Starbucks CEO: Obamacare 'Good Thing for the Country'
Starbucks CEO Howard Schultz says Obamacare is "a good thing for the country."
The coffee giant chief's comments came during a CNBC interview with anchor Maria Bartiromo.
"On balance, I would say the health care law, to provide health insurance for those people who did not have it, was a good thing for the country and a good thing for those people, and I would encourage them to find ways to provide the insurance and not figure out a way to either lower the hours or get around the system," said Schultz.
Schultz blasted businesses that are reducing worker hours to avoid Obamacare fines.
"Many companies today are reducing hours of full-time people to get under the minimum so they don't have to pay health care costs," said Schultz. "I just shake my head because that's not going to build long-term value and trust with your people. That is a short-term solution and ultimately is not going to add value to the enterprise, the company and your customers."
The Congressional Budget Office (CBO) estimates that employers will be forced to pay $130 billion in Obamacare penalties.
Investor's Business Daily has compiled a growing list of 258 employers who have slashed worker hours or laid off workers in reaction to the law's regulations.