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May 19, 2010

Yet Another ObamaCare Casualty: White Castle

Posted by The MaryHunter at May 19, 2010 6:52 PM

Among the numerous economic woes caused already by Obama-Pelosi-Reid health care "reform" is what could be the financial evisceration of a national favorite hamburger chain.

White Castle reports that a single provision of Obamacare would cut its net income in half -- and then some. Jamie Richardson, a White Castle executive, says, "We've been working on this internally from a number of different perspectives. One [provision] that has [us] the most concerned is the $3,000 penalty that kicks in when an employee's portion of a premium exceeds 9.5% of Household Income." Richardson elaborates, "In present form, this provision alone would lead to approximate increased costs equal to over 55% of what we earn annually in net income (based on [our] past 4-year average). ..."

All this, during a recession with double-digit unemployment (yes, 9.9 is double-digit in anyone's book.)

"Effectively cutting our net income in half would have [a] devastating impact on the business -- cutting future expansion and more job creation at least in half. Sadly, it makes it difficult to justify growing where jobs are needed most -- in lower income areas." And that's all from just a single provision in a 2,700-page act.

Just one more reason to thank your favorite Democrat or "moderate" Independent for electing Chairman Zero.