A new study on health care costs for U.S. companies was released this morning by Hewitt Associates:
For 2006, Hewitt expects health-care costs to rise 9.9 percent on average”¦health care is growing about three times faster than wages, the survey showed.
Skyrocketing health care costs are crippling companies like GM:
GM reported Tuesday it lost $1.1 billion in the first quarter, its largest quarterly loss in more than a decade, and it cited the cost of providing health coverage for its workers and retirees as a main culprit.
Workers also suffer:
Wage increases are expected to be about 3.6 percent, while contributions and out-of-pocket expenses are projected to rise 11.6 percent. For a person who makes $40,000 per year, that increase in health-care costs would take out about 23 percent of their overall salary gains.
But let’s not talk about that. What this country really needs is more tax cuts for the rich.