Looks like Obamacare is going to cost John Deere an extra $150 mil this year. Wonder how that’s going to impact their workforce? Think they’ll be doing a lot of new hiring? Let me tell you right now, this is just the beginning. As a direct result of Obamacare, companies will start cutting back on insurance plans, instituting hiring freezes, and laying people off. This is just the start, it only gets worse after this.
“Deere Says New Health Care Reform Law Will Increase 2010 Expense By $150 Million After-Tax
MOLINE, Illinois (March 25, 2010) — Deere & Company announced today that the Patient Protection and Affordable Care Act signed into law this week will adversely impact its expenses for fiscal 2010. As a result of the legislation, the company’s expenses are expected to be about $150 million higher on an after-tax basis, primarily in the second quarter. This impact was not included in the 2010 outlook for net income attributable to Deere & Company of approximately $1.3 billion disclosed in the company’s first-quarter earnings report on February 17th.”
Read the whole thing here.