Why you would want to subsidize companies
is beyond me. Why you want to subsidize GE after all the other government subsidies that it is gotten is a mystery. If companies don't want to continue this program because of all the government regulations, possibly the direct approach would be to get rid of those regulations.
The Early Retiree Reinsurance Program was created by the federal health care law passed by Democrats and signed by President Obama last year. The purpose was to encourage employers not to drop health coverage of early retirees before some of the key provisions of the health care law take effect in 2014.
But much of the money has gone to some big-name companies and organizations, including more than $200 million for the United Auto Workers, $140 million for AT&T and $91.7 million for Verizon.
And General Electric, which made news this week for not owing federal taxes on $14.2 billion in profit, got $36.6 million through the retiree program.
"How can you justify giving out so much of taxpayers' money to these profitable corporations?" Florida Rep. Cliff Stearns said at a legislative committee hearing Friday in questioning Steve Larsen, a senior director at the Centers for Medicare & Medicaid Services, which runs the program. . . .
Labels: General Electric, healthcare