Obamacare threatens more U.S. jobs

That didn't take long. Within days of passage of Obamacare, U.S. firms have started warning about eliminating benefits for workers or cutting jobs entirely under the costly government takeover of health care. Just what this country needs after 13 consecutive months of job losses under Barack Obama.

From a story by Josh Funk of The Associated Press:

OMAHA, Neb. — Deere & Co. said Thursday that changes to the health care law signed into law this week will raise related costs this year by $150 million.

The biggest U.S. maker of farm equipment became the second major company in as many days to say it would take a charge for fiscal 2010.

Deere and Caterpillar Inc., which reported that it would record a $100 million charge Wednesday, say the health care overhaul President Barack Obama signed Wednesday will make a subsidy the companies receive for retiree drug coverage taxable in 2011.

Both companies said it was a one-time charge as they adjust to the new level of expected taxes.

Deere and Caterpillar were among the 10 companies that sent a letter to Congressional leaders in December warning of cost increases. Others were: Boeing Co., Con-Way Inc., Exelon Corp., Navistar Inc., Verizon, Xerox Corp., Public Service Enterprise Group Inc., and Met Life Inc.

Read the full story here.