Posted on 07/29/2011 11:28:20 AM PDT by Nachum
In March 2010, Nancy Pelosi warned us that we had to pass ObamaCare to “find out what’s in it.” What is in it is jobs for China. What’s not in it is jobs for Americans, as the Boston Globe reports today (via NewsAlert):
Boston Scientific Corp. said yesterday that it plans to eliminate 1,200 to 1,400 jobs worldwide during the next 2 1/2 years to free money for new investments, the Natick medical device maker’s second major round of cuts since last year.
The company would not say how many jobs will be lost in Massachusetts, where fewer than 2,000 of its 25,000 employees are based. In February 2010, Boston Scientific said it would pare 1,300 jobs worldwide, but similarly did not say where.
Yesterday’s move, a day after Boston Scientific disclosed it was investing $150 million and hiring 1,000 people in China, raised fears that the company will gradually shift more work to foreign sites with less government oversight and lower costs than the United States.
Massachusetts state Senator James Elridge (D-Acton) reacted … predictably:
“My sense is, sadly, that like many other American companies, they are shedding jobs in Massachusetts and adding jobs overseas,’’ Eldridge said. “And this is a company making greater profits, so it’s even more outrageous.’’
Yes, that’s what happens when the American government makes it more expensive to do business in the US.
(Excerpt) Read more at hotair.com ...
lyrica will soon be on the list, real nasty side effects, should never have been approved. and that goes for all those gut killing anti inflamatories.
Shoddy study..........
Memphis UE rate just went to 12.2
I'm against eagle rights too! They'll get their wings stuck at the poll booth. And endangered feces? Why should we pass laws to save what no one wants anyway?
Losing our industrial base makes America more vulnerable too. Just think, just in this industry, our medicines, and stents, clamps, bandages, blood tests, surgical gloves, bed pans...whatever, are being made or will be made in foreign countries.
The US was one of the last free markets for medical devices and pharmaceuticals. Most other countries imposed cost controls through socialized care on those industries years ago.
Pharmaceutical companies do not charge less in Canada because they like Canadians more. They charge less because the Canadian government regulates the price. This is why seniors still flock to Canada for pharmaceuticals.
The costs are higher in the US because we pay for the research costs while the rest of the world pays the production cost.
The same is true of medical devices.
Once price controls are in place, there is no mechanism to recoup research costs. Therefore, the only way to make increasing profits (the goal of every company) is to reduce manufacturing costs.
Still, the price of labor is not the difference here.
Pharmaceutical production is highly automated (like most manufacturing). Therefore, companies do not flee higher wages (unless they are union) instead, companies flee higher taxes, regulations, compliance issues, etc.
Those are the REAL drivers of our manufacturing exodus.
bump
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