Medical giant Stryker cuts 1,170 jobs, citing ObamaCare

[CuteOldGuy]

Jon Stryker is a moron. He inherits millions from his father, including the company, and here he is, giving millions to Obama, and the company has to lay off people because of Obamacare. No doubt he is a Democrat because he "cares about people." Horseshit.

This must be the stupidest rich person in the US, except for Ted Turner.

Here's the article:

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.

House Republicans tried to have the tax repealed, drafting a bill called the Protect Medical Innovation Act, but the Democrat-controlled Senate has blocked the measure.

“The targeted reductions and other restructuring activities are being initiated to provide efficiencies and realign resources in advance of the new Medical Device Excise Tax scheduled to begin in 2013, as well as to allow for continued investment in strategic areas and drive growth despite the ongoing challenging economic environment and market slowdown in elective procedures,” Stryker spokeswoman Yin Becker told FoxNews.com. “The reductions and restructuring activities are expected to be substantially complete by the end of 2012.”

Executives for Stryker have placed the blame squarely on the coming tax ever since it gained more steam in Washington.

"Here we are, one of the greatest industries in the country, and we're staring down on Jan. 1, 2013 and the addition of a 2.3 percent excise tax, while meanwhile on the other side all the discussion in Washington is about creating jobs," Stryker President and CEO Stephen McMillian said during a national conference of medical device manufacturers in Washington, D.C. last September.

Positions within the company were eliminated altogether after the announcement and have since contracted out many of their current roster of employees to keep costs down, an employee with Stryker, who spoke to FoxNews.com under the condition of anonymity, said.
“They really trimmed the fat with the last layoffs in 2009 and the year after which is probably why we are finally on budget for the first time since 1999,” the employee added.

Jon Stryker has been active in politics before the recent election; he contributing millions to help Democratic candidates in his home state of Michigan. He also has given nearly $250 million of his personal wealth to groups supporting gay rights and the conservation of apes, which led to a newly found species being named after him. In 2010, the discovered Myanmar Snub-nosed monkey was named Rhinopithecus strykeri by the research teams that were funded by Stryker’s Arcus Foundation.

The Associated Press contributed to this story.


Read more: http://www.foxnews.com/politics/2012...#ixzz2CpW4Eewe

[chefnerd]

Actually, this may just be smokescreen by Stryker. A more appropriate reason may lie in the declining revenues, and a plethora of lawsuits on hip replacements, patents, and even its own shareholders as well as subpoenas from the Department of Justice. In addition, it also had to recall its Neptune waste management system.

http://www.thestreet.com/_nasdaq/sto...free&cm_ite=na

[CJ7]

Originally Posted by chefnerd

Actually, this may just be smokescreen by Stryker. A more appropriate reason may lie in the declining revenues, and a plethora of lawsuits on hip replacements, patents, and even its own shareholders as well as subpoenas from the Department of Justice. In addition, it also had to recall its Neptune waste management system.

http://www.thestreet.com/_nasdaq/sto...free&cm_ite=na

indeed ... Obiecare my butt, errrr hip !

http://www.drugwatch.com/stryker/law...p-replacement/

[Yoyoma]

Like I said in another post, most orgs already know whether they would be cutting positions regardless of the election outcome. This is simply a poorly designed smokescreen.

[gnadfly]

Hardly. Most companies where holding off on cutting positions hoping for a Romney win which brought with it no Taxmageddon, no Fiscal Cliff and some predictable movement in Washington.

My company is not hiring - not in the USA at least - even though people are retiring and a brain drain is occurring since the last big hiring binge happened around 2003. Medical insurance cost went up again this year.

On the nightly news, and I flip through many channels, where are the business leaders extolling the benefits of Obamacare on their companies? I haven't seen one yet. Have you Yoyoma? If so, please point me to a video or news link. Thanks.

[CJ7]

Originally Posted by gnadfly

Hardly. Most companies where holding off on cutting positions hoping for a Romney win which brought with it no Taxmageddon, no Fiscal Cliff and some predictable movement in Washington.

My company is not hiring - not in the USA at least - even though people are retiring and a brain drain is occurring since the last big hiring binge happened around 2003. Medical insurance cost went up again this year.

On the nightly news, and I flip through many channels, where are the business leaders extolling the benefits of Obamacare on their companies? I haven't seen one yet. Have you Yoyoma? If so, please point me to a video or news link. Thanks.

holding off , really?

willards platform was closing corporate loopholes

pretty much fucks your speculation all to hell doesnt it?

[satexasguy]

Make up your minds liberals. When an obama goon says something contrary to the truth, you cry and say we must believe what they say. When someone such as Stryker says something you cry and say it is not true and there is some other reason.

[CJ7]

not any company in good working order is, or will layoff employees because of Obiecare ... did compaines lay off workers when Romney implemented his healthcare plan ... no.

Stryker has its nuts caugh in a legal vice and theres no end in sight, the $$ saved from layoffs is now going to lawyers, and lots of them.

[IIFFOFRDB]

Reality is a Bitch...

[CJ7]

Originally Posted by IIFFOFRDB

Reality is a Bitch...

might not be a bad idea to fire the people responsible for making all of those metal on metal hip joints that were recalled. I damn sure would. Lawyers love the reality of long drawn out lawsuits ...

[tttalinky]

[gnadfly]

Originally Posted by CJ7

holding off , really?

willards platform was closing corporate loopholes

pretty much fucks your speculation all to hell doesnt it?

Nope. You don't sit in on HR meetings or know people who work in HR for several major Houston companies. We've even taken out from the HR literature references to retiring with medical benefits for the few new hires who actually walk in the door.

BTW, you can provide me with links to US business leaders/CEOs who say that Obamacare is going to actually help their business. Or you can be an Obamaton and keep denying you're an Obamaton.

[CJ7]

Originally Posted by gnadfly

Nope. You don't sit in on HR meetings or know people who work in HR for several major Houston companies. We've even taken out from the HR literature references to retiring with medical benefits for the few new hires who actually walk in the door.

BTW, you can provide me with links to US business leaders/CEOs who say that Obamacare is going to actually help their business. Or you can be an Obamaton and keep denying you're an Obamaton.

Jackie, business owner/ board republican

COF .. unless he lied about his new venture

the CBO


http://www.politifact.com/florida/st...s-health-care/

http://www.politifact.com/texas/stat...macare-will-c/

if your so called business leaders already provide insurance to employees theyre blowing smoke up everyones ass .. their company wont be touched by Obiecare

[CuteOldGuy]

I work for myself, by myself. I'm filling a niche Obamacare doesn't cover. If I had employees, it would be a completely different story. No way I would start a business that required hiring employees in this climate. So I'm taking advantage of a bad situation. I would do well without Obamacare, too. But Obamacare does help me stand out. I'd rather not have Obamacare, however.

[CJ7]

Originally Posted by CuteOldGuy

I work for myself, by myself. I'm filling a niche Obamacare doesn't cover. If I had employees, it would be a completely different story. No way I would start a business that required hiring employees in this climate. So I'm taking advantage of a bad situation. I would do well without Obamacare, too. But Obamacare does help me stand out. I'd rather not have Obamacare, however.

I remember you saying you would make out like a bandit (so to speak) since Obie got elected


drama queen, I should have known