“If the health care reform law is not repealed or if the employer mandate doesn’t go away, we’re going to have to take drastic action,” explains Scott Womack, an Indiana small business owner.
On the first anniversary of the passage of Obamacare, Womack sat down with The Heritage Foundation to outline what the bill means for the future of his business.
Under the year-old law, Womack must provide health insurance to all full-time employees. Right now, he employs nearly 1,000 full- and part-time workers and he already provides insurance to his management staff. He simply doesn’t have the money to do more.
Womack estimates the cost of the law to his company to be 50 percent greater than his company’s earnings — in other words, beyond his ability to pay.
Without these profits, Womack will be unable to invest in new restaurants, which will not only impact his restaurant employees but local investors and developers as well.
Womack isn’t the only business owner discussing the impact of Obamacare on his bottom line today. The CEO of Starbucks has doubled-back on his support of the law after seeing how the increased regulations will impact his bottom line.
How do you think Obamacare will impact you, your job and your family?