and so it begins.....
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http://www.chicagobreakingbusiness.com/ ... -100m.html
Caterpillar: Health care bill would cost it $100M
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.
"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."
Business executives have long complained that the options offered for covering 32 million uninsured Americans would result in higher insurance costs for those employers that already provide coverage. Opponents have stepped up their attacks in recent days as the House moves closer toward a vote on the Senate version of the health-care legislation.
A letter Thursday to President Barack Obama and members of Congress signed by more than 130 economists predicted the legislation would discourage
I suspect we will be seeing a lot more articles like this one in the years to come. :x :(
Caterpillar: Health care bill would cost it $100M
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.
"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."
Business executives have long complained that the options offered for covering 32 million uninsured Americans would result in higher insurance costs for those employers that already provide coverage. Opponents have stepped up their attacks in recent days as the House moves closer toward a vote on the Senate version of the health-care legislation.
A letter Thursday to President Barack Obama and members of Congress signed by more than 130 economists predicted the legislation would discourage
I suspect we will be seeing a lot more articles like this one in the years to come. :x :(
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Comments
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And that is why we need single payer health care, aka Medicare for all.
"It's not hard to own something. Or everything. You just have to know that it's yours, and then be willing to let it go." - Neil Gaiman, "Stardust"0 -
Starfall wrote:And that is why we need single payer health care, aka Medicare for all.
:roll: 0 -
as i told you in the other thread you mentioned this in, that $100 Million had previously been paid by the US taxpayers in susbisides and NOT by caterpillar. so, why are you all against using tax money for health care of US citizens but seem to support using tax money to give to multi billion $ corporations to give their employees health care???
caterpillar made something like $7.47 BILLION in GROSS PROFIT in '08, i'm pretty sure they can afford this, unless you think caterpillar just can't make it on $7.37 BILLION in gross profit??don't compete; coexist
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'0 -
...prfctlefts wrote:I suspect we will be seeing a lot more articles like this one in the years to come. :x :(
So... you are against holding corporations responsible for their Health Care costs instead of the American Taxpayer?
Is that your opinion on personal/corporate responsibility? Is that how you define, 'Conservatism'?Allen Fieldhouse, home of the 2008 NCAA men's Basketball Champions! Go Jayhawks!
Hail, Hail!!!0 -
Pepe Silvia wrote:caterpillar made something like $7.47 BILLION in GROSS PROFIT in '08, i'm pretty sure they can afford this, unless you think caterpillar just can't make it on $7.37 BILLION in gross profit??
I find that people that say things like this don't truly understand business at all.
In the end, Caterpillar could certainlly afford it...especially if they open manufacturing sites in India, China, and mexico and move the headquarters to one of those same locations. Now, how would that effect the now unemployed former employees???? They'd be fined by the gov't for not buying their own health insurance now. Nice job there.
Look, I don't know the specifics about Caterpillar, but the ability to compete in the global market place is a reality and any increased costs from medical coverage have to be cut out elsewhere or the business will either end up shutting down or moving to a lower cost place to do business. So, it is a real concern that needs to be listened to.hippiemom = goodness0 -
...cincybearcat wrote:Pepe Silvia wrote:caterpillar made something like $7.47 BILLION in GROSS PROFIT in '08, i'm pretty sure they can afford this, unless you think caterpillar just can't make it on $7.37 BILLION in gross profit??
I find that people that say things like this don't truly understand business at all.
In the end, Caterpillar could certainlly afford it...especially if they open manufacturing sites in India, China, and mexico and move the headquarters to one of those same locations. Now, how would that effect the now unemployed former employees???? They'd be fined by the gov't for not buying their own health insurance now. Nice job there.
Look, I don't know the specifics about Caterpillar, but the ability to compete in the global market place is a reality and any increased costs from medical coverage have to be cut out elsewhere or the business will either end up shutting down or moving to a lower cost place to do business. So, it is a real concern that needs to be listened to.
I understand where you are coming from. But, consider the fact that Caterpillar (and every other large corporation) have been living off of the Taxpayers for decades, regarding Health Care access to its employees/retiriees. Shouldn't Caterpillar be held responsible for those costs instead of the taxpayers?
Lowering the cost of the premiums that insurance companies charge to Caterpillar would help.Allen Fieldhouse, home of the 2008 NCAA men's Basketball Champions! Go Jayhawks!
Hail, Hail!!!0 -
Cosmo wrote:
...cincybearcat wrote:Pepe Silvia wrote:caterpillar made something like $7.47 BILLION in GROSS PROFIT in '08, i'm pretty sure they can afford this, unless you think caterpillar just can't make it on $7.37 BILLION in gross profit??
I find that people that say things like this don't truly understand business at all.
In the end, Caterpillar could certainlly afford it...especially if they open manufacturing sites in India, China, and mexico and move the headquarters to one of those same locations. Now, how would that effect the now unemployed former employees???? They'd be fined by the gov't for not buying their own health insurance now. Nice job there.
Look, I don't know the specifics about Caterpillar, but the ability to compete in the global market place is a reality and any increased costs from medical coverage have to be cut out elsewhere or the business will either end up shutting down or moving to a lower cost place to do business. So, it is a real concern that needs to be listened to.
I understand where you are coming from. But, consider the fact that Caterpillar (and every other large corporation) have been living off of the Taxpayers for decades, regarding Health Care access to its employees/retiriees. Shouldn't Caterpillar be held responsible for those costs instead of the taxpayers?
Lowering the cost of the premiums that insurance companies charge to Caterpillar would help.
Perhaps. And maybe even if it is increased costs for Caterpillar and other businesses it may still be the right thing to do, but you have to look at all the potential effects. We can't afford to lose anymore jobs.hippiemom = goodness0 -
cincybearcat wrote:Pepe Silvia wrote:caterpillar made something like $7.47 BILLION in GROSS PROFIT in '08, i'm pretty sure they can afford this, unless you think caterpillar just can't make it on $7.37 BILLION in gross profit??
I find that people that say things like this don't truly understand business at all.
In the end, Caterpillar could certainlly afford it...especially if they open manufacturing sites in India, China, and mexico and move the headquarters to one of those same locations. Now, how would that effect the now unemployed former employees???? They'd be fined by the gov't for not buying their own health insurance now. Nice job there.
Look, I don't know the specifics about Caterpillar, but the ability to compete in the global market place is a reality and any increased costs from medical coverage have to be cut out elsewhere or the business will either end up shutting down or moving to a lower cost place to do business. So, it is a real concern that needs to be listened to.
so, the answer is to give caterpillar, a multi billion $ company, $100 million in tax payer money to help cover the costs of caterpillar employees? why not just help every american?
why should my tax money be used just for them and not us all? why should my tax money be used to give every iraqi health care, not health insurance, but not for every american?
it's not caterpillar's fault insurance companies raise their rates and lower their coverage every year so they can make more of a profit than they did last year as is a basic tenant of capitalism but why help them and not everyone? it seems like caterpillar is in a far better place to cover the rising costs than the ordinary citizen, so why look out for them and not everyone? why pick and choose?
and are you really saying a company that made almost $7 1/2 BILLION in profit would be forced to move jobs out of the country if they lose a $100 Million welfare payment?don't compete; coexist
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'0 -
I don't necessarily disagree with your comments on this matter, but at the same point, everyone of your arguments is in the past tense... things that happened already and you now was to justify changes after the fact. Also, these issues are no one but the fault of the government and catepillar, so if people didn't want these types of results, they should have spoken up and done things to alter it at the time they were being done or discussed, not after.Pepe Silvia wrote:so, the answer is to give caterpillar, a multi billion $ company, $100 million in tax payer money to help cover the costs of caterpillar employees? why not just help every american?
why should my tax money be used just for them and not us all? why should my tax money be used to give every iraqi health care, not health insurance, but not for every american?
it's not caterpillar's fault insurance companies raise their rates and lower their coverage every year so they can make more of a profit than they did last year as is a basic tenant of capitalism but why help them and not everyone? it seems like caterpillar is in a far better place to cover the rising costs than the ordinary citizen, so why look out for them and not everyone? why pick and choose?
and are you really saying a company that made almost $7 1/2 BILLION in profit would be forced to move jobs out of the country if they lose a $100 Million welfare payment?CONservative governMENt
Our government is the potent, the omnipresent teacher. For good or for ill, it teaches the whole people by its example. Crime is contagious. If the government becomes a law-breaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy. - Louis Brandeis0 -
Pepe Silvia wrote:cincybearcat wrote:Pepe Silvia wrote:caterpillar made something like $7.47 BILLION in GROSS PROFIT in '08, i'm pretty sure they can afford this, unless you think caterpillar just can't make it on $7.37 BILLION in gross profit??
I find that people that say things like this don't truly understand business at all.
In the end, Caterpillar could certainlly afford it...especially if they open manufacturing sites in India, China, and mexico and move the headquarters to one of those same locations. Now, how would that effect the now unemployed former employees???? They'd be fined by the gov't for not buying their own health insurance now. Nice job there.
Look, I don't know the specifics about Caterpillar, but the ability to compete in the global market place is a reality and any increased costs from medical coverage have to be cut out elsewhere or the business will either end up shutting down or moving to a lower cost place to do business. So, it is a real concern that needs to be listened to.
so, the answer is to give caterpillar, a multi billion $ company, $100 million in tax payer money to help cover the costs of caterpillar employees? why not just help every american?
why should my tax money be used just for them and not us all? why should my tax money be used to give every iraqi health care, not health insurance, but not for every american?
it's not caterpillar's fault insurance companies raise their rates and lower their coverage every year so they can make more of a profit than they did last year as is a basic tenant of capitalism but why help them and not everyone? it seems like caterpillar is in a far better place to cover the rising costs than the ordinary citizen, so why look out for them and not everyone? why pick and choose?
and are you really saying a company that made almost $7 1/2 BILLION in profit would be forced to move jobs out of the country if they lose a $100 Million welfare payment?
Well, this is specifically about Caterpillar but I was using them as an example of US industry. And I don't know the specifics of their situation but I am worried about this creating an incentive to move jobs.hippiemom = goodness0 -
cincybearcat wrote:Well, this is specifically about Caterpillar but I was using them as an example of US industry. And I don't know the specifics of their situation but I am worried about this creating an incentive to move jobs.
well then, is that more a problem with the health reform or the greed of the insurance industry? is it worse that caterpillar has to pay $100 million because the government cut off the welfare check or because the insurance company needs even more of a profit? is it worse that a multi billion dollar company or industry could move jobs out of country because the government isn't subsidizing their health insurance or because the insurance company is charging them too much?
are there any price controls in this reform? what's stopping it from caterpillar needing $200 million to subsidize their health insurance in a few years?
has anyone ever worked at a place and had their insurance offer more coverage for less of a premium or drop deductibles unless the company changed insurance carriers? it will just get worse and worse only now we are forced to buy insurance or be fined.don't compete; coexist
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'0 -
...cincybearcat wrote:Well, this is specifically about Caterpillar but I was using them as an example of US industry. And I don't know the specifics of their situation but I am worried about this creating an incentive to move jobs.
I get Cadillac Health Care access through my large corporation employer. Here is something that could possibly help...
Treat the cost the company is providing me as part of my income (minus co-pay) and tax me on it. Afterall, it is a Benefit.. something I am getting for pennies on the dollar. Do the same with all employer provided Health Care insurance. We all have been riding a gravy train for a long time and getting Health Care insurance for practically free.Allen Fieldhouse, home of the 2008 NCAA men's Basketball Champions! Go Jayhawks!
Hail, Hail!!!0 -
Cosmo wrote:
...prfctlefts wrote:I suspect we will be seeing a lot more articles like this one in the years to come. :x :(
So... you are against holding corporations responsible for their Health Care costs instead of the American Taxpayer?
Is that your opinion on personal/corporate responsibility? Is that how you define, 'Conservatism'?
No Im against this healthcare bill that's going to wreck this country.0 -
www.businessweek.com/news/2010-03-26/at ... ate1-.html
I thought this bill was going to lower premiums for employees. Obama is a fucking Liar. :evil:0 -
unsung I stopped by on March 7 2024. First time in many years, had to update payment info. Hope all is well. Politicians suck. Bye. Posts: 9,487In the end the worker gets screwed, either benefits become less or the worker pays more. The company isn't going to cover the costs. The middle class gets bent over again.0 -
prfctlefts wrote:http://www.businessweek.com/news/2010-03-26/at-t-to-take-1-billion-charge-on-health-care-reform-update1-.html
I thought this bill was going to lower premiums for employees. Obama is a fucking Liar. :evil:
Where does that article say anything about premiums for employees?
Unless I'm missing something, it's talking about getting rid of a gov't subsidy to AT&T (we all hate corporate welfare, right?), and increased costs that large corporations are going to have to pay. I'm assuming these costs are to either insure workers who they currently aren't or for penalties because they aren't going to insure them.
But either way the costs are going to get passed along to the customers.My whole life
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln0 -
No! These employees and retires are going to loose their prescription benefits because of this bill. These people are not robots for gods sake. Just becuase someone works for a large corporation doesn't mean they are a bad person.These people have famalies.
I can't even look at Obama without getting pissed off. He makes me sick everytime he opens his damn mouth becuase it's nothing but lies and bull shit that comes out of those dumbo looking ears of his.0 -
prfctlefts wrote:No! These employees and retires are going to loose their prescription benefits because of this bill. These people are not robots for gods sake. Just becuase someone works for a large corporation doesn't mean they are a bad person.These people have famalies.
I can't even look at Obama without getting pissed off. He makes me sick everytime he opens his damn mouth becuase it's nothing but lies and bull shit that comes out of those dumbo looking ears of his.
It's amusing that you post this. Why all the hatred?0 -
prfctlefts wrote:http://www.chicagobreakingbusiness.com/2010/03/caterpillar-health-care-bill-would-cost-it-100m.html
Caterpillar: Health care bill would cost it $100M
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.
Good. Hopefully this will prevent them being able to send any more bulldozers to the Palestinian territories in order to assist Israel in illegally demolishing people's homes.0 -
cincybearcat wrote:Pepe Silvia wrote:caterpillar made something like $7.47 BILLION in GROSS PROFIT in '08, i'm pretty sure they can afford this, unless you think caterpillar just can't make it on $7.37 BILLION in gross profit??
I find that people that say things like this don't truly understand business at all.
In the end, Caterpillar could certainlly afford it...especially if they open manufacturing sites in India, China, and mexico and move the headquarters to one of those same locations. Now, how would that effect the now unemployed former employees???? They'd be fined by the gov't for not buying their own health insurance now. Nice job there.
Look, I don't know the specifics about Caterpillar, but the ability to compete in the global market place is a reality and any increased costs from medical coverage have to be cut out elsewhere or the business will either end up shutting down or moving to a lower cost place to do business. So, it is a real concern that needs to be listened to.
Like he said, Caterpillar make an annual profit of $7.47 Billion. Therefore, why would they need to open manufacturing sites in India, or Mexico? You say 'people that say things like this don't truly understand business at all' yet you provided no explanation as to how this is the case.
Maybe you can help us ignorant types understand why a company that makes a gross profit of $7.47 Billion would need to relocate, or shut down? Thanks.0
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