Today is another day, which means another day of destruction of American health care at the hands of Obamacare.
Thought I’d share a paragraph I came across today, just another brick in the wall.
Companies cutting corners… and hours
Rather than risk those penalties, businesses like Regal Entertainment, the largest operator of movie theaters in the United States, scaled back hours for thousands of employees to less than 30 per week (the level outlined by the PPACA as full-time), nullifying their chance of receiving employer-based health insurance as well as hurting them directly in their pocketbook.
As I outlined over the weekend, United Parcel Service (NYSE: UPS ) also made the rather unpopular move of announcing that it would not allow spouses for some 15,000 employees to be added to their health plans in 2014, affecting about 25% of its workforce. The move, plain as day, was made to help reduce costs by $60 million in lieu of Obamacare.
Some companies have been even more drastic with their approach to dealing with Obamacare. Medical device maker Stryker (NYSE: SYK ) laid off 1,000 people, or 5% of its workforce, in order to save more than $100 million annually because of the medical device excise tax of 2.3% that it now has to pay. <source>