ObamaCare Medical Devise Tax to Cost 33,000 Jobs?

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If the numbers hold true, ObamaCare has cost 33,000 jobs, just in the medical devise industry.  One “feature” of ObamaCare is a tax on medical devises, like pacemakers, and artificial joints.  Just like everything else in ObamaCare, it’s causing people to lose their jobs, or cause other jobs to be “aborted.”  Here is more…

This spinning of the loss of jobs due to Obamacare was described by Sebelius as not simply  ‘not true’, but as a myth. This, however, does not mesh with the reality that is happening around the country. Today, the New York Post reports on 33,000 jobs lost directly due to a result of Obamacare’s medical device tax mandate. 

The Advanced Medical Technology Association surveyed its members to determine the number of lost jobs since the 2.3 percent excise tax on medical devices took effect in January 2013, raising about $3.8 billion a year to help pay for ObamaCare.

The survey found that nearly a third of respondents had cut research and development because of the tax, and almost 10 percent had moved manufacturing abroad.

The job losses were put at about 14,000, with another 19,000 openings that were left unfilled.

“During a time when there is bipartisan support for growing high-technology manufacturing jobs, these results should serve as a wake-up call,” said Stephen J. Ubl, president of the Advanced Medical Technology Association. 

[Continue reading at the New York Post.]

Now, think about what this does.  It kills jobs in the medical devise industry.  As manufacturers stop research, stop manufacturing entirely, or move overseas, the devises needed to sustain the health of our aging population are going to be harder to obtain, and more expensive.  Just in time for the boomers to retire, the technology that many will need will be out of reach.

But at least Obama will allow them pain pills, for now…
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The Boomer Retirement Tsunami Will Be Devastating To Younger Americans

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Last week I wrote a post in which I offered my condolences to Americans under sixty years of age. I was referring to the mess my generation (The Elders) and the Baby Boomer generation (Soon To Be Elders) have left to the younger generations. Actually the cut off is closer to 53 than 60; but 60 was a nice round number. Now I have some more detailed information to share with you younger folks so you will know just how thoroughly screwed you are. I found this wonderfully informative guest post at Zero Hedge that lists twenty facts about the demographic shock wave that is heading your way as the Baby Boomers begin retiring at the rate of around 10,000 per day.

So, if you are in that younger demographic, I strongly suggest that you read the Zero Hedge article so you will know what is coming and maybe you can prepare yourselves psychologically for what the rest of your lives will be like. For now, I will share with you a few of those facts and then I’ll add my two cents worth.

1. Right now, there are somewhere around 40 million senior citizens in the United States.  By 2050 that number is projected to skyrocket to 89 million.

Please keep that 89 million number in mind. I’l come back to it in a moment.

2. According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

6. A study conducted by Boston College’s Center for Retirement Research found that American workers are $6.6 trillion short of what they need to retire comfortably.

13. Right now, the American people spend approximately 2.8 trillion dollars on health care, and it is being projected that due to our aging population health care spending will rise to an astounding 4.5 trillion dollars in 2019.

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18. At this point, Medicare is facing unfunded liabilities of more than 38 trillion dollars over the next 75 years.  That comes to approximately $328,404 for every single household in the United States.

21. Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years.

22. The U.S. government is facing a total of 222 trillion dollars in unfunded liabilities during the years ahead.  Social Security and Medicare make up the bulk of that.

So, younger Americans, how are you going to support your parents and grandparents in their retirement years? Where are you going to get the money to keep our Social Security benefits and Medicare and Medicade benefits coming? You can’t, you say? Think again, my young friends. What was that number I asked you to keep in mind? 89 million! Let that number sink into to your poorly educated mind some more. That is one hell of a big voting block, isn’t it?Do you really think they won’t vote to raise your taxes to keep their benefits coming? I suggest look up the voting records of the AARP. These 80+ million old folks will team up the 50+ million food stamp recipients and they are going to squeeze the last drop out of you. Count on it! We conservatives/libertarians won’t vote for those higher taxes; but we are a minority among our age demographic. You are screwed and you may as well get use to it. You will be the first generations of American who will not have a better standard of living than your parents. And, by the way, you are not without part of the blame. Since you became of age to vote, most of you have voted for progressives, haven’t you? So, don’t fret. Higher taxes and a lower standard of living is a fundamental part of the “progressive” plan. Agenda 21, sustainable living, and global warming/climate change policies are all about higher taxes and lower standards of living.

Our Founders gave the American people a constitutional republic. Unfortunately the people elected to support and defend that constitution have decided that the constitution is longer meaningful and is actually an impediment to progressive policies. So, welcome to democracy, Americans. You do understand what democracy is, right? Democracy is the system of government where 50%+1 part of the population can put the screws to the 50%-1 part of the population. I’m sorry about that. I really am.

Well, that’s what I’m thinking. What are your thoughts?

Original Post: Asylum Watch

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The Self Fullfilling Prophesy of Zero Leadership

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Does hysteria breed hysteria? I think that is the message of Professor Larry Kotlikoff;s article at VOX.

Imagine that you are an employer. Every day you hear, “the economy’s going over a fiscal cliff. Tax hikes and spending cuts totalling $600 billion will kill the economy”. Everyone is saying it – the politicians, the media, the economists, the Fed, the CBO, the IMF. So it must be true. Sure, the Republicans and Democrats may make a deal and save the day. But these guys never agree and, meanwhile, economic doomsday – January 1st – is just weeks away.

What do you do? Do you wait for your customers to disappear, as they surely will, or do get a head start and start firing now – or at least stop hiring? You get a head start And in so doing, you make the prophecy come true. Other firms see less demand from your erstwhile and prospective workers. But the other firms – there are 30 million of them – all do the same thing. So, voilà, you see fewer customers and weren’t all the pundits right. And weren’t you smart to get a leg up?

The professor then makes a case that the crisis of 2008 was more the result of panic than anything else. Hmmm. I don’t know Professor. There was a little thing of losing 40 to 50% of the value of one’s home that is something worth panicking about, I think.

Then he moves on to talk about what is occupying the President and Congress today; the Fiscal Cliff. He says that all the scare talk is causing businesses to take measure that will ensure that we have a recession. But, it seems to this humble observer that Kotlikoff contradicts himself with these two statements.

Let us be clear; absent collective panic, our economy will not implode if we move from running a 7% of GDP deficit to a 3% of GDP deficit. The Federal Government ran deficits of 3% or less during most of the post-war era and the economic sky did not fall in.

{…}

Ten thousand baby boomers are retiring each day. Within two decades all 78 million will be retired and collecting $40,000 per person (in today’s dollars), on average, from these three programs. These and other projected expenditures combined with our low average tax rates – historically speaking – have produced not a fiscal cliff but a fiscal abyss. The fiscal gap separating the present values of all future expenditures and all future revenues is now $222 trillion.

It seems to me that a $16 trillion debt, the insolvency of Social Security and Medicare, and the devastating burden of ObamaCare along with a deluge of new regulations to cripple businesses are more than enough reason to panic.

But, maybe the professor agrees with me after all:

As we justify doing far too little far too late, the fiscal gap, the only economically appropriate measure of our government’s true indebtedness, is growing at a colossal pace – by $11 trillion over the past year alone. To put $11 trillion in perspective, it’s as large as the entire stock of official debt in the hands of the public. So if we want to panic, there is something real to panic about. It’s the fiscal abyss, not the fiscal cliff.

And then again, maybe he doesn’t agree with me

But, of course, what is needed is not panic, but leadership. The President and other politicians need to stop scaring the nation. In so doing they are coordinating everyone’s expectations on recession and, thereby, assuring it will come. Two thirds of the public are now convinced the economy will face major problems come January 1st (Cowan 2012), whilst corporate America is already cutting back on investing and hiring (Son 2012).

If Congress remains deadlocked – which seems likely – and recession ensues, both parties will say “I told you so”. What they will miss is that their telling us so, not making minor fiscal adjustments relative to what’s needed, will likely be the true source of the recession. Our economy is crazy enough. We don’t need hysterical leaders to make it more so.

Leadership??? When is the last time anyone has seen any signs of leadership in Washington? No, Professor, I think Americans have every reason in the world to panic These clowns are going to take us down while playing their blame game. We are not going to find any leadership, Professor.

Well, now you know what I’m thinking. What are your thoughts?

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