Caterpillar: Health care bill would cost it $100M in first year alone

[BEG]

Via Drudge

Caterpillar: Health care bill would cost it $100M
Published on March 19, 2010 7:10 AM |

Dow Jones Newswires | Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House would increase the company's health-care costs by more than $100 million in the first year alone.

In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan "because of the substantial cost burdens it would place on our shareholders, employees and retirees."
Caterpillar, the world's largest construction machinery manufacturer by sales, said it's particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.

The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.

"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."

**Snip**

[SSG Snuggle Bunny]

That would be the same Caterpillar Obama stood i front of to tout the virtues of his Crapulus bill:

Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House would increase the company’s health-care costs by more than $100 million in the first year alone.

In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan “because of the substantial cost burdens it would place on our shareholders, employees and retirees.”

Caterpillar, the world’s largest construction machinery manufacturer by sales, said it’s particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.

The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.

http://www.chicagobreakingbusiness.com/2010/03/caterpillar-health-care-bill-would-cost-it-100m.html

If one were to assign a median income of $50,000/year based on low-end worker drones and mid-level management to oversee them including wages and benefits then ObamaCoup just killed 2,000 jobs.

[IassaFTots]

This is going to be one big cluster F. 

[JohnnyReb]

Almost all the small CAT equipment is made overseas. A goodly amount of the midrange stuff is made overseas and now they're going to run the super sized CAT stuff out of the country.

Hopey/changey at work for you so you don't have to ......hell, couldn't work if you wanted to, no jobs left.

[debk]

Almost all the small CAT equipment is made overseas. A goodly amount of the midrange stuff is made overseas and now they're going to run the super sized CAT stuff out of the country.

Hopey/changey at work for you so you don't have to ......hell, couldn't work if you wanted to, no jobs left.

But...but....the HCB is going to create 16,000 jobs with the IRS!!!!

[thundley4]

But...but....the HCB is going to create 16,000 jobs with the IRS!!!!

Yay!  We're trading good paying private sector jobs for more government leech jobs. 

[debk]

Yay!  We're trading good paying private sector jobs for more government leech jobs. 

At a much lower pay rate.

[thundley4]

At a much lower pay rate.

Don't be too sure of that, government jobs pay pretty darn well, and I think Cat has a two-tiered wage system. I'll bet the government benefits and pension plans are better also.

[debk]

Don't be too sure of that, government jobs pay pretty darn well, and I think Cat has a two-tiered wage system. I'll bet the government benefits and pension plans are better also.

Those 16,000 jobs will probably be entry-level pay, and I bet they will end up being part-time to exclude the benefits.

[thundley4]

Those 16,000 jobs will probably be entry-level pay, and I bet they will end up being part-time to exclude the benefits.

Are you forgetting Lord Zero's very close ties to SEIU and their leader Andy Stern?  No way that new government jobs would be low pay with limited benefits.

[JohnnyReb]

Those 16,000 jobs will probably be entry-level pay, and I bet they will end up being part-time to exclude the benefits.

You forget...this is Obama trying to spend us into total distruction.(Cloward -Piven)(sp)

Also, what was it, 14% of government workers were making over a $100 thou a year when he took office and now over 19% make over a $100 thou a year.

[Freeper]

I thought premiums were going down by 3000%

[The Village Idiot]

Whats 3000% less than $100M??

/sarc

[whiffleball]

The liberal FDL has a pretty good Myths page set up:

http://fdlaction.firedoglake.com/2010/03/19/fact-sheet-the-truth-about-the-health-care-bill/

[Texacon]

When I told a friend of mine who is an O'bama supporter what I would do if I owned a company large enough to require me to provide insurance or be fined he called me a bastard.  I said "No, I'm a business man"  I'll let you decide;

I told him that if I owned a company that would be required to provide insurance or pay a $2,000.00 fine I would immediately cancel all my insurance policies and pay the fines.

KC

[Freeper]

When I told a friend of mine who is an O'bama supporter what I would do if I owned a company large enough to require me to provide insurance or be fined he called me a bastard.  I said "No, I'm a business man"  I'll let you decide;

I told him that if I owned a company that would be required to provide insurance or pay a $2,000.00 fine I would immediately cancel all my insurance policies and pay the fines.

KC

All part of the plan. We will be faced with fines or getting our own coverage. Since getting your own is so expensive people by the millions will be demanding a public option. Single payer here we come.

[Carl]

When I told a friend of mine who is an O'bama supporter what I would do if I owned a company large enough to require me to provide insurance or be fined he called me a bastard.  I said "No, I'm a business man"  I'll let you decide;

I told him that if I owned a company that would be required to provide insurance or pay a $2,000.00 fine I would immediately cancel all my insurance policies and pay the fines.

KC

I think you will see that happen everywhere.

Where I work provides insurance (Blue Cross) at a sum of 30.20/wk for a single policy.

Last Sunday night I dislocated my left shoulder in a fall.
Monday morning I made an appointment for 9:15 to have it looked at,went to get X-rays and two prescriptions all by noon.
Cost to me was 30.00 copay plus 20.00 for the scripts.
I have no complaint there as I am sure my insurance paid for itself and with an AFLAC policy also through work I will recoup those expenses.
I like my coverage.

We have around 30 employees and it may very well be cheaper to drop coverage now with the presumption that everyone can get picked up or perhaps subsidized.

This is going to be a nightmare beyond imagination.

[Texacon]

All part of the plan. We will be faced with fines or getting our own coverage. Since getting your own is so expensive people by the millions will be demanding a public option. Single payer here we come.

I actually hadn't considered that.  Damn these folks are devious.

KC

[The Village Idiot]

I actually hadn't considered that.  Damn these folks are devious.

KC

They are commies.

Do you think the "National Broadband Plan" isn't the first step toward socialized internet?

[Freeper]

I actually hadn't considered that.  Damn these folks are devious.

KC

Obama himself had once said that single payer will have to be done in parts. Pelosi is already promising more to come RE: health care.

[Texacon]

Obama himself had once said that single payer will have to be done in parts. Pelosi is already promising more to come RE: health care.

Oh, I knew where they wanted to take this I just hadn't considered the reason they are keeping the fines so low is to help them.

KC

[thundley4]

Oh, I knew where they wanted to take this I just hadn't considered the reason they are keeping the fines so low is to help them.

KC

Yep, sheep to the slaughter.

[Woodhick]

Oh, I knew where they wanted to take this I just hadn't considered the reason they are keeping the fines so low is to help them.

KC

What will they do if someone refuses to pay the fine and doesn't have a nickle in the bank to take? Throw your ass in the slammer?
They can then furnish you with free health care, you know the free health care we taxpayers have been furnishing for people for years that are sitting in jail.
Guess no more breats implants or viagra either. LMAO

Think  about this:

There is more money being spent on breast implants and Viagra today than on Alzheimer's research. This means that by 2040, there should be a large elderly population with perky boobs and huge erections and absolutely no recollection of what to do with them....

[rich_t]

There is more money being spent on breast implants and Viagra today than on Alzheimer's research.

Proof please.

[thundley4]

Proof please.

It's the set up line for the joke.

This means that by 2040, there should be a large elderly population with perky boobs and huge erections and absolutely no recollection of what to do with them....