The biggest entitlement legislation in a generation is causing barely a ripple in corporate America.
The Patient Protection and Affordable Care Act -- otherwise known as Obamacare -- is putting such a small dent in the profits of U.S. companies that many refer to its impact as “not material” or “not significant,” according to a Bloomberg review of conference-call transcripts and interviews with major U.S. employers.
That’s even after a provision went into effect this year requiring companies with 50 or more full-time workers to provide coverage, and after more workers are choosing to enroll in existing company coverage because of another requirement that all Americans get insured.
“It’s just part of doing business,” said Bob Shearer, chief financial officer of VF Corp., which owns the North Face and Vans apparel brands. “Obamacare has added costs, but not so much that we felt we had to talk about it specifically.”
The collective shrug from the nation’s biggest employers undermines the arguments of Republicans, who call the law a job- killer as they seek its repeal.
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3 comments:
"The collective shrug from the nation’s biggest employers undermines the arguments of Republicans, who call the law a job- killer as they seek its repeal."
That's because obamacare had already killed the jobs in the lead up to the full implementation of ocare including the shift to more part time jobs instead of full time. There is a reason that job growth and economic recovery has been so slow and so many people are out of the job market. It is called the affordable care act.
Agreed. That and the push to increase the minimum wage. The two combined, plus any other surprises the idiot in chief can come up with before the end of his term, will contribute heavily to the demise of small to medium business in the United States. It simply won't be worthwhile for the owners. Another nail in the coffin of small town America and a shot in the arm for big box stores.
That's because Walmart has no problem cutting hours to disqualify people. Even those who get healthcare through an employer like Walmart, get a plan that would be useless if it werent for avoiding the tax fine. For a small local employer, looking someone in the eyes and doing that is very hard. Oh well, you know the slogan. When Walmart comes to town, watch for falling standards of living!
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