Wednesday, March 31, 2010

Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul

FOXNews.com - Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul

Powerhouse student loan provider Sallie Mae says layoffs are imminent as a result of President Obama's new student loan overhaul.

My Thoughts
Instead of working with the student loan industry to make it easier for them to loan money, Congress specifically the Democrats and the Obama administration decided to take over student loans in order to fund parts of it health care programs.

By doing this, student loan companies will now start laying off employees. Thanks, guys!

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Democrats Accused of Trying to 'Intimidate' Firms for Airing Health Care Concerns

FOXNews.com - Democrats Accused of Trying to 'Intimidate' Firms for Airing Health Care Concerns

The CEOs of some of the country's biggest companies are being summoned to Washington to defend claims that the health care reform law would cost them millions -- a move Republicans say amounts to intimidation.

My Thoughts
Congress is trying to save face by shifting the blame on the negativity for the health care law to everyone else including businesses that now have to increase spending on employee medical benefits. Some businesses are stating that they may have to lay off employees to pay for this health care law.

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Friday, March 26, 2010

Jobless Benefit Expiration To Affect Thousands

Jobless Benefit Expiration To Affect Thousands -Labor Group - FOXBusiness.com


WASHINGTON -(Dow Jones)- More than 200,000 people would stop receiving checks in the first week if federal jobless benefits expire April 5 due to congressional inaction, according to pro-labor group the National Employment Law Project.

My Thoughts
While Democrats shifted gears from jobs back to health care, thousands of Americans will have their unemployment benefits cut off if Congress does not act. Republicans will blame Democrats and Democrats will blame Republicans.

I blame both parties for missing this.

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3M Sees 12 Cents a Share Charge On Health-Care Bill

3M Sees 12 Cents a Share Charge On Health-Care Bill - FOXBusiness.com
SAN FRANCISCO--3M Co. said Friday that it expects to record a non-cash charge of $85 million to $90 million after tax, or about 12 cents a share, in the first quarter of 2010 as a result of the recently passed health-care bill.

My Thoughts
Another company announces that they will have to take a charge for the health care law that the President signed.

With the economy in a fragile state and slowly recovering, corporations will be faced with outsourcing the work to foreign countries and laying off employees.

So much for helping with jobs and stimulating the economy.

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AT&T Taking $1B Charge to Cover Costs of New Health-Care Legislation

AT&T Taking $1B Charge to Cover Costs of New Health-Care Legislation - FOXBusiness.com

AT&T (T: 26.24, 0.08, 0.31%) said Friday that tax ramifications related to the newly passed health-care legislation will force it to take a $1 billion non-cash charge in the first quarter.

My Thoughts
It looks like the new health care law will take its toll on the economy. I have heard of companies that are talking about outsourcing more of their jobs so that they can avoid paying more for health care. Some companies are talking about laying more employees off in order to get them off of their payrolls in order to avoid paying more for health care.

Isn't this wonderful? I saw a news segment of a man jumping for joy saying that he will get free health care and housing. Free? It will cost all Americans dearly for this program.

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Friday, March 19, 2010

"Cornhusker" Out, More Deals In: Health Care Bill Gives Special Treatment

FOXNews.com - 'Cornhusker' Out, More Deals In: Health Care Bill Gives Special Treatment

Democrats unveiling revisions Thursday to their health care overhaul bill decided to kill the extra $100 million in Medicaid funds for Nebraska that has become a symbol of backdoor deal making. But the 153 pages of changes to the massive health care package include extra money for several other states.

My Thoughts
The President and his buddies in Congress will do whatever it takes to make this unwanted bill a law. I honestly believe that Congressmen are holding out their votes so that they can get a sweetheart deal for their states. It is morally reprehensible for anyone during this economic downturn to take more money for their state's just to stay in office.

Do you honestly think that spending all of this money is going to solve the health care issues we have. In a recent survey by the New England Medical Journal, 46% of the doctors surveyed said that they will leave their profession due to the headache that this health care bill will cause once it becomes law.

The CBO points out that the government will will save up to $138 billion over 10 years once this becomes law. Explain to me how a government that prides itself on overspending and missing the mark on every project is able to save money. I think it is never going to save that money and will most likely overspend.

With $38 trillion dollars in unfunded liability in Medicare, we will just simply accelerate the insolvency of the program with this bill.

Don't get me wrong. I believe that we need to reform the health care industry; however, it needs to be done slowly and done with the intent of truly helping people rather than using it as a political legacy. The President has made it quite clear to the rank and file that his presidency is at stake and that they need to come to his aid and not to the aid of the nation.

I predict that this bill will be passed either by a vote or through the "deeming" process (aka Slaughter solution). If it passes, I know that Americans will rise up and vote out the incumbents. All are tired of the games played by Washington. So much for transparency and change. Didn't someone during the presidential elections promise those things?

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Friday, March 12, 2010

GOP Senators Question $1M Salary for Boys and Girls Club CEO

FOXNews.com - GOP Senators Question $1M Salary for Boys and Girls Club CEO

Four senators said they were concerned that the chief executive of a charity that has been closing local clubs for lack of funding was compensated nearly $1 million in 2008. They also questioned why in the same year officials spent $4.3 million on travel, $1.6 million on conferences, conventions and meetings, and $544,000 in lobbying fees.

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Tuesday, March 9, 2010

Obama Confuses Decades, Inflates Estimated Health Care Savings by $868B

FOXNews.com - Obama Confuses Decades, Inflates Estimated Health Care Savings by $868B

Obama boasted Monday that Democrats' health care proposals would cut deficits by $1 trillion "over the next decade," a flub that inflated the actual estimate by $868 billion.

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Saturday, March 6, 2010

Harry Reid: "Today is a big day in America. Only 36,000 people lost their jobs today, which is really good."

As one of the millions of unemployed individuals in the US, I really appreciate Harry Reid's glib attitude and remark about how the workforce only lost 36,000 jobs. His comment ranks up there with Marie Antoinette's quote, "Let them eat cake."

Thanks, Senator Reid. I appreciate the sentiment.