Feb 12, 2014|
Garland talks with Think Progress managing editor about whether Obamacare is truly to be blamed for lost jobs at AOL despite the company's increase in profits.
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Automatically Generated Transcript (may not be 100% accurate)
We're doomed any number of shows on the -- portable. Kara. -- congress immune cells to -- please come -- just a little bit conservative here. But interest certain stories lately from via CEO of AOL. He came out and basically said. -- his company and make changes have 41 Kate payments. And because of the employees through their health insurance calls score in the blamed. On the Affordable Care -- Saying that was causing so much I think -- said something like. 7000007. Point one million in the of the first year that he had Stewart in the end. If I understand stories correctly -- humane. Two females that were covered. By any old that'll help parents and reported amounts and their children who were very 01 of moments -- Were costing the company too much of the it was a million dollars between to a well. One of the mothers. Went to the news -- -- in -- trial was dying. At large tree had health insurance and experts please. And he quickly. Attracted everything you said that said no we're gonna cut back after all and apologized for it says. A lot of understand this better also would look at. Or or or company is going to unions. This new health care is reason to cut back. Or they go -- you did. As a reason. To not hire people war. The lower costs. Gonna benefit them and some and move confused there. So we have bush gore -- managing editor in progress author of the yeah. Very -- cinema community or thank you so much appreciated call. -- went -- it is it's. Correct -- -- Broncos. And a coupon notes at this point on this. Didn't they oil within the last year. Like to do your -- 2.5 billion in revenues. Benefited done in the last -- and didn't he says his self cure is causing this too much because of obamacare on the. CEO. That's kind of the iron underlying this entire story at the very same day that she announced that they change their benefit package. Something alleged gender. The company announced higher than predicted revenue. And sell it raised a lot of eyebrows and people thought well what's going on a wire doing that and to kind of just by the changes in. All within -- hucksters. VA well yeah CEO says well look we had these two. Quote unquote distress BP. On and so that's why -- -- -- are growing up other benefit cost are growing up. And we had to really cut back at -- I think kind of questions that are raised at least for child help folks I spoke to is. And it well a large company it's a self insured company which means it. Kind of. Runs itself when. Ensure that employees directly. And large companies block I called to re insurance. Fruit that very reason to that they're protected if they have. A large -- at any given year and they don't have to make. The kind of changes they're Armstrong. Claimed that they had to adopt so that reasoning here and what's questionable. But then certainly. It is it is that it -- decision to single -- these employees. Also cause some problems for them. And how did you reinsurance -- His his initial claims I mean. I mean you weren't. It's that typically -- and it's a -- claims are passed a certain point so -- is that it you have. A very -- -- claim in a given period. You're short camps in other words you take out a national insurance. To ensure against high cost complaints and certainly two million dollars that would claim. It is a substantial amount of money. DA -- is there's that -- that mechanism. In place. To ensure that the company doesn't suffer -- pick law. It isn't reinsurance much more -- expensive. Then -- a regular health care insurance is is -- by. You know I don't know it's more expensive I mention that not because it is used. Fairly infrequently I mean I think for the most part in most curious. Companies don't have kind of catastrophic. Caught and so I think they rarely probably have to use. -- hopelessness that break curable were. Talking about it as a what some people call obamacare. How is that affecting companies positively or negatively. In particular were talking about -- well. That basically the COQ Martin told his employees. Look we we can't afford this anymore because of obamacare were gonna cut back on a war. Contributions to your health care. And Charlie -- turned round and reverse everything and apologized. To were trying to have. Not conservative enough liberal trying to better understand. One or companies pacing. Is there any chance it's going to be a positive future. Or is it mostly going to be in the negative future because of via. Affordable health care coming right back W mobile brigade 78 and one of five to -- Thank you -- and of course rule in the -- up this interview appeal verdict content in the time during our conversation. Talking with you gore -- -- managing editor at think progress and the author. Of an article involving the AOL. And BC EO and whom initially came out and said he was going to reviews. Health care benefits for all of those workers. And he pointed to the two -- -- children that -- help problem. -- the company about a million dollars. A lot of controversy when this all became public and he immediately came back and said. Americans say again apologize to the mother from -- mentioning them. And then reinstated all of the health care it's gonna cut. -- -- in one of the sentences in your article you say. AOL employees are required they both share of their insurance premiums up to 6000 dollars -- family. In an all pocket cause -- Marines are already paying a significant share are there health care spending increases. And two bombs in their -- born to permit only a convenient excuse. The culprit is like any oil can use to cut cost benefit their shareholders. It did you do you believe this war is just a convenient excuse to cut costs. Well I think it. One wholly unclear. Why given the structure that the culture and usually takes. Why. Those two mom. So to speak. Were to blame. I'm particularly well in the company has had them. Trouble is different than they lost about 200 million dollars on pac which was there for. To boost the local report. On. There -- other. Go on and that your gonna point to two million dollars in your clock which is certainly substantial. UK. You all so -- to contextualize. It. Other losses the company -- goes on today are are are are more substantial. One of the questions I have when when here's the division on this he did on this. -- let's at least see you -- lose all our. Blaming the affordable health care act portable -- to. Cut back. And reinforce. Our grove shareholders benefits. In their stock and and the -- boundaries. Wouldn't that make office the public called global also. Because we continued to bind the saw. Of the very people that we save or pay bwi too much overpaid. Street euros. End. There they're claiming Obama -- hurting wouldn't rule and now don't we share a portion of that dead. Fault. Well look I think at a time land the Affordable Care Act is just being implemented and companies -- all different sizes. Are trying to figure out what. Regulations are how to comply. Where is what -- that new rules there are gonna be some expenses certainly. I don't know there in the ballpark of what -- straight seven point two million dollars. But I I would assume that for a large company like -- -- well that all ready offers. Fairly generous benefits than we know that from one of the mothers who spoke out of the then returned very. It cost trauma obamacare. Is. Actually very limited because. Company already meet most if not all of the requirements. Certainly you might have to -- -- -- short apartment to entry are in compliance. Are you do have to pay tax. I called reinsurance tax credit stabilizes. The exchange marketplace. So there aren't caught in the early -- But ultimately. I think you're interested in re saying that warned them that dollar price tag that Armstrong. So concerned about. That it would champion at all. The that in -- in prevention. That in in making sure everybody has health -- and eventually bring down culture -- Because all -- long term. The law is an investment in -- that we want culture caught out including. Those. Those employees they'll. And analysts and a 2011. Report California helped benefit review program. Found that adding requirement to cover maternity services. Through individual insurers -- Would result only in an increase of zero point 52%. It's very serious level and I cat I'm sure -- well ready offers all of those -- in the current existing package. So to bring boom we look at company is a pinprick of you have fear and Kellogg General Electric toward YouTube videos. Now AOL claiming that they're being heard too. Funeral released see that becoming. A big issue which all part of the transition. I think sell them on contracting companies. Don't have extra expenses. Company at an expensive and time that a law change changer -- directly affects them I just think that those. Expenses are in the back. Hopefully in bringing -- caught in the future. Igor thank you so much for your article and the interview him -- --