Home > News > What Will ObamaCare Really Do? Raise Costs and Cost Jobs. Ask Caterpillar Inc. ObamaCare will Cost Them $100M In First Year!

What Will ObamaCare Really Do? Raise Costs and Cost Jobs. Ask Caterpillar Inc. ObamaCare will Cost Them $100M In First Year!

ObamaCareSymbol Obama once used Caterpillar as an example of a company that would benefit from stimulus money.  Of course he was lying and Caterpillar called him out on it.

Now the are calling him out on the wonders of ObamaCare.

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.

Caterpillar: Health care bill would cost it $100M – Chicago Breaking Business

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