As a result of the Obamacare legislation, medical device companies will have a 2.3% tax imposed on their sales, regardless of whether any profit or income is made. Skimming through recent news articles, what has the jobs impact been so far?Here are the companies that have reported significant layoffs as a result of this tax:1200 jobs - Boston Scientific1000 jobs - Medtronic1170 jobs - Stryker Medical770 jobs - Smith & Nephew700 jobs - Abbott Labs595 jobs - Covidien500 jobs - St. Judge Medical427 jobs - Kinetic Concepts275 jobs - Welch Allen250 jobs - Westchester Medical200 jobs - Hill Rom105 jobs - Liberty MedicalThat's 7,192 high paying jobs lost so far simply as a result of the medical device tax in the healthcare bill. Numerous other companies have hinted at layoffs, have cancelled plans that were in the works to create new manufacturing facilities in the US, and have reduced hours. Of course, the left tells us that raising taxes doesn't affect behavior and may even be good for the economy, so all of these companies must simply be dirty rotten lying Capitalist pigs paid off by Romney to create bad publicity for Mr. O.
Notice the crickets from the left? And consider when the Obamacare takes full effect, watch the number of franchises and small businesses that reduce the hours their employees work to below 30 hours a week.What the libs will never learn is that you can't outsmart the free market without serious consequences. The free market ALWAYS has the last laugh!
I've previously commented on Stryker. Boston's scientific's layoffs, annouced last summer, also had nothing to do with the exise tax, which it didn't mention:Boston Scientific has faced weak markets for its key products -- heart stents and implantable heart defibrillators -- for several years as the number of procedures has dropped, partly because of a weak economy and heightened scrutiny over their use.The medical device maker, which has been struggling since its 2006 acquisition of heart stent maker Guidant Corp, is expected to announce the additional layoffs within the next two months, according to a person close to the company. http://www.reuters.com/article/2012/08/29/us-bostonscientifi...Schvitz
The free market ALWAYS has the last laugh!Which is further proof you have no clue regarding economics OR the free market.Bedbugs from the right.Medical costs get paid--or you die. So, the only question becomes HOW do you pay 100% of the total medical costs--not IF you will pay 100% of the total costs.More bedbugs from the right because they claim they do NOT have to pay 100% of their medical costs. LOL !!! That is true--if they choose to die.And the public will execute the right if the public is denied medical care.
All these jobs were lost as a result of a tax that hasn't gone into effect yet?
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