How Obamacare hits industry and threatens jobs

By: Byron York
Chief Political Correspondent
March 23, 2010

The people at Zoll Medical Corporation saw a ray of hope in January when Scott Brown was elected senator from Massachusetts. Located in Chelmsford, 30 miles outside Boston, Zoll is the nation’s leading manufacturer of heart defibrillators, which save thousands of heart attack victims each year. Back in January, as the Senate race was raging, both House and Senate Democrats wanted to impose a crippling new tax on the makers of medical devices, Zoll included, to help pay for Obamacare.

The total tax on the industry would be about $2 billion a year, or $20 billion over the next decade. Companies watched nervously as lawmakers pushed ahead, first the House and then the Senate. But then Brown was elected on the promise to be the crucial Republican vote to stop health care reform. For Zoll, things were looking up.

Not anymore. The bill passed by the House Sunday night contains a particularly damaging version of the $20 billion hit for the medical device industry, meaning Zoll and other medical device makers could well be headed for hard times.

“We believe that the tax will cost us somewhere between $5 million and $10 million a year,” says Richard Packer, Zoll’s chairman and chief executive officer. “Our profit in 2009 was $9.5 million.”

That would be a devastating blow. Zoll employs about 1,800 people. Roughly 1,600 of them are in the United States, and about 650 of those are in Massachusetts. Once the new tax kicks in, that could all change. “We can’t run this company at a break-even or a negative rate,” says Packer, “so we will be forced to look at alternatives.”

The company’s first option is to pass the increase on to customers like hospitals and ambulance companies. That might or might not work, given that they are coming under increasing pressure to cut their own costs.

The next option is to cut research and development — a short-term, money-saving move that will surely cost Zoll down the road. And a third option, says Packer, is to “look at trying to shift jobs to lower-cost places around the world.” That would be bad news for Massachusetts and the USA.

It’s still not clear precisely how the new system will work. The Senate bill, which becomes law as soon the the president signs it, imposes the $2 billion annual tax on the industry starting almost immediately. The government would calculate the size of the entire medical device industry and charge each company a fee based on its share of the market. That’s how Zoll estimates its part will be $5 million to $10 million.

For Zoll, that’s the worst-case scenario. Things will be a bit better if the Senate approves the reconciliation bill passed on Sunday by the House. One of the “fixes” in the reconciliation bill would impose a 2.3 percent excise tax on medical devices, going into effect in 2013. Even though it would cost the company about the same amount of money, Zoll executives prefer that scenario, if only because the delayed onset would give them time to prepare.

No matter what happens, the makers of the devices that save our lives are going to take a major hit.

“It’s a real concern for some of these companies, in that they probably are operating on pretty thin margins,” says Brian Johnson, publisher of MassDevice, an independent business journal devoted to the medical device industry. Johnson adds that even those companies that can pay the tax face perhaps even more serious problems because of recent government actions, apart from health care reform, making it harder and more costly to win Food and Drug Administration approval for new products. “As a whole, in terms of stricter regulation and the added tax, that’s a pretty big bag they’re carrying right now,” says Johnson.

And then, of course, there is the continuing economic downturn. All in all, it’s not a good time to levy a new and burdensome tax on a highly innovative American industry. And yet that is exactly what Obamacare does.

When I called Richard Packer at Zoll on the morning after the House passed the bill, I asked how he was doing. “A total state of depression,” he answered, with the kind of short, dry laugh that says it’s not really funny. A lot of Americans are feeling that way now.

The Real Impact Of The Stimulus Bill: Job Losses

The Real Impact Of The Stimulus Bill: Job Losses

The Committee on Ways & Means (Republicans) has just come out with a compilation of the real job losses since the “save or create” stimulus bill was rammed down our throats.  Congratulations to the only state to create jobs, North Dakota, with a job creation total of 1,800 jobs.

On the bright side, all that money we gave the big banks saved quite a few jobs while destroying the small business owner and the middle class.  High Five to the White House, Rahm Emanuel, and the rest of the social collectivists among us.

Committee On Ways & Means Republicans

The Jobs Search

7 Months After Stimulus 49 of 50 States Have Lost Jobs
America Now Over 6 Million Jobs Shy of Administration’s Projections
Wednesday, October 21, 2009

The table below compares the White House’s February 2009 projection of the number of jobs that would be created by the 2009 stimulus law (through the end of 2010) with the actual change in state payroll employment through September 2009 (the latest figures available).  According to the data, 49 States and the District of Columbia have lost jobs since stimulus was enacted.  Only North Dakota has seen net job creation following the February 2009 stimulus.  While President Obama claimed the result of his stimulus bill would be the creation of 3.5 million jobs, the Nation has already lost a total of 2.7 million – a difference of 6.2 million jobs.  To see how stimulus has failed your state, see the table below.


Rasmussen Reports On Current Economic Sitution

21 straight months of job losses.

62% of Americans believe that their childrens lives will not be better than theirs.

Are we all wrong, or is it because we don’t get to use the federal credit card every time we or our friends get into trouble?

Ready to flip this Congress and White House back to fiscally responsible Americans?

Ready to get rid of The Federal Reserve and Federal Reserve Notes?

Ready to make this government live within it’s means?

Ready to stop the trainwreck that the two-party system controlled by progressive socialists has put us on?

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