Big business is at it again, blaming their bad behavior on the Affordable Care Act. But this one is particularly egregious.
AOL CEO Tim Armstrong decided to cut all of his employees’ retirement benefits, and then directly faulted 'Obamacare' and two employees who had difficult pregnancies in 2012.
"We had two AOLers that had distressed babies that were born that we paid a million dollars each to make sure those babies were okay in general... So when we had the final decision about what benefits to cut because of the increased health-care costs, we made the decision, and I made the decision, to basically change the 401(k) plan."
Let's get real. Big business has been cutting hours and cutting benefits long before President Obama or Obamacare. AOL - like so many other businesses of late - used the Affordable Care Act as a scapegoat to decrease employee benefits, and Armstrong didn't even mind exposing the personal health issues of two AOL employees in the process.
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What the Affordable Care Act really offers is the peace of mind that our health will not be compromised for corporate profits. Let's make sure *that's* the narrative being told.
1Morrissey, Monique, "Private-sector pension coverage fell by half over two decades," The Economic Policy Institute, January 11, 2013.
2Ford, George C., "Part-time employment rising as full-time jobs decline," The Gazzette, September 1, 2013.
In 2012 AOL CEO Tim Armstrong reportedly took home $12.1 million.