Hard Truth on Jobs

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CNN Money reported Jan. 6 that many doctors across the U.S. are living with an embarrassing secret. They’re going broke. This includes not only family physicians but also cardiologists and oncologists. Many are quitting their practice altogether. About half the doctors in the country are in private practice. So, a cash crunch—often brought on by ObamaCare demands—steals a vital health source from many communities. Dr. William Pentz, 47, a cardiologist in Philadelphia, for example, said he and his partners had to “tap into their personal assets to make their payroll.” Pentz said recent “steep cuts in Medicare reimbursement for cardiovascular services…have taken a substantial toll on revenue.”

One of the superfluity of regulations tucked in the ObamaCare law was a new tax on medical devices–ranging from imaging machines to tongue depressors. Although the tax will be collected beginning next year, it already is having an effect on job loss. Stryker Corp., whose products include artificial knees and hips, has announced it would have to fire about 1,000 of its employees because of the tax.

Under reasonable assumptions, the tax could result in job losses in excess of 43,000 and employment compensation losses in excess of $3.5 billion, according to a study conducted by AdvaMed, an industry trade association. Earlier, a manufacturer of surgical instruments, Covidin Plc, said it would let go 200 workers in the U.S. and move its production to Mexico and Costa Rica to escape the new tax.

Other medical device companies have made similar announcements, according to a Bloomberg.com story Jan. 2. Medical device companies employ more than 400,000 Americans. The United States is a net exporter of medical devices.

Even though the tax on medical devices won’t be levied until next year, it is certainly having an impact.

While the Democrats can glow with optimism at the 200,000 employment increase in December, the economy is still staggering from the roughly 9 million jobs lost since the beginning of the Great Recession. Moreover, many lost jobs sadly will never come back.

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  • FriendofGaryCooper

    It should be made acceptable to say, on a job application, "Lost my job because of Obama." And oh yeah, I heard Google is hiring, for engineers and customer service people, in CHINA. Will Google pay for your plane ticket?

  • davarino

    These dummies think they can make economic changes and everything else remains constant. Increase taxes on the rich and they continue on the same economic trajectory and you majically get more revenue. Hamstring doctors and they will keep on keepin on even if they are losing money. The funny thing is that the liberals keep on doing what they do with the same results, thinking that somehow, some day, the results will be different.

    • http://mphtransfer.com jetrayk

      The perfect definition of Communism.

  • Rifleman

    I don't know about forever, but the manufacturing jobs won't be coming back anytime soon. The technical schools in my area don't even have programs for machine tool technology or robotics any more.

    Somethijng else, most of the 'drop' in unemployment was due to people giving up and dropping out of the labor pool, not from people finding employment.

  • mrbean

    It is no longer even arguable that Obamanomics is the deliberate systematic destruction of the U.S. economy. Why? To bring the most hated superpower(hated by the left and marxists here and around the world) to its knees to complete their long-awaited marxisification of this nation. In his 27 months in office, Obama and his cohorts in congress have overspent our budget by $3.8 trillion dollars…that is just for 27 months as president. If you add the leftists Reid-Pelosi congress to that the figure jumps to more than $4.5 trillion in overspent budgets…all borrowed money or printed money. If you add the next 1.3 trillion that Obama wants to raise the debt ceiling by this year it is 5,8 trillion in overspending. The national debt then exceeds 16.6 trillion.

    • tanstaafl

      Strangely enough, no candidate is discussing our national debt…….

  • Brian Donegal

    Ron Paul seems to be the only one who had a platform against taxes. Sadly it doesn’t look like he’ll get the nomination.

    • WSG

      RE: Paul – whatever you feel his assets are his BLIND ISOLATIONISM – meaning 'allowing Iran to have nuclear weapons is no big deal' and that the JIhadists will just magically change their intent to kill/ subjugate the infidels(all of US) if we just IGNORE them is national suicide ! !

  • Amused

    I agree with the statement that some jobs are indeed lost forever . And the trends that lead to this , styatrted long before Obama took office ,and every successive president in the past 60 years has not only promised more jobs , but facilitated their loss . Manufacturers who open factorties overseas , save tons of money , avoid many taxes , make much more profits …….and the prices we all pay for these goods DOES NOT DECREASE . In addition the quality of these goods have steadily declined , some to the point of being criminally negligent . You want CHEAP , you get CHEAP ….or didn't your fathers teach you …."there ain't no free lunch " .

  • Amused

    As for taxes ? ANY politician who wants reform , and is NOT pandering to any particular group or voting base ,[lol and there are NONE ] would be campaigning for a FLAT TAX .
    You want FAIR ? That is FAIR . Anything less , and you are all full of sheet .