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TalkPoint CEO Nick Balletta reveals how president's health care reform law is impacting his business and breaks down the new jobless numbers
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Because the resilience and determination the American people we've begun to fight our way back there's no evidence of any job creation.
You since it you would know what you would feel it from me this is a fine job.
So this is about getting Josh for the American people seven point 8% that is the unemployment rate for September.
1141000.
New jobs created in that moments that's a good number of the White House seven point 8% down from feet.
Point one million and imaginative and the American a lot of political play -- that today this morning.
-- unemployment rate has fallen to its lowest level since I took -- I think we're did you see a major response by the president would not could be seen -- doing back flips in the Rose Garden or marching on the campaign trail can be very measured about there -- news.
Certainly not an excuse to try to talk about the economy -- for -- political points it's a reminder that this country has come too far.
To turn back now the headlines is certainly painting a rosy picture but beneath the surface is anything but.
It's the same share of people were participating in the workforce today is on the day the president got elected.
-- -- unemployment rate would be around 11%.
That's the real reality of what's happening out there.
I think when you're seven point 8% thanks okay well maybe things aren't great but they're getting better.
I think his point today as we can do a lot better than.
It's extraordinarily -- and I do have a gut feeling it's gonna be revised north of 8%.
But that won't happen until after the other after we know -- -- -- why are Obama wins I think this is the new norm.
Seven point 98 point three most of it marked time in my living on the State's only -- -- is creating this -- killing jobs that's how he's decided to get the unemployment rate down they are taking.
-- us for -- fox put all of that they're insulting our intelligence.
About politicians -- -- -- but business owners have to live of that so what do all the numbers really mean for business owners and workers.
This -- is the Chief Executive Officer -- when a new media technology company he joins us nice to see next Greta thanks for having me.
Car what do you make of these numbers because the politicians have been -- duking it out all day.
Wolf the most positive part of the jobs report was between that went out quite Jack -- this morning that that thought that was pretty -- -- He's claiming that the Chicago gang.
Had basically dubbed cooked the books with it with the job numbers.
I don't think that's the case but I thought that was pretty pretty surprising that Jack Welsh would -- that.
I always say -- I think before you -- -- -- -- and I -- for them right right right so I think it I think it's a mixed message I mean the unemployment numbers really driven by.
Which is very volatile in September typically is the most volatile -- for -- serving what I really look at as the establishment survey which is important it is that serving is done.
We have.
Actual business owners and -- surveyed on a regular basis in terms actually jobs or they're creating and hiring.
And -- 1141000.
Jobs that -- created this last month is is very Munich that's barely enough to keep up with population growth.
-- couple -- the anemic job growth.
But the fact that we reset.
From on on GDP last month in and revising downwards one point 2% growth the last quarter should say.
We've got beat that kid printing money with QE3 fewer fish is basically imploding right now.
And we're looking in environment we've got a total void of leadership in Washington so we we're we're we're still in Indian reporters right now.
You know I suspect as much as we -- to wait around for the numbers every month and pay attention to -- when I've got backtracked you know I kept track hearing which way out who -- who did well there's no change for -- blacks and Hispanics but adult -- adult women and white instead they did better on the -- number in the number -- Fat -- set but I think you know as my successor might -- examine this the real question is is the voter looks around -- says -- job.
To my friends have a job to my -- average out of my -- to lose my house and what's my future sites like.
Yeah I think that there probably is a little bit disconnect between -- -- number crunchers and the people who are who are being affected by it.
Well absolutely if it if you're if you're -- is lost their job I think it was Ronald Reagan -- you have -- during a recession when you lose your job -- in -- depression.
So the reality is is people talk to neighbors and their friends and they see what's going on the real world.
All right health care and you have a hundred employees at talk more life.
And -- just received a notice of a health care premiums tell me.
Yes so we're we're in a technology company headquartered in New York we've got about a hundred employees -- without notification this week that our health care rates are going up 19% next year.
So the other issue is finally dropped historically they've got a five or 6% to this was a little bit of a blow to us.
And what it's doing -- it's forcing.
Myself along with the board as -- -- -- -- every other board in every other company in the country to reevaluate whether or not be easy to provide health care.
And in the social contract now between employers and employees -- changed now that government is involved.
And just -- some quick math our average cost per employee last year for health -- was a roughly 101000 dollars that's now going up to roughly.
121000 dollars.
So the economics are straightforward and if if we moved to everybody off the company plant -- -- did nothing changes we -- -- million dollars a year.
Extrapolate that out to companies -- -- thousand employees in the -- ten million dollars and -- So everything everything -- gets.
But the problem with that is set even if you'd like to keep them have publicly held company if you'd like to keep them -- -- pay that extra -- some company.
If you're publically already -- a fiduciary duty to the shareholders not to squander the money if there's a cheaper way to doing that's another problem that's.
Will you have one -- two reporters typically advertising and marketing of the first budget to get cut now it's going to be health care going -- no doubt about it.
And they can he did a study that estimated that approximately 30% -- company's.
When asked were actually considering.
Moving people back -- changes.
So there's a 150 million Americans right now that receive health care from their employer so imagine fifteen these people being dumped on these changes it.
I think it ended its estimate says that it could have -- -- -- 19% next year that's really tell what would you have anticipate it will be the ordinary and present -- -- -- -- -- -- -- We we had an over under going in the office around five to 6%.
We were kind of shocked at 19% -- -- at and and believe -- we're not the only folks getting this notice this is going on everywhere right now and corporate America.
-- -- -- -- -- -- these bad -- in play but in most cases probably in jeopardy for most people who who who get their health care from a company.
Nick thank you right -- --
