Rampant greed unleashed
I do not know whether Obamacare is a good idea. But I was dumfounded by the position taken by Robert Luddy of the Job Creators Network Foundation in his Sept. 20 Point of View “How Obamacare smothers businesses.” Luddy says that the law “attacks free enterprise. It kills jobs, deprives consumers of goods and services, and smothers entrepreneurial spirit.”
To justify, he explained the plight of Do Won Chang, who has announced that he will reduce hours for 196 employees at his Forever 21 chain to 29.5 hours per week to avoid paying $1 million for health insurance out of his 2012 profit of $4 billion. So let’s do the math. The health benefit would cost him 2.5 hundredths of 1 percent of his annual profit. For every million dollars earned, he would have paid $250.
I have to question the motivations of Luddy and his buddies at the network if in their eyes losing such a seemingly indiscernible fraction of profit would motivate them to eliminate jobs and lose their entrepreneurial spirit. It makes me question the motivations of this extremist group on any issue. I see only unhinged and rampant greed.