Obamacare's Killing Jobs, Says Guy Who Voted for it Twice

By all means, please tell us about the job-killing consequences of the monstrous law you voted for twice, former Democratic Senator:

The Supreme Court decision in June upholding the Affordable Care Act leaves in place a tax on medical devices that threatens thousands of American jobs and our global competitiveness. It will also stifle critical medical innovation in the industry that gave us defibrillators, pacemakers, artificial joints, stents, chemotherapy delivery systems and almost every device we depend on to save lives. The 2.3% tax will be charged to manufacturers on each sale and takes effect in January. Many U.S. device companies, in response, have already announced layoffs, canceled plans for domestic expansion and slashed research-and-development budgets.

The hit will be severe. For a typical company, a 2.3% tax on revenues equals a 15% tax on profits. When combined with a 35% corporate tax and state corporate taxes, the tax rate for the medical-device industry will exceed 50% in most jurisdictions. Many marginally profitable businesses will then hemorrhage red ink, since they'll have to pay the excise tax whether they are making money or not ... As a result of the looming device tax, production is moving overseas, good jobs are going to Europe and Asia, and cutting-edge medical devices will now be produced elsewhere for import into the U.S. Meanwhile, the impact on the quality of care is incalculable but no less real. Thirty billion dollars must be taken out of operations or R&D. Who knows what lifesaving devices that might have been developed will fall victim to this tax?

That's Indiana's Evan Bayh writing in the Wall Street Journal, sounding the alarm over one of many atrocious provisions in a law that he played a decisive role in passing. Here's the editor's note that accompanies the column:

I got a defibrilator/pacemaker a week after I dropped dead, was revived, beat two comas, pneumonia and brain seizures.

It cost between $20,000-30,000 and is my bosom buddy (Located in the upper left pectoral region).

If the 2.7% tax on medical devices goes thru, the next cardiac arrest patient in the year 2013 (and/or his insurance company) will be paying an additional $540 if it is the $20,000 model, and $810 on the higher grade models.

There is also a possible higher tax of over 3% for IMPORTED medical devices.

Let us all bow down and give thanks to Obama and the Democrats for screwing the American people in the name of Health Care Reform (written originally by one of Obama’s buddy’s, former Communist Party USA Chicago cell leader, Dr. Quentin Young, now of the Democratic Socialists of America (marxist), and leader of a radical front he created, Physicians for a National Health Plan (PNHP) (which has two CPUSA members/supporters among its’ leaders.

For a picture of Obama with his arm around Young, go to www.keywiki.org, and search for “Quentin Young”.

Enough to make you want to cry for America.

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