Forty-seven days from the fiscal cliff and we're already beginning to see signs of the coming 'layoff bomb,' thanks to the re-election of Barack Obama and a lack of clear ideas on Capitol Hill to handle what's coming. The medical device manufacturer Stryker for instance, whose current heir and namesake donated millions to Obama and Democrats this cycle, is set to lay off over 1,000 people to counter the Obamacare medical device tax. Stryker is one fourteen large companies FreedomWorks has identified that are already set to enforce layoffs due to new taxes that will take effect under Obama in term two:
With 20 or so new or higher taxes set to be implemented, ranging from a $123 billion surtax on investment income, through the $20 billion medical device tax, all the way down to the $600 million executive compensation limit, Obamacare will be a nearly unbearable tax burden on the economy.
Who will pay? The middle-class workforce, of course.
Matt Kibbe of FreedomWorks and Anthony Randazzo of the Reason Foundation joined Wilkow! Thursday to discuss these projected layoffs, and what could be only the tip of the iceberg for the economic hardship ahead.