ObamaCare To Take A Huge Bite Out Of Jobs, Not Sliders
White Castle Warns That Higher Premiums, Penalties Will Eat Up Nearly 55 Percent of Net Income
President Obama Promised Economic Benefits And Lower Premiums As A Result Of His Healthcare Overhaul:
“President Barack Obama used his weekly radio address to tout the economic benefits of overhauling the health care system, saying that reform would help build a ‘new foundation for our economy to create the good, lasting jobs and shared prosperity of tomorrow.’” (Nia-Malika Henderson, “Obama: Health bill will create jobs,” Politico, 01/09/10)
RED ALERT: ObamaCare Penalties And Higher Premiums Will Eat Up Ohio Companies’ Profits, Inhibit Job Growth:
“The White Castle hamburger chain fears that a health insurance reform law adopted earlier this year will put its profits on a downward slide. The Columbus-based family owned restaurant chain - known for serving small square hamburgers called ‘sliders’ – says a single provision in the bill will eat up roughly 55 percent of its yearly net income after 2014. Starting that year, the bill levies a $3,000-per-employee penalty on companies whose workers pay more than 9.5 percent of household income in premiums for company-provided insurance. White Castle, which currently provides insurance to all of its full-time workers and picks up 70 to 89 percent of their premium costs, believes it will likely end up paying those penalties. The financial hit will make it hard for the company to maintain its 421 restaurants, let alone create new jobs, says company spokesman Jamie Richardson.” (Sabrina Eaton, “Ohio hamburger chain says insurance reform will bite into profits,” Cleveland Plain Dealer, 07/06/10)