Friday, March 19, 2010

Caterpillar Health Care: ObamaKare to Cost Caterpillar $100M First Year - 20% Increase

Remember when Obama misrepresented Caterpillar, Inc. CEO Jim Owens' position on the Stimulus? Obama quoted him saying if the Stimulus passed, Caterpillar would add employees, when in fact, it was just the opposite. Today, Caterpillar's VP and Chief Human Resources officer, Greg Folley said if health care passes, his costs will soar by 20% to $100 million or more, IN THE FIRST YEAR:

"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." 
 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. Source.
One-hundred and thirty economists! I don't think we will hear anything from Congress or Obama about Caterpillar and their ObamaKare this time.

Linked by Memeorandum - Caterpillar: Health care bill would cost it $100M

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