Job Creation

It's working!

Stryker, the Kalamazoo-based maker of artificial hips and knees, will cut 5% of its global workforce by the end of next year to reduce costs in the face of new fees on device makers required by the U.S. health care law.

The job cuts will reduce annual pretax operating costs by more than $100 million beginning in 2013, when the medical-device excise tax is scheduled to take effect, Stryker said Thursday in a statement. Stryker had more than 20,000 employees as of Dec. 31, according to Bloomberg News data

http://www.freep.com/article/20111111/BUSINESS06/111110345/Stryker-cut-5-workforce?odyssey=mod|newswell|text|FRONTPAGE|s

pineinthegrass wrote: It's working!

Stryker, the Kalamazoo-based maker of artificial hips and knees, will cut 5% of its global workforce by the end of next year to reduce costs in the face of new fees on device makers required by the U.S. health care law.

The job cuts will reduce annual pretax operating costs by more than $100 million beginning in 2013, when the medical-device excise tax is scheduled to take effect, Stryker said Thursday in a statement. Stryker had more than 20,000 employees as of Dec. 31, according to Bloomberg News data

http://www.freep.com/article/20111111/BUSINESS06/111110345/Stryker-cut-5-workforce?odyssey=mod|newswell|text|FRONTPAGE|s

Device-makers say tax will cost 43,000 US jobs

By Sam Baker - 09/07/11 11:35 AM ET
The medical device industry says it could lose 10 percent of its U.S. workforce because of a tax created by healthcare reform.

The Advanced Medical Technology Association (AdvaMed) released a report Wednesday that says device-makers might ship 43,000 jobs overseas once the tax takes effect in 2013.

AdvaMed released its report as Congress returned to Washington with a renewed focus on jobs. Leaving the device tax in place would not only inhibit job creation, but would lead to further job losses, the industry group said.

http://thehill.com/blogs/healthwatch/ta ... 00-us-jobs

Create and save and move jobs. Obama promised.

There's going to be many more situations like this that the writers of the HC bill never thought about. This is going to be a complete train wreck imo.

In the rather short time since the passage of the health care bill, it is already falling way off from the CBO projections.

Obama promised that if you like your health care plan, you can keep it. The CBO projected that about 6 million additional people would get employer sponsored insurance by now. But the number of people with employer health insurance has continued to decrease and about 4.5 million have actually lost their employer coverage since the bill was passed (the bill isn't fully implemented yet, but several parts of it have been implemented). No, you can't entirely blame it on the bill since the economy has a lot to do with it, but the point is the economy was already bad when the CBO did their report, and they've failed miserably in their projection. Want to bet they'll also fail miserably in their projection of the cost of the bill?

OK, it's a conservative source, but unlike many they do provide links to source their claims.

http://www.weeklystandard.com/blogs/obamacare-s-passage-millions-have-lost-employer-sponsored-health-insurance_607994.html

The Gallup Poll data on the % insured and uninsured...

http://www.gallup.com/poll/150692/Employer-Based-Health-Insurance-Continues-Trend-Down.aspx

Per CBO data (which is probably too low), total 10 year cost of the plan after it's fully implemented in 2014 is $2.5 trillion.

http://www.pacificresearch.org/docLib/20091123_Senate_Bill_Cost_Chart.pdf

This is a topic that is actually worthy of a debate, but I doubt anyone who aproved of the HC bill will be willing to jump into this...I could be wrong but I don't think so.

I can understand excise taxes upon luxury items but imposing taxes upon items required by people who are disabled, sick, and dependent upon those medical devices is evil.

Agreed. But it's the law, so we have to deal with it. <rich with sarcasm> I don't believe the people really got a say in it, was it not a king's decree (jk). The problem with anything like this and the health care package in general is once given few are willing to give it up because the perception is it's free. The painful truth like the cost of jobs is lost entirely.