Corportions Lay Off, Cut Back Workers : ObamaCare Reality Shock

You have heard about 'ObamaCare Shock', right? Well it's news that is changing the entire economy and impacting millions of workers. In the end, we all will suffer the consequences of ObamaCare by getting medical care that is substandard but paying a premium for it. Someone has to pay for the new 30 to 50 million people that will come on line for health care.

Thank you Mr Obama and the progressive socialists that forced this down our throats even more the 70% of the general public said they didn't want it.

So who voted for Mr Obama and ObamaCare? Mitt Romney said he would get rid of ObamaCare and yet his vision for our health care didn't seem to resonate with the voters. Well, now we all can thank the Democrat voters and the 3 million Republicans that didn't vote that brings this nightmare to life.

Companies Warn About Cutbacks
Source: "Companies Warn About Cutbacks," Wall Street Journal, November 14, 2012.

November 16, 2012
Some big American companies are making plans to slow investments, lay off workers and pay less-generous dividends if Congress and the Obama administration don't find a way to avert the so-called fiscal cliff, says the Wall Street Journal.

•The fiscal cliff refers to a combination of tax increases and spending cuts that will take place unless Congress finds another solution to the deficit.
•There is projected to be $600 billion in cuts to government spending and the end of tax breaks.
•The defense industry will be especially impacted by the cuts, as will many welfare programs.
•Lockheed Martin, for example, says the automatic cuts would force it to lay off 10,000 workers.

Hiring has also stalled as many companies are slow to refill positions for fear that they can't afford new workers.

Companies are also saying that the uncertainty around the budget is affecting investment decisions. Moreover, the decisions of large corporations can have ripple effects throughout the entire economy. For instance, Home Depot is making its decisions based on the potential impact of the cuts on the housing market. The airline industry suffers when corporate spending and the overall economy decline.

Some industrial companies are being hurt because their customers are limiting spending. For instance, many state and local governments, which normally buy from industrial companies, are waiting to place orders until funding sources clear up.

The health industry is directly impacted by the cuts because of a 2 percent cut to Medicare. This is around $11.09 billion in cuts for this fiscal year, meaning that many hospitals, doctors and insurance companies that provide Medicare Advantage plans would be affected.

Hospitals are saying that these cuts would come in addition to other fees and cost increases as a result of the new health care law. Some will respond by limiting the number of patients they see or lowering readmission rates.