Tag: Obamacare

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AOL Wages War Against Pregnant Women…It’s About Time

Sometimes, something magical happens. Sometimes a red blooded American stands up, cuts through all the bullshit and calls it like it is. Today was one of those days and I solute you Tim Armstrong, the CEO of AOL. Too bad you will now be crucified by the feminist Nazis and the traditional media outside of AOL. 

WOW. AOL spent $2 Million on just 2 “distressed babies”. What the hell is a “distressed baby” anyway? Here is the bottom line. The companies still have no idea what ObamaCare will cost them over the next few years and how it will change our healthcare system. Actually, no one knows. The best analyst covering the sector are basically sitting with a thumb up their ass without the slightest clue of what the system will look like over the next 5 years and what kinds of extra costs business will have to carry…..

One thing becoming painfully obvious.  It will cost a lot more than anyone anticipated. In both premiums, healthcare costs as well as jobs lost. What AOL did is just the beginning. As soon businesses find out the true costs, you will see cuts across the board. Hitting you where it hurts the most. Your pocket. You wanted change? You got it. 

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AOL CEO Blames Workers’ Costly Pregnancies, Obamacare for 401(k) Cuts

AOL CEO Tim Armstrong

Can a coworker’s pregnancy hurt your 401(k) plan? If you work at AOL (AOL), the answer appears to be yes.

CEO Tim Armstrong on Thursday blamed a change in AOL employees’ 401(k) match on new costs associated with Obamacare, as well as $2 million AOL spent for two employees’ “distressed babies,” according to Capital New York, which said it obtained a transcript of Armstrong speaking on an internal conference call.

AOL, which owns the Huffington Post and Engadget, will now pay out company matching funds in one lump sum at the end of the year, and only to employees who are “active” on Dec. 31. IBM (IBM) made a similar change to its 401(k) plan in 2012, to help cut costs. Armstrong told CNBC that the new health law will impose $7.1 million in new costs on AOL, forcing the company to decide whether to pass those expenses to employees or to “try to eat as much of that as possible and cut other benefits?”

Health care experts questioned the accuracy of the $7.1 million figure, with one noting that employee costs incurred in 2012 would be irrelevant to the company’s costs in 2014. The CEO was more specific later in a conference call with company employees regarding the expenses of providing medical benefits. According to Capital New York, Armstrong said:

Two things that happened in 2012. We had two AOL-ers that had distressed babies that were born that we paid a million dollars each to make sure those babies were OK in general. And those are the things that add up into our benefits cost. So when we had the final decision about what benefits to cut because of the increased healthcare costs, we made the decision, and I made the decision, to basically change the 401(k) plan.

AOL did not respond to an after-hours request for comment. Online, the response was swift.

In a later email memo sent to AOL employees, published by the Huffington Post, Armstrong sought to clarify his remarks. “This morning, I discussed the increases we and many other companies are seeing in healthcare costs,” he wrote. “In that context, I mentioned high-risk pregnancy as just one of many examples of how our company supports families when they are in need. We will continue supporting members of the AOL family.”

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AOL Wages War Against Pregnant Women…It’s About Time Google

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Shocking Truth Finally Comes Out. ObamaCare Will Destroy 4 Million Jobs. The Government Itself Confirms.

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Business Insider Writes: CBO: Obamacare Will Lead To 2 Million Fewer Workers In The Labor Force By 2017

The Congressional Budget Office on Tuesday said that the Affordable Care Act will contribute to the equivalent of 2 million workers out of the labor market by 2017, as employees work fewer hours or decide to drop out of the labor force entirely. 

The reduction in the numbers of hours worked projected by the CBO will lead to the equivalent of 2 million fewer workers in the labor force in 2017. That number will rise to about 2.5 million in 2024. Previously, the CBO had estimated the equivalent of 800,000 fewer workers by 2021.

Read The Rest Of The Article Here

What a fucking disaster.

I use the rule of TWO to either multiply or divide the data coming out of the US Government. It give me a much more accurate data. For instance, when the government wants its data to look favorable, multiply it by 2 to get a more accurate read and vice versa.

For example, multiply the current unemployment rate of 6.7% by 2 and you end up with 13.4%. As far as I am concerned, a much more accurate representation of unemployment when you take part timers and those who have given up looking for work into consideration.

The Congressional Budget Office just announced that the Affordable Care Act will contribute to the equivalent of 2 million workers out of the labor market by 2017. Since they want this data to look as favorable as possible, go ahead and multiply it by 2 to get a more accurate indicator. What does that mean?

The Government itself just admitted that ObamaCare will cost 4 Million jobs.
I am speechless.

As far as I am concerned any regulation that destroys jobs, hurts businesses and slows economic growth is an evil law. Period.  I am afraid, due to the upcoming recession (based on my timing work) the net job losses due to ObamaCare will be much more than 4 Million jobs.

What pisses me off more than anything is complete economic incompetence at every level of our government. They have consistently done nothing but exacerbate our economic problems.

Disappearing middle class, massive debt, wars, credit bubbles, real estate bubbles, corporate earnings bubbles, stock market bubbles, upcoming recession and dim economic future is a clear indication of that. Sad. 

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Shocking Truth Comes Out. ObamaCare Will Destroy 4 Million Jobs. The Government Itself Confirms. Google

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A Little Known Way To Blow $1 Billion

Obamacare Website Trainwreck

Shocking data released Thursday by a highly regarded Bloomberg government analyst put the Obamacare website rollout cost at over $1 billion. This represents a $600 million increase over the price tag usually associated with the Affordable Care Act, according to the Government Accountability Office. 

Unfortunately, the bad news does not end here. Due to the multitude of kinks and glitches so far encountered and the anticipated overload of problems yet to be exposed, the website costs will continue to escalate.

Bloomberg’s Peter Gosselin offered, “Given the seriousness of the IT problems and the fact that most of the contracts are on a cost-plus basis, the companies almost certainly are in line for another burst of spending aimed at quickly making repairs.”

Just yet another sign that the US Government has completely broken down.  How can anyone spend $500 Million (with cost estimated to balloon to $1 Billion) on a website that doesn’t even work is beyond me. 

As someone who has build a number of fairly complex websites I cannot understand how the website they have built can cost anywhere close to that much money. They could have outsourced it to India or Russia or they could have found a few college kids who would have built them a killer application for as little as $10 Million. I guarantee you that.  The cost that they are paying is astronomical and just shows how broken down the system is.

It is just another symptom of complete mismanagement and fraud that is the US Government. They borrow money they do not have and repay it with money printed out of thin air, they wage wars against cave dwellers with AK-47 by shooting at them with Million dollar missiles,  they spent $1 Billion on a website that should only cost $10 Million and they goose the economy with cheap credit at the expense of a future collapse. How is any of this going to end well?

 It will not. 

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USA. Becoming a Nation of Part-Timers

part-time-jobs

Reuters writes:  Obamacare, tepid U.S. growth fuel part-time hiring

(Reuters) – U.S. businesses are hiring at a robust rate. The only problem is that three out of four of the nearly 1 million hires this year are part-time and many of the jobs are low-paid.

Faltering economic growth at home and abroad and concern that President Barack Obama’s signature health care law will drive up business costs are behind the wariness about taking on full-time staff, executives at staffing and payroll firms say.

Employers say part-timers offer them flexibility. If the economy picks up, they can quickly offer full-time work. If orders dry up, they know costs are under control. It also helps them to curb costs they might face under the Affordable Care Act, also known as Obamacare.

Yep, exactly. Companies must be crazy to start hiring full time workers in this environment. The only time it would make sense if the economy is surging higher and unemployment is low. Neither one is the case, nor will it be any time soon.

This can all become a less-than-virtuous cycle as new employees, who are mainly in lower wage businesses such as retail and food services, do not have the disposable income to drive demand for goods and services.

Some economists, however, say the surge in reliance on part-time workers will fade as the economy strengthens and businesses gain more certainty over how they will be impacted by Obamacare.

Keep dreaming. The only place this economy is going is down the toilet. You cannot define the law of physics and mathematics forever.  

Executives at several staffing firms told Reuters that the law, which requires employers with 50 or more full-time workers to provide healthcare coverage or incur penalties, was a frequently cited factor in requests for part-time workers. A decision to delay the mandate until 2015 has not made much of a difference in hiring decisions, they added.

“Us and other people are hiring part-time because we don’t know what the costs are going to be to hire full-time,” said Steven Raz, founder of Cornerstone Search Group, a staffing firm in Parsippany, New Jersey. “We are being cautious.”

Everyone knows the costs of hiring full-time right now. That cost is “Too Expensive”

Raz said his company started seeing a rise in part-time positions in late 2012 and the trend gathered steam early this year. He estimates his firm has seen an increase of between 10 percent and 15 percent compared with last year.

Other staffing firms have also noted a shift.

“They have put some of the full-time positions on hold and are hiring part-time employees so they won’t have to pay out the benefits,” said Client Staffing Solutions’ Darin Hovendick. “There is so much uncertainty. It’s really tough to design a budget when you don’t know the final cost involved

Rest of the article here:

The bottom line is this. This Obamacare law is idiotic.  Any law that adds costs and uncertainty to any company in a bear market or downshifting economy is simply stupid. The output is very clear…. 

  • Companies will hire very few  full time workers.
  • Companies will start firing full time workers and replacing them with part time workers.  So, even if you have a stable full time job now (in the private sector), count your lucky stars if you still have one 5-10 years from now.

Simple as that. America is about to become a nation of part timers. Thank you  President Obama.