Remember when Nancy Pelosi said ObamaCare would "create 4 millions of jobs – 400,000 almost immediately." Don't hold your breath.
Now that businesses have had time to "find out what's in it" as the former Speaker of the House invited, instead of job creation, jobs are actually being destroyed by the provisions of ObamaCare, just as concerned critics predicted. A study by the NFIB, the National Federation of Independent Businesses, predicted 1.6 million jobs would be destroyed by 2014 when ObamaCare would be fully implemented, mostly within small businesses. Even the CBO predicted 650,000 jobs would be destroyed by the legislation. It's happening.
Stryker Corporation is a manufacturer of artificial hips and knees for replacement surgery headquartered in Kalamazoo, Michigan. Due to a new 2.3% tax on medical devices that will be imposed because of ObamaCare, Stryker has announced a 5% reduction in the company's 20,000 employee global workforce in order to reduce annual pretax operating costs by more than $100 million prior to 2013 when the new tax is scheduled to kick in.
Ironically, Pat and Jon Stryker, the billionaire grandchildren of the company's founder and orthopedic surgeon Homer Stryker, have invested millions of their inherited fortunes electing Barack Obama and Democrats who passed the legislation that is destroying jobs and increasing costs at the company that made them rich.
Pat and Jon are ranked among the richest people in America by Forbes, and like to identify their occupation as "philanthropist." We doubt the Stryker employees who get fired will appreciate the result of Pat and Jon's political "philanthropy."
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 2nd, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 9th, 2014 | John Ransom
In Other News: America's Favorite "Gun Free Zone" is Plagued by Weekend Gun Violence | Michael Schaus