Economic Damage Of Health Bill Continues
HEALTH BILL COSTS 700 JOBS AT STUDENT LOAN CENTER IN FLORIDA
STUDENT LOAN CENTER IN LYNN HAVEN, FLORIDA: “It's Devastating With The Swipe Of A Pen We Can Wipe-Out 700-Jobs.”“ Another potential nail in the coffin for Sallie Thursday. The U.S. Senate has passed a Health Care Reconciliation bill. The ‘fix it’ bill reshapes parts of the new health care overhaul law. The Democrats voted down all 40 Republican amendments to the bill. One of those was an amendment offered by Florida Senator George Lemieux that would have protected SallieMae and some 700 local jobs. Lemieux's proposal would have stripped the health care bill of the language which basically takes the student loan program from the private sector. The bill now goes back to the House for a final vote. ‘It's devastating with the swipe of a pen we can wipe-out 700-jobs.’ Renee Meng said it was a sad day for the SallieMae center in Lynn Haven where she described the staff as devastated and heartbroken.” (“Time Could Be Short For SallieMae In Lynn Haven,” WJHG-NBC, 3/25/10)
INDIANA: “Indiana's Unemployment Rate Held Steady In March, But With Impending Layoffs At Sallie Mae, The State May Not Be So Lucky In April… So now Sallie Mae, which currently owns 12 buildings nationwide, including five large structures like the office in Fishers, still has to determine what buildings should stay open. "For Sallie Mae, unfortunately, it is very bad news for our employees. I will give you two answers," Kroehler said. "For Sallie Mae as a corporation long-term, we will be fine. For our employees, we are going to have a lot of employees, unfortunately, who are going to lose their jobs.” (“Sallie Mae facing thousands of layoffs,” WTHR-NBC Indianapolis, 3/26/10)
PENNSYLVANIA: “Sallie Mae Decided Against Hiring 300 Temporary Workers At Its Loan Servicing Center After The Passage Of Student Lending Reform. Still to be determined are the long-term effects on the nearly 1,000 workers at the company’s facility in the Hanover Industrial Estates. “The temporary jobs that were posted in preparation for this year’s peak loan processing season have been eliminated,” Martha Holler, spokeswoman for Sallie Mae, said in an e-mail Friday. The move was in reaction to the passage Thursday of The Student Aid and Fiscal Responsibility Act that was included in the health care reform bill.” (“Sallie Mae plan for 300 temps halted,” The Times Leader, 3/27/10)
NEBRASKA: “Congressional Votes On Thursday To End Federally Subsidized Student Lending By Private Companies Will Mean Job Cuts At Lincoln Student Loan Company Nelnet, a company spokesman said Friday. "We are very disappointed by this political news," spokesman Ben Kiser said. "We believe it is poor public policy that will eliminate a part of our business and result in job losses in our community." Kiser declined to give any details about the scope of the cuts, although he said they will occur over the next several months. Nelnet employs about 2,100 people, including more than 800 in Lincoln. The provision to end the Federal Family Education Loan Program and to channel all federal student lending directly through the government was tacked on to the controversial health insurance overhaul reconciliation legislation.” (“End Of Student Loan Program Will Mean Job Cuts At Nelnet,” Lincoln Journal Star, 3/26/10)
“The Owners Of Wisconsin Tanning Salons Say They’re Getting Burned By A New Tax In The Federal Health Reform Law. Starting July 1st, Those Who Provide Artificial Indoor Tans Will Be Taxed 10 Percent Of Their Costs.” (“Wisconsin Tanning Salons Getting Burned By New HCR Law,” WTAQ Radio, 3/26/10)
“Dale Suslick Of Madison, Who Owns 9 Shops, Calls It A Death Sentence For Many Small Salons. He Said Some Were Just Barely Making It, And They’ll Now Try To Either Sell Or Close Their Businesses.” (“Wisconsin Tanning Salons Getting Burned By New HCR Law,” WTAQ Radio, 3/26/10)
OGDEN STANDARD-EXAMINER: “Brian Moser, owner of Oasis Tanning salons in Layton and Roy, said the tax is ill-conceived and won't net the dollars that the government expects… In a weak economy, he said, the tax will hurt thousands of small, largely female-owned businesses nationwide, forcing many to close or lay off employees… "They are focusing on small businesses during a really tough economic time," he said. "That doesn't make a lot of sense…" Kenny Siler, who owns Sun Stop Salon in Ogden, also said the tax will have a significant impact on local tanning salons. "It will sink a lot of people," he said.” (“Tanning salon owners upset over health care bill's new tax,” Standard-Examiner, 3/26/10)
“AT&T Inc. Will Take A $1 Billion Non-Cash Charge In The First Quarter Because Of The Health Care Overhaul And May Cut Benefits It Offers To Current And Retired Workers.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)
“The Telecommunications Company Also Said It Is Looking Into Changing The Health Care Benefits It Offers Because Of The New Law.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10) -- Also See TexasFred Commentary on this topic.
“3M Company Today That It Expects To Record A One-Time Non-Cash Charge Of $85 To $90 Million After Tax… Resulting From The Recently Enacted Patient Protection And Affordable Care Act.” “3M Company said today that it expects to record a one-time non-cash charge of $85 to $90 million after tax, or approximately 12 cents per share, in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010 passed by Congress on March 25, 2010. The charge is due to a reduction in the value of the company’s deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements.” (“3M Anticipates New U.S. Healthcare Law to Result in One-Time Charge of $85 -- $90 Million After Tax in First Quarter of 2010,” 3M, 3/26/10)
“AK Steel Holding Corp., The Third Largest U.S. Steelmaker By Sales, Said It Will Record A Non-Cash Charge Of About $31 Million Resulting From The Health-Care Overhaul Signed Into Law By President Barack Obama.” (“AK Steel Sees $31 Million Charge From New Health Law,” Business Week, 3/23/10)
Tags: health care bill, economy, AK Steel, 3M Company, 3M, telecommunications, AT&T, Florida, Wisconsin, Indiana, Nebraska, Utah, Pennsylvania, small business, loan center, tanning, salons
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1 Comments:
I wonder how many jobs this will cost?
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