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.)