Ins. Bill to cost Caterpillar Tractor $100M first year

[Aaria]

Dow Jones Newswires | 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.


http://www.chicagobreakingbusiness.com/2010/03/caterpillar-health-care-bill-would-cost-it-100m.html

edit for spelling

[SidDithers]

1. So, they're currently spending $500 million per year for employee health insurance?...nt

Sid

[butterfly77]

2. These are the same mfers..

who told the president that they weren't going to layoff workers when he spoke there and then began laying them off right away...

[Fridays Child]

3. Caterpillar and other big corporations should have supported single payer.

Corporate America has had the health insurance industry's back on HCR or, at the very least, they've been silent. It's too late to howl, now.

[aquart]

6. Yes, but then startup companies would be able to hire good, innovative talent.

Which would threaten these dinosaurs down the road. Or maybe next week. There would be a business explosion in this country if healthcare were removed from employment. That alone might stop the recession in its tracks even as the new and bigger bank failures were on the horizon. Because people would be able to build on the ashes with just ideas and far less operating money.

[Fridays Child]

13. Stop that!

Stop making sense! :hi:

[glowing]

What is going to happen is that many companies are going to put employees

into part-time scenarios to stop covering their employees. Its already happening in anticipation of the bill passing. After a couple of years of all employees losing their coverage thru work and premiums still sky-rocketing, perhaps we will have a single-payer sollution.

Or maybe, just maybe people will rise up and demand health care as a right and not a "budget" issue.

[aquart]

7. So what will it take? A million dead? More? Less?

THIS is the war we should be fighting.

[glowing]

4. What is going to happen is that many companies are going to put employees

into part-time scenarios to stop covering their employees. Its already happening in anticipation of the bill passing. After a couple of years of all employees losing their coverage thru work and premiums still sky-rocketing, perhaps we will have a single-payer sollution.

Or maybe, just maybe people will rise up and demand health care as a right and not a "budget" issue.

[LiberalFighter]

5. What percent of their employees are covered by insurance?

What percent of their employees receive reasonable insurance?

[metapunditedgy]

8. Add to the bill that every American must own a bulldozer. Problem solved. n/t

[Cal Carpenter]

12. LOLOL

Aw, thanks. I needed that.

[Union Yes]

9. Catepillar manufactures machines of death. Fuck them.

[XemaSab]

10. Next stop, Canada

:P

[The Straight Story]

11. It is BS and they know it, how stupid do they think people are?? (nt)

[ieoeja]

14. How is mandating insurance coverage going to cost the largest construction machinery manufacturer...

... unless they are not covering all the employees? Oh, it wouldn't. So apparently, the world's largest construction machinery manufacturer by sales does not cover all their employees already.

And note that caveat: "by sales". So they do not manufacture the most construction machinery in the world. But they do make more money than any other such manufacturer. Which means they are raking in the profits WHILE fucking over their employees.

Congratulations, Caterpillar. You just outed yourselves as the Scroogiest fuckers in your industry.