�Who are you? � said the Caterpillar
An interesting dose of reality from a large corporation.
From the
Chicago Tribune:
Caterpillar: Health care bill would cost it $100M
Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House of Representatives 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."
Emphasis mine -- the increase in overall taxes will happen but the benefits will not manifest until 2014 -- we will be paying increased costs for four years before we reap any of the benefits. This is to allow them to cook the books and make it appear revenue neutral over a ten year period.
Thank you Caterpillar for coming forward with this -- citizens know this but we have no traction with our elected Representatives. Having a Corporation such as yours speak truth to power adds a much needed mass to our clue-bat.
Posted by DaveH at March 19, 2010 10:40 PM