Now For the Reality of Healthcare Reform

[editec]

Sounds like a nice tax writeoff for ATT?

No, it sounds like one billion dollars in profits will be lost.....which means less jobs and less benefits. Employee pay and benefits are the highest overhead to any company. Less profits means less people and benefits.

More manna for the already overfed HC industry, I suppose.

 

[JakeStarkey]

Lower profits will translate into even less jobs with an already record unemployment rate.

AT&T to Book $1 Billion Cost on Health-Care Reform (Update2) - Bloomberg.com

AT&T to Book $1 Billion Cost on Health-Care Reform

By Ian King and Amy Thomson

March 26 (Bloomberg) -- AT&T Inc. will book $1 billion in first-quarter costs, the most of any U.S. company, related to the health-care law signed this week by President Barack Obama.

A change in the tax treatment of Medicare subsidies triggered the non-cash expense, Dallas-based AT&T said today in a regulatory filing.

AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.

“Companies like AT&T, that have large employee bases, are going to have higher health-care costs and, therefore, lower earnings unless they can negotiate something or offer less to their employees,” ............

That's a fail. The supposed conclusion is based on faulty premises. The health insurance industry is slavering at this program: big bucks, lots of jobs, which will exponentially spread right through the economy.

 

[California Girl]

Lower profits will translate into even less jobs with an already record unemployment rate.

AT&T to Book $1 Billion Cost on Health-Care Reform (Update2) - Bloomberg.com

AT&T to Book $1 Billion Cost on Health-Care Reform

By Ian King and Amy Thomson

March 26 (Bloomberg) -- AT&T Inc. will book $1 billion in first-quarter costs, the most of any U.S. company, related to the health-care law signed this week by President Barack Obama.

A change in the tax treatment of Medicare subsidies triggered the non-cash expense, Dallas-based AT&T said today in a regulatory filing.

AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.

“Companies like AT&T, that have large employee bases, are going to have higher health-care costs and, therefore, lower earnings unless they can negotiate something or offer less to their employees,” ............

That's a fail. The supposed conclusion is based on faulty premises. The health insurance industry is slavering at this program: big bucks, lots of jobs, which will exponentially spread right through the economy.

Those jobs will boost the economy - just not ours. They'll go overseas.... India.

 

[Skull Pilot]

Lower profits will translate into even less jobs with an already record unemployment rate.

AT&T to Book $1 Billion Cost on Health-Care Reform (Update2) - Bloomberg.com

AT&T to Book $1 Billion Cost on Health-Care Reform

By Ian King and Amy Thomson

March 26 (Bloomberg) -- AT&T Inc. will book $1 billion in first-quarter costs, the most of any U.S. company, related to the health-care law signed this week by President Barack Obama.

A change in the tax treatment of Medicare subsidies triggered the non-cash expense, Dallas-based AT&T said today in a regulatory filing.

AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.

“Companies like AT&T, that have large employee bases, are going to have higher health-care costs and, therefore, lower earnings unless they can negotiate something or offer less to their employees,” ............

That's a fail. The supposed conclusion is based on faulty premises. The health insurance industry is slavering at this program: big bucks, lots of jobs, which will exponentially spread right through the economy.

So the people who get laid off from AT&T and caterpillar etc can just go get a job for a health insurance company right?

 

[JakeStarkey]

Let's see that happen first, slick.

 

[boedicca]

Sounds like a nice tax writeoff for ATT?

No - it's a tax increase - hence the charge.

 

[boedicca]

the reason the HCR bill will cost so much is because companies like At&T that provide drug benefits for retirees because of an incentive that allows them to write it off and gives them a small subsidy to provide the benefit are losing it.

This particular benny keeps people off the medicare drug program and costs the government half of what it would if all these retirees were not getting the drug benefit via their employer.

So now AT&T will just end that retirement benefit and toss all those people who are not currently on the medicare drug program into the mix thus costing the government way more money that it does not have.

I believe this is called cutting off one's nose to spite one's face.

I read something earlier today that the cost of shifting this burden from the companies to Medicare will result in a doubling of expense. The extra tax being paid by the companies will be less than half of what Medicare will now have to pay to cover them.

How does that Reduce Costs?

 

[Skull Pilot]

Let's see that happen first, slick.

Have faith.

Businesses will always control costs and if making up a billion dollar shortfall can only be done by cutting the work force it will be happen.

 

[Foxfyre]

Let's see that happen first, slick.

Have faith.

Businesses will always control costs and if making up a billion dollar shortfall can only be done by cutting the work force it will be happen.

And add in cuts in other benefits to counter those the government will force business to provide, less money for raises and bonuses, new jobs that will never be created because some businesses will freeze expansion to avoid moving into the mandate territory, fewer doctors available to everybody because of extreme Medicare cuts, loss of more jobs as some states are unable to cover mandated increased Medicaid costs and. . . .

. . . .catching breath here. . . .

The fairy tale that the government can cover 30 million more people without further straining an already strained system and increasing overall healthcare costs.

 

[jdavij2003]

Let's see that happen first, slick.

Have faith.

Businesses will always control costs and if making up a billion dollar shortfall can only be done by cutting the work force it will be happen.

And add in cuts in other benefits to counter those the government will force business to provide, less money for raises and bonuses, new jobs that will never be created because some businesses will freeze expansion to avoid moving into the mandate territory, fewer doctors available to everybody because of extreme Medicare cuts, loss of more jobs as some states are unable to cover mandated increased Medicaid costs and. . . .

. . . .catching breath here. . . .

The fairy tale that the government can cover 30 million more people without further straining an already strained system and increasing overall healthcare costs.

Congress will be voting at the end of April on whether to cut Medicare payouts by 21% across the board. I work for a physical therapy company and we have already been informed that if the cuts happen, we will be getting our hours cut and possibly our salaries. Not to mention that over the last two years we have not gotten cost of living raises, my employer has cut their yearly contribution to our HSAs from $400 to $100, and we have lost some paid days off per year.

 

[driveby]

Lower profits will translate into even less jobs with an already record unemployment rate.

AT&T to Book $1 Billion Cost on Health-Care Reform (Update2) - Bloomberg.com

AT&T to Book $1 Billion Cost on Health-Care Reform

By Ian King and Amy Thomson

March 26 (Bloomberg) -- AT&T Inc. will book $1 billion in first-quarter costs, the most of any U.S. company, related to the health-care law signed this week by President Barack Obama.

A change in the tax treatment of Medicare subsidies triggered the non-cash expense, Dallas-based AT&T said today in a regulatory filing.

AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.

“Companies like AT&T, that have large employee bases, are going to have higher health-care costs and, therefore, lower earnings unless they can negotiate something or offer less to their employees,” ............

That's a fail. The supposed conclusion is based on faulty premises. The health insurance industry is slavering at this program: big bucks, lots of jobs, which will exponentially spread right through the economy.

And when you're wrong, what ? Another trillion dollar stimulus package ? Or do we then get told by your party how cap and trade will create five million jobs ? ..........

 

[JakeStarkey]

my party, lozerby, is the GOP that has no plan at all and has had no plan since reagan. if it fails, then we will try something else, just not any reagan voo-doo economics.

 

[kwc57]

Lower profits will translate into even less jobs with an already record unemployment rate.

AT&T to Book $1 Billion Cost on Health-Care Reform (Update2) - Bloomberg.com

AT&T to Book $1 Billion Cost on Health-Care Reform

By Ian King and Amy Thomson

March 26 (Bloomberg) -- AT&T Inc. will book $1 billion in first-quarter costs, the most of any U.S. company, related to the health-care law signed this week by President Barack Obama.

A change in the tax treatment of Medicare subsidies triggered the non-cash expense, Dallas-based AT&T said today in a regulatory filing.

AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.

“Companies like AT&T, that have large employee bases, are going to have higher health-care costs and, therefore, lower earnings unless they can negotiate something or offer less to their employees,” ............

That's a fail. The supposed conclusion is based on faulty premises. The health insurance industry is slavering at this program: big bucks, lots of jobs, which will exponentially spread right through the economy.

Point out these supposed faulty premises. You think you know better than At&T how the HC bill will affect their bottom line? I don't think so. This is being repeated across many companies in many industries across the nation. All of this redistibution of wealth comes from the haves.....who earned it.....to the have nots. It doesn't magically appear out of Obama's ass you know. This will mean increased taxes on the backs of the people who already bear the burden to cover even more for those who already pay nothing. Companies will be paying more. In case you are not aware, companies do not exist just to employee people, they ultimately exist to make a profit. If it isn't profitable, they will reduce their costs to increase their profits (reduce benefits and/or employees) or they will simply go out of business. Asking tax payers and companies that already support the system to take on even more just puts additional strain on them and something will eventually give.

 

[JakeStarkey]

I see predictions. I don't see evidence. Informed opinion does not count when an OP is made if you are going to ask for evidence from the other side. The OP has to post its evidenc first: not just anyone's opinion as evidence.

 

[kwc57]

I see predictions. I don't see evidence. Informed opinion does not count when an OP is made if you are going to ask for evidence from the other side. The OP has to post its evidenc first: not just anyone's opinion as evidence.

You do realize that the OP is a press release from AT&T don't you? You do realize that when companies take billion dollar hits, the shit rolls down hill don't you? You do realize that 2+2 still equals 4 don't you? Do you think AT&T will be giving big fat bonuses to all the employees and hiring more people?

 

[chanel]

Predictions? Like the CBO report? Just sayin...

 

[JakeStarkey]

I see predictions. I don't see evidence. Informed opinion does not count when an OP is made if you are going to ask for evidence from the other side. The OP has to post its evidenc first: not just anyone's opinion as evidence.

You do realize that the OP is a press release from AT&T don't you? You do realize that when companies take billion dollar hits, the shit rolls down hill don't you? You do realize that 2+2 still equals 4 don't you? Do you think AT&T will be giving big fat bonuses to all the employees and hiring more people?

Let's see the evdience, the empirical data, the objective proof of it, not simplistic talking points used by simplistic minds. And should one use the CBO's report as evidence, check to see if it uses the word "uncertainty". If not, you can safely ignore it.

 

[Foxfyre]

Predictions? Like the CBO report? Just sayin...

Yep. I was watching a commentary on the Massachusetts universal health plan tonight and how it has already exceeded the original cost estimates by hundreds of millions and the state won't be able to sustain it. The only way it can now is by large infusions of stimulus package money--so there's more jobs we won't be seeing from the stimulus package.

Medicare is something like 600% more than its original CBO estimates for the current time.

Who is still foolish enough to think that the CBO estimates even approximate the total costs we will see from the Obamacare package?

 

[jreeves]

Lower profits will translate into even less jobs with an already record unemployment rate.

AT&T to Book $1 Billion Cost on Health-Care Reform (Update2) - Bloomberg.com

AT&T to Book $1 Billion Cost on Health-Care Reform

By Ian King and Amy Thomson

March 26 (Bloomberg) -- AT&T Inc. will book $1 billion in first-quarter costs, the most of any U.S. company, related to the health-care law signed this week by President Barack Obama.

A change in the tax treatment of Medicare subsidies triggered the non-cash expense, Dallas-based AT&T said today in a regulatory filing.

AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.

“Companies like AT&T, that have large employee bases, are going to have higher health-care costs and, therefore, lower earnings unless they can negotiate something or offer less to their employees,” ............

Damn "Corporate Greed", they only give people jobs....

 

[jreeves]

Predictions? Like the CBO report? Just sayin...

Yep. I was watching a commentary on the Massachusetts universal health plan tonight and how it has already exceeded the original cost estimates by hundreds of millions and the state won't be able to sustain it. The only way it can now is by large infusions of stimulus package money--so there's more jobs we won't be seeing from the stimulus package.

Medicare is something like 600% more than its original CBO estimates for the current time.

Who is still foolish enough to think that the CBO estimates even approximate the total costs we will see from the Obamacare package?

Hmm...I wonder why just about every time the CBO estimates the costs of these programs they are way off?

The door has been kicked open | Longboat Key News

The alleged moderates accepted an already discredited Congressional Budget Office (CBO) report that, relying on Democratic assumptions, reported that the Senate health care reform package would cut the deficit by $138 billion over the next decade.

Now, either these legislators are incredibly stupid or they are more than just a little perverse. They know the CBO is required to analyze the cost of legislation based on the assumptions dictated by the House Democrats. They are not allowed to second guess even the most outrageous assumptions. This, of course, leaves us with the old rule: BS in − BS out.

The authors of the legislation were honest about costs in inverse proportion to their ingenuity during the drafting process, and they were exceedingly ingenious. They managed to rip $463 billion out of Medicare to pay for the new health care entitlement while claiming the money is realized by eliminating waste and fraud. You have to have joined the war on drugs on the wrong side if you accept that. Then the House financial wizards declared they would save $208 billion over 10 years by cutting Medicare fees but, in a separate bill, they restore those same cuts.

The administrative costs of running the new health care programs were estimated to be $114 billion over the next decade but those costs weren’t counted because they were judged to be general fund expenditures. Next came the $123 billion in stolen revenues from Social Security and long−term care programs even though those funds are already spoken for. In short, if one is forced to use accurate accounting, the health care reform bill generates additional deficits of $562 billion.