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Medical giant Stryker cuts 1,170 jobs, citing ObamaCare
Posted By -NO AUTHOR- On 11/16/2012 @ 11:27 pm In Health,Money | No Comments
(Fox News) Medical supply giant Stryker is the latest company to announce job cuts in anticipation of coming costs associated with ObamaCare, even though the man who inherited a fortune from the company’s founder is a fan.
The company will cut 1,170 jobs, or five percent of its worldwide workforce, despite the fact that the founder’s grandson was one of the largest contributors to President Obama’s re-election campaign. Medical tech scion Jon Stryker, whose net worth is currently estimated at $1.2 billion, contributed $2 million to the Priorities USA Action super PAC and has given $66,000 in contributions to Obama and the Democratic Party. Stryker does not run the company.
A “medical device excise tax” included in the mandate imposes a 2.3 percent levy on medical device manufacturers and suppliers, which critics say will raise prices on everything from pacemakers to prosthetics to stents. Companies will be required to pay the tax regardless if they have a profit or loss for the year. The tax is estimated to cost the medical device industry $20 billion.
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