Quote from Hello:
Caterpillar, Inc. says Obamacare would cost them $100 million in first year
By: J.P. Freire
Associate Commentary Editor
03/19/10 11:39 AM EDT
FILE - In this April 16, 2008 file photo, Caterpillar heavy machinery for sale is lined up at Milton Cat in Richmond, Vt..(AP Photo/Toby Talbot, file)
Obamacare will take a huge chunk out of the American economy, so says Caterpillar, Inc., which said in a letter to House leadership that the bill under consideration would increase the company's health care costs by more than $100 million in the first year alone:
In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan "because of the substantial cost burdens it would place on our shareholders, employees and retirees."
Caterpillar, the world's largest construction machinery manufacturer by sales, said it's particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.
One of the biggest arguments for Obamacare is that businesses are weighed down by current costs -- the bill is said to allow these businesses to invest their money more efficiently. Apparently that's not the case here.
The Peoria-based company is one of many hard-hit employers in Illinois, which has an unemployment rate of 12.2 percent. It's delusional to think that adding $100 million to their operating costs won't make it more difficult to hire. In fact, this is exactly what 130 economists said in their letter to President Obama yesterday saying that the bill was unquestionably a job killer.
This isn't the first time Caterpillar has had to force Obama to face the facts. At an event held with CEO Jim Owens in February 2009, Obama claimed that the stimulus would allow Caterpillar "to rehire some of the folks who were just laid off." (The company had just laid off 22,000 people.) Once the president left the event, however, Owens was asked if the stimulus package would be able to stop the 22,000 layoffs. His reply: "I think realistically no. The truth is we're going to have more layoffs before we start hiring again."
http://www.washingtonexaminer.com/o...-them-100-million-in-first-year-88562012.html
http://finance.yahoo.com/news/Building-on-Customer-Value-prnews-4230320309.html?x=0&.v=1
Building on Customer Value: Caterpillar Announces Expansion of Its North Carolina Compact Construction Facility
Additional Space Provides Increased Logistics and Fabrications Capacity to Meet Global Demand
Press Release Source: Caterpillar Inc. On Thursday August 5, 2010, 3:30 pm EDT
PEORIA, Ill., Aug. 5 /PRNewswire-FirstCall/ -- Caterpillar Inc. (NYSE:CAT - News) is announcing the expansion of its Compact Construction Equipment operations located in Sanford, North Carolina. The development will provide the increased logistics and fabrications capacity required to meet growing global demand for the skid steer, compact track and multi-terrain loaders produced in Sanford today.
The expansion plans include a 270,000-square-foot building addition that will house logistics and the latest robotic welding technology for fabrication production.
"The Sanford campus project provides Caterpillar with several key benefits that support our quest to constantly improve value for our customers," said Mary Bell, Vice President of Caterpillar's Building Construction Products Division. "We appreciate the support we received from our local partners and from the State of North Carolina for our growth strategy."
The expansion of compact construction equipment production capacity is part of Caterpillar's long-term strategy to deliver the highest quality, best value building construction machines in the industry.
Construction is expected to begin in early September 2010, with operations commencing in July 2011. When the expansion is complete and fully operational, it is anticipated that Caterpillar will add roughly 325 additional workers over a five-year period bringing the total workforce to approximately 750.
"For the second time in less than a week, Caterpillar is making a major investment in North Carolina and strengthening its ties as a corporate citizen of our state," said Governor Bev Perdue. "By expanding its stake in North Carolina, Caterpillar has demonstrated that our own investments in education, worker training, transportation and infrastructure have paid off. We have created the kind of business climate and workforce that is attracting new companies and encouraging the ones that are here to grow."
Caterpillar currently employs roughly 1,000 full-time workers in North Carolina in locations throughout the state including Cary, Charlotte, Clayton, Franklin, Goldsboro, Morganton, New Bern and Smithfield. The company recently announced the construction of a lower powertrain components facility in Winston-Salem that is expected to be operational in 2012 and will employ roughly 400 workers.
I always make the assumption that the people i am debating have a basic knowledge of business but i guess it isnt always the case, and apparently liberals lack more general knowledge than anyone else.....