Healthcare Takeover Delivers $22 Million Hit in Obama’s Back Yard

How Will Illinois Tool Work’s 60K Employees Be Affected By Cost Hike?

President Obama Promised Economic Growth And Job Creation In Aftermath Of Dems’ Healthcare Takeover:

“President Barack Obama used his weekly radio address to tout the economic benefits of overhauling the health care system, saying that reform would help build a ‘new foundation for our economy to create the good, lasting jobs and shared prosperity of tomorrow.’” (Nia-Malika Henderson, “Obama: Health bill will create jobs,” Politico, 1/9/10)

Manufacturer in President Obama’s Home State Hit With $22 Million in Cost Increases:

“Illinois Tool Works Inc. lowered its first quarter and yearly earnings forecast Tuesday due to costs related to the health care legislation recently passed by Congress. The industrial equipment maker said it will record a tax adjustment of $22 million, or 4 cents per share, to reflect the fact that future Medicare prescription drug subsidies received by the company for retiree prescription drug coverage will now be taxable.” (“Illinois Tool Works Lowers Outlook,” Associated Press, 3/30/10)

NOTE: According to the website for Illinois Tool Works, the company’s “825 decentralized business units in 52 countries employ approximately 60,000 men and women.” (Illinois Tool Works Website, Accessed 03/30/10)