A new law that cuts banks out of the federal student loan business is costing 2,500 workers at Sallie Mae their jobs.
The nation's largest student lender has told 1,200 staffers in service centers in Killeen, Texas, and Panama City, Fla., they will lose their jobs by year-end. The remaining cuts will follow in 2011, resulting in nearly a third of the company's total work force of 8,000 losing their jobs.
The cuts result from changes made to the federal student loan program as part of the health care reform signed by President Obama last month.
Read the whole thing.
H/T Exposeliberals.
Related:
USA Today with "Report: Health overhaul will increase USA's tab"
President Obama's health care overhaul law will increase the nation's health care tab instead of bringing costs down, government economic forecasters concluded Thursday in a sobering assessment of the sweeping legislation.
A report by economic experts at the Health and Human Services Department said the health care remake will achieve Obama's aim of expanding health insurance — adding 34 million Americans to the coverage rolls.
But the analysis also found that the law falls short of the president's twin goal of controlling runaway costs. It also warned that Medicare cuts may be unrealistic and unsustainable, driving about 15% of hospitals into the red and "possibly jeopardizing access" to care for seniors.
The mixed verdict for Obama's signature issue is the first comprehensive look by neutral experts.
In particular, the warnings about Medicare could become a major political liability for Democratic lawmakers in the midterm elections. Seniors are more likely to vote than younger people and polls show they are already deeply skeptical of the law.
It seems the media is finally reporting what critics of Obamacare predicted when the battle over it first started.
Employers, employees, poor and the elderly will all suffer because of Obamacare.
Hot Air points to yet another report from the CBO and the JCT, which shows that over 4 million more will suffer from fines accrued from Obamacare.
Things to remember as November midterms draw nearer.
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