Stryker's sad irony
It's a bitter irony that medical supply giant Stryker Corp. has announced 1,170 job cuts, 5 percent of its workforce, just as ObamaCare ramps up.
Adding insult to injury — ObamaCare's excise tax on medical devices — is the company founder's grandson: He's one of the largest individual contributors to President Obama's re-election campaign and Democrat causes. More on that later.
Stryker is among companies bracing for the full onslaught of ObamaCare, which imposes a 2.3 percent levy on medical-device manufacturers and suppliers, thereby raising the cost on everything from pacemakers to surgical stents. Overall cost to the industry: about $20 billion, Fox News reports.
“(M)eanwhile on the other side, all of the discussion in Washington is about creating jobs,” says Stryker president and CEO Stephen McMillian.
Despite House Republicans' efforts to repeal the excise tax, Senate Democrats refused to relent.
Yet heir Jon Stryker nevertheless contributed $2 million to the liberal Priorities USA Action super PAC and gave $66,000 to Mr. Obama and the Democratic Party, according to Fox.
The upshot of Mr. Stryker's political support will be less industry investment, research and development. Did we mention that he doesn't actually manage the company?
It is remarkable to witness the zeal of Stryker and similarly minded Americans as they drive the nails into their own coffins.