Today's Washington Examiner is reporting that Caterpillar, Inc., has sent a letter to the House of Representatives asking them not to pass the current healthcare reform bill, stating that the bill will increase the company's healthcare costs by $100 million in the first year alone. The provisions in the bill that were of the most concern were the expansion of Medicare taxes and the requirement to provide health insurance for all employees. The increased costs will make it very difficult to expand the business or hire new employees.
Caterpillar, Inc., believes that this bill is a job killer. They are not alone. Yesterday 130 economists said in a letter to President Obama that the healthcare reform bill is a job killer. (Frankly, I am amazed that 130 economists could agree on anything!)
The article points out:
"The Peoria-based company (Caterpillar, Inc.) is one of many hard-hit employers in Illinois, which has an unemployment rate of 12.2 percent. It's delusional to think that adding $100 million to their operating costs won't make it more difficult to hire."
If the top priority of the Obama Administration is to create jobs, this is definitely a move in the wrong direction.
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