Sunday, February 19, 2012

20,000 XL Jobs Killed by Obozo: Twice That Coming in Med Supply Ind'y

Best sharpen up your burger-flipping skills and move to a resort area where Queen Michelle or King Obozo like to visit.

...Mass.-based Zoll Medical Corp., which makes defibrillators and employs some 1,800 workers in the U.S. and around the world, says the medical device tax will cost the company between $5 million and $10 million a year. Its profit in 2009 was $9.5 million. “Running our company at close to break even would not be a sustainable position for us,” CEO Richard Packer said in a public statement, “so we will be forced to look at alternatives.”

Those “alternatives” include cutting payroll, cutting R and D and passing on the costs to patients, of course. Industry estimates put the tax-induced job losses at 43,000. So far, the number-crunchers at 1600 Pennsylvania are mum on the number of potential jobs — and lives — destroyed by the medical innovation death tax.

Plenty more stories of other firms contemplating either serious cutbacks OR simply moving out of the US altogether.

HT:  Malkin


Beer, Bicycles and the VRWC said...

It's part of the plan.

neomom said...

I wonder how Jeff Immelt feels about it? Although he'd have to crawl out from under Obamas desk to notice.

Beer, Bicycles and the VRWC said...

This is why Immelt is sending his Wisconsin operations overseas.

Noreen said...

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neomom said...

Only X-Ray so far Deek.... So far.