President Barack Obama and members of Congress received a letter on Thursday signed by more than 130 economists predicting the health care legislation they are pushing through will discourage private sector businesses from hiring more workers causing both a reduction in hours and wages for those currently employed.
Caterpillar Inc. is but one real-life example of the consequences which will be brutal to many businesses in the privates sector, and fatal to even more.
They know this legislation will increase their company's health-care costs by more than $100 million in the first year alone. The Peoria-based company said its insurance costs will increase by at least 20 percent, more than $100 million.
Caterpillar also expressed it's concerns in a letter sent directly to House Speaker Pelosi.
"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.
And why would we purposely put businesses providing good living wage jobs in the position of being unable to compete anyway?
It isn't that this message hasn't been given to legislators, it has...repeatedly! What the message hasn't been is heard.
Both citizens and business owners are discouraged that concerns raise to Democrat legislators have fallen on deaf ears, and it appears that despite harm to the private sector they remain committed to passing their damaging health care reform legislation.
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