Hesitant Over Obamacare, Businesses Delay Expansion
The massive, expensive program is a little nerve-wracking
President Obama is expected to meet later Wednesday with 20 of the nation's top CEO's, looking to tap into their nearly $2 trillion in cash reserves to help stimulate job creation.
But the looming fiscal cliff, financial uncertainty in the Eurozone and the ongoing implementation of ObamaCare have businesses fearful of expansion. On Monday, Hostess Brands announced it is closing three bakeries and laying off 627 employees. The company joins Boeing Company, Groupon Inc, Applebee's international, Papa John's and Murray Energy, which have all announced layoffs or other job cuts since the election.
Zane Tankel, CEO of Apple-Metro, which oversees Applebee's Restaurant franchises across the country, expressed a common concern about the costs of the federal health care overhaul.