Richard Lacks, CEO of Michigan-based Lacks Enterprises, a car-part manufacturer, is urging his employees to vote for Republican presidential nominee Mitt Romney, MLive.com reports. Not doing so, he warns, could lead to higher taxes and lower pay.
"It is important that in November you vote to improve your standard of living and that will be through smaller government and less government," Lacks wrote as part of a letter that also announced a bonus for the company's 2,300 employees, according to the report. A number of progressive economists warn, however, that suddenly slashing government spending could plunge the economy into another recession.
More specifically, Lacks warned that Obamacare may raise the company's health insurance costs, which he said he would pass on to employees, according to the MLive.com. Nearly two-thirds of employers expect higher health benefit costs as a result of Obamacare, according to a recent survey, and Papa John's CEO John Schnatter has said he plans to raise the price of Papa John's pizza to compensate.
Lacks is not the only CEO to ask his workers to display some support for Romney. A number of coal workers at the Century Mine in Beallsville, Ohio, say they were forced to give up a day's worth of pay to show up at a Romney campaign event in August. Bob Murray, CEO of Murray Energy Company, the company that owns the mine, has close ties to the Bain Capital co-founder.
Romney, whose Massachusetts health care reform law inspired Obamacare, has vowed to repeal Obamacare if elected. He also has promised to lower taxes in a way that mostly would benefit the wealthy and corporations. Meanwhile, analysts have found that the middle class would have to pay higher taxes under Romney's plan.
(Hat tip: Daily Kos.)
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The Stimulus Cost Much Less Than Bush's Wars, Tax Cuts
Republicans frequently have blamed <a href="http://projects.nytimes.com/44th_president/stimulus" target="_hplink">the $787 billion stimulus</a> for the national debt, but, when all government spending is taken into account, the stimulus frankly wasn't that big. In contrast, <a href="http://www.huffingtonpost.com/2011/06/29/cost-of-war-iraq-afghanistan_n_887084.html" target="_hplink">the U.S. will have spent nearly $4 trillion</a> on wars in the Middle East by the time those conflicts end, according to a recent report by Brown University. <a href="http://www.washingtonpost.com/blogs/fact-checker/post/revisiting-the-cost-of-the-bush-tax-cuts/2011/05/09/AFxTFtbG_blog.html" target="_hplink">The Bush tax cuts have cost nearly $1.3 trillion</a> over 10 years.
The Deficit Grew Under George W. Bush
When George W. Bush took office, <a href="http://www.whitehouse.gov/omb/budget/Historicals" target="_hplink">the federal government was running a surplus</a> of $86 billion. When he left, that had turned into a $642 billion deficit.
The Deficit Is Shrinking
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Investors Are Paying Us To Borrow Money
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Investors Are Not Running Away
<a href="http://www.businessinsider.com/niall-ferguson-has-been-wrong-on-economics-2012-8" target="_hplink">Conservative commentators</a> have been warning for years that investors will run away from Treasury bonds because of the national debt. So far it's not happening. <a href="http://www.huffingtonpost.com/2012/05/30/treasury-yield-record-low_n_1555975.html" target="_hplink">Interest rates on Treasury bonds</a> continue to hover at historic lows.
Health Care Reform Reduces The Deficit
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We Spend A Lot On Health Care
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