[Free Beacon] A manufacturing CEO told lawmakers on Wednesday that costs imposed by the Affordable Care Act had negatively impacted his company's ability to hire new workers, make capital investments, and develop new products.Joe Eddy, president and CEO of Eagle Manufacturing Company, testified before the House Committee on Education and the Workforce on behalf of the National Association of Manufacturers, a trade association that represents more than 12 million Americans.
"Manufacturers appreciate your attention to the burdens of the Affordable Care Act that are impacting the competitiveness and growth of manufacturers around the nation," Eddy said.
Eddy said it had always been his priority as the president of a family-owned business to provide health insurance for his employees. His business traditionally covered 100 percent of medical costs, but Obamacare made that more difficult.
In 2009, the company paid about $13,500 per year per employee for health insurance, Eddy said, but today it pays more than $22,800 per year per employee--an increase of $9,300. Taxes, paperwork, fees, and mandates cost the business $1,000 per year per employee.
"Rising health care costs impact all facets of any company--hiring new workers, maintaining competitive pay rates, and making capital investments as well as researching and developing new products," he said. "I know that my struggle is not unique and that other manufacturers around the country are facing the same challenges."