Facebook shareholders to confront Zuckerberg over fake news

“When false content is being propagated at scale over Facebook’s platform that presents a real risk . to our democracy”Ms Lamb is hoping to meet Facebook management at the meeting on Thursday, but they have not yet confirmed. “The big risk to Facebook is a loss in user trust and people getting what has been coined ‘Facebook fatigue’ and turning away from the platform,” she said. Facebook has been under fire after several of the most shared stories on the social network during the US presidential


“When false content is being propagated at scale over Facebook’s platform that presents a real risk . to our democracy”Ms Lamb is hoping to meet Facebook management at the meeting on Thursday, but they have not yet confirmed. “The big risk to Facebook is a loss in user trust and people getting what has been coined ‘Facebook fatigue’ and turning away from the platform,” she said. Facebook has been under fire after several of the most shared stories on the social network during the US presidential
Facebook shareholders to confront Zuckerberg over fake news Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: hannah kuchler, getty images, -natasha lamb, arjuna capital, director of equity research, shareholder engagement
Keywords: news, games, cnbc, companies, zuckerberg, facebook, confront, election, false, trust, shareholders, fake, user, content, companies, risk, platform


Facebook shareholders to confront Zuckerberg over fake news

“When false content is being propagated at scale over Facebook’s platform that presents a real risk . . . to our democracy”

Ms Lamb is hoping to meet Facebook management at the meeting on Thursday, but they have not yet confirmed.

“The big risk to Facebook is a loss in user trust and people getting what has been coined ‘Facebook fatigue’ and turning away from the platform,” she said.

“When false content is being propagated at scale over Facebook’s platform, that presents a real risk not only to the company and user trust in the content they find on Facebook but also to our democracy and having an informed electorate.”

Facebook has been under fire after several of the most shared stories on the social network during the US presidential election campaign were fake, prompting questions about their role in the election of President Donald Trump.

After Mr Zuckerberg initially dismissed the allegations that the platform had influenced the election as “pretty crazy”, it has since shown signs of taking the issue more seriously. Facebook has tried to cut off financial incentives to fake news websites, is partnering with fact-checkers around the world to identify hoaxes, and has created a journalism project to work more closely with legitimate publishers.

Facebook opposes the measure set to be put forward, arguing that it has been working to address the issue of false news and hoaxes for years and the content is already prohibited by its community standards and terms of service. Alphabet, Google’s parent, also recommends stockholders vote against the proposal.

Analysts at Sustainalytics, a provider of environmental, social and governance research on companies, said in a report on Tuesday that they thought investors would become more interested in how companies protected themselves from the risks of fake news.

Only 16 per cent of media and internet companies studied had what the analysts called “adequate or strong” measures in place to tackle false information, with the analysts giving Alphabet and Facebook lower scores than media companies such as Thomson Reuters and the New York Times, and a far lower score than the top-rated company, the broadcaster Sky.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: hannah kuchler, getty images, -natasha lamb, arjuna capital, director of equity research, shareholder engagement
Keywords: news, games, cnbc, companies, zuckerberg, facebook, confront, election, false, trust, shareholders, fake, user, content, companies, risk, platform


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The first steps to repaying your student debt

How to deal with college debt Tuesday, 30 May 2017 | 9:25 AM ET | 01:17For this year’s crop of new college grads, few things are more exhilarating than being handed your diploma. Too bad it’s so closely followed by something else: that first student loan bill. Seven in 10 seniors graduate with debt, owing about $30,100 per borrower, according to the most recent data from the Institute for College Access & Success. Employed or not, starting out with such a hefty debt load can be overwhelming. Man


How to deal with college debt Tuesday, 30 May 2017 | 9:25 AM ET | 01:17For this year’s crop of new college grads, few things are more exhilarating than being handed your diploma. Too bad it’s so closely followed by something else: that first student loan bill. Seven in 10 seniors graduate with debt, owing about $30,100 per borrower, according to the most recent data from the Institute for College Access & Success. Employed or not, starting out with such a hefty debt load can be overwhelming. Man
The first steps to repaying your student debt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: jessica dickler, ferrantraite, getty images, zimmytws, istock, hero images, -david weliver, founder, money under
Keywords: news, games, cnbc, companies, repaying, according, survey, 2017, debt, college, things, grads, student, dont, worth, steps


The first steps to repaying your student debt

How to deal with college debt Tuesday, 30 May 2017 | 9:25 AM ET | 01:17

For this year’s crop of new college grads, few things are more exhilarating than being handed your diploma.

Too bad it’s so closely followed by something else: that first student loan bill.

Seven in 10 seniors graduate with debt, owing about $30,100 per borrower, according to the most recent data from the Institute for College Access & Success.

For 2017 graduates, including those who don’t have a job yet, the repayment process is about to begin.

Employed or not, starting out with such a hefty debt load can be overwhelming. Many grads said they don’t even know what they owe on their student loans, what interest rate they are paying or whether college was even worth it, according to a survey by Citizens Bank.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: jessica dickler, ferrantraite, getty images, zimmytws, istock, hero images, -david weliver, founder, money under
Keywords: news, games, cnbc, companies, repaying, according, survey, 2017, debt, college, things, grads, student, dont, worth, steps


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Watch: Housing and Urban Development Secretary Ben Carson speaks at HUD’s National Homeownership Forum

[The stream is slated to start at 2 p.m., ET. Please refresh the page if you do not see a player above at that time.] Housing and Urban Development Secretary Ben Carson speaks at HUD’s National Homeownership Forum with CNBC’s Diana Olick.


[The stream is slated to start at 2 p.m., ET. Please refresh the page if you do not see a player above at that time.] Housing and Urban Development Secretary Ben Carson speaks at HUD’s National Homeownership Forum with CNBC’s Diana Olick.
Watch: Housing and Urban Development Secretary Ben Carson speaks at HUD’s National Homeownership Forum Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: cnbccom staff
Keywords: news, games, cnbc, companies, development, slated, housing, homeownership, secretary, urban, start, page, huds, player, national, forum, speaks, timehousing, refresh, stream, watch


Watch: Housing and Urban Development Secretary Ben Carson speaks at HUD's National Homeownership Forum

[The stream is slated to start at 2 p.m., ET. Please refresh the page if you do not see a player above at that time.]

Housing and Urban Development Secretary Ben Carson speaks at HUD’s National Homeownership Forum with CNBC’s Diana Olick.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: cnbccom staff
Keywords: news, games, cnbc, companies, development, slated, housing, homeownership, secretary, urban, start, page, huds, player, national, forum, speaks, timehousing, refresh, stream, watch


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Private payrolls add 253K in May vs. 185K est.: ADP

Construction added 37,000 as the building season kicks into full gear, while manufacturing grew by 8,000 and there were 3,000 new mining jobs. In all, it was the fourth time this year and sixth in tseven months that the ADP count put total job creation above 200,000. Over the past 12 months, private payroll growth has averaged 211,000. The ADP report serves as a precursor to Friday’s nonfarm payrolls count from the Bureau of Labor Statistics. Payroll growth is expected to come in around 176,000,


Construction added 37,000 as the building season kicks into full gear, while manufacturing grew by 8,000 and there were 3,000 new mining jobs. In all, it was the fourth time this year and sixth in tseven months that the ADP count put total job creation above 200,000. Over the past 12 months, private payroll growth has averaged 211,000. The ADP report serves as a precursor to Friday’s nonfarm payrolls count from the Bureau of Labor Statistics. Payroll growth is expected to come in around 176,000,
Private payrolls add 253K in May vs. 185K est.: ADP Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: jeff cox, matthew busch, bloomberg, getty images
Keywords: news, games, cnbc, companies, report, adp, 185k, growth, mining, payroll, payrolls, est, months, private, count, jobs, vs, labor, add, market, 253k


Private payrolls add 253K in May vs. 185K est.: ADP

Construction added 37,000 as the building season kicks into full gear, while manufacturing grew by 8,000 and there were 3,000 new mining jobs. Mining has been one of the cornerstones of President Donald Trump’s economic agenda, though critics doubt he can fulfill campaign promises to bring jobs back to the industry.

Trade, transportation and utilities was another big growth area, with 58,000 positions, while franchises add 18,400 new workers.

The two areas showing losses were leisure and hospitality, which posted a rare decline of 11,000, and information services, which fell by 8,000.

In all, it was the fourth time this year and sixth in tseven months that the ADP count put total job creation above 200,000. Over the past 12 months, private payroll growth has averaged 211,000. April’s count was revised down by 3,000.

The report comes amid a growing chorus of economists who doubt the Trump administration can achieve its goal of 3 percent annual GDP growth in part because the labor market is reaching full employment. Despite a 4.4 percent unemployment rate, there have been only limited inflation pressures, with the Labor Department reporting hourly wage growth of 2.5 percent in April.

The ADP report serves as a precursor to Friday’s nonfarm payrolls count from the Bureau of Labor Statistics. Payroll growth is expected to come in around 176,000, down from the previous month’s 211,000.

Economists occasionally will adjust their estimates off the ADP numbers, though the two counts can have wide disparities.

According to ADP, medium-sized businesses, with 50 to 499 employees, accounted for the most growth — 113,000 new jobs. Small firms added 83,000 while big business contributed 57,000.

Get the market reaction here.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: jeff cox, matthew busch, bloomberg, getty images
Keywords: news, games, cnbc, companies, report, adp, 185k, growth, mining, payroll, payrolls, est, months, private, count, jobs, vs, labor, add, market, 253k


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US weekly jobless claims total 248,000 vs 239,000 claims expected

Initial claims for state unemployment benefits jumped 13,000 to a seasonally adjusted 248,000 for the week ended May 27, the Labor Department said on Thursday. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 239,000 in the latest week. It was the 117th straight week that claims were below 300,000, a threshold associated with a healthy labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is


Initial claims for state unemployment benefits jumped 13,000 to a seasonally adjusted 248,000 for the week ended May 27, the Labor Department said on Thursday. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 239,000 in the latest week. It was the 117th straight week that claims were below 300,000, a threshold associated with a healthy labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is
US weekly jobless claims total 248,000 vs 239,000 claims expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: luke sharrett, bloomberg, getty images
Keywords: news, games, cnbc, companies, total, 248000, 239000, unemployment, thursdaydata, jobless, applications, vs, benefits, weekit, claims, labor, market, expected, weekly, week


US weekly jobless claims total 248,000 vs 239,000 claims expected

The number of Americans filing for unemployment benefits increased more than expected last week, but the rise probably does not signal a material shift in labor market conditions as claims for several states, including California, were estimated.

Initial claims for state unemployment benefits jumped 13,000 to a seasonally adjusted 248,000 for the week ended May 27, the Labor Department said on Thursday.

Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 239,000 in the latest week.

It was the 117th straight week that claims were below 300,000, a threshold associated with a healthy labor market.

That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at a 10-year low of 4.4 percent.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: luke sharrett, bloomberg, getty images
Keywords: news, games, cnbc, companies, total, 248000, 239000, unemployment, thursdaydata, jobless, applications, vs, benefits, weekit, claims, labor, market, expected, weekly, week


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Job cuts surge in May, Challenger report says

Challenger Report: Layoff rise sharply in May, up more that 40% 7 Hours Ago | 02:32Cutbacks in retail and the auto industry sent job reductions soaring to over 50,000 in May, outplacement consultancy Challenger, Gray & Christmas reported Thursday. The total of 51,692 in May was 41 percent higher than the 36,602 job cuts announced in April and 71 percent higher than in May 2016, when U.S.-based employers said they would lay off 30,157 workers. Nearly 40 percent of the May cuts were announced by F


Challenger Report: Layoff rise sharply in May, up more that 40% 7 Hours Ago | 02:32Cutbacks in retail and the auto industry sent job reductions soaring to over 50,000 in May, outplacement consultancy Challenger, Gray & Christmas reported Thursday. The total of 51,692 in May was 41 percent higher than the 36,602 job cuts announced in April and 71 percent higher than in May 2016, when U.S.-based employers said they would lay off 30,157 workers. Nearly 40 percent of the May cuts were announced by F
Job cuts surge in May, Challenger report says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: lauren thomas, getty images
Keywords: news, games, cnbc, companies, report, challenger, higher, surge, need, media, ford, announced, number, cuts, consultancy, job


Job cuts surge in May, Challenger report says

Challenger Report: Layoff rise sharply in May, up more that 40% 7 Hours Ago | 02:32

Cutbacks in retail and the auto industry sent job reductions soaring to over 50,000 in May, outplacement consultancy Challenger, Gray & Christmas reported Thursday.

The total of 51,692 in May was 41 percent higher than the 36,602 job cuts announced in April and 71 percent higher than in May 2016, when U.S.-based employers said they would lay off 30,157 workers.

Nearly 40 percent of the May cuts were announced by Ford Motor, Challenger said.

“Ford’s announcement of 20,000 global layoffs to streamline and cut costs is a typical strategy of large corporations who need to pivot to stay competitive,” John A. Challenger, CEO of Challenger, said Thursday morning. “As consumers demand electric and self-driving options, traditional automakers will need to adapt.”

However, Ford told CNBC it never confirmed the 20,000 number with any media source and insisted the actual number of jobs eliminated was about 1,400.

Blake Palder , a spokesman for the consultancy firm Challenger, cited media reports from the Washington Examiner and Forbes as its sources for the numbers.

Officials from the media organizations didn’t immediately respond to CNBC’s request for comment.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: lauren thomas, getty images
Keywords: news, games, cnbc, companies, report, challenger, higher, surge, need, media, ford, announced, number, cuts, consultancy, job


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General Motor layoffs mount; automaker plans to make cuts at Michigan plant

General Motors said Thursday it plans to eliminate one of two shifts at its Warren, Michigan transmission plant. GM won’t say how many jobs will be affected, but CNNMoney reported the cuts could affect about 300 positions. “Recent actions to reduce passenger car production have caused us to adjust transmission production,” GM told CNBC in a statement. GM said the cuts in Warren will go into effect by the end of the month. GM has cut shifts at U.S. plants four times since November, eliminating ro


General Motors said Thursday it plans to eliminate one of two shifts at its Warren, Michigan transmission plant. GM won’t say how many jobs will be affected, but CNNMoney reported the cuts could affect about 300 positions. “Recent actions to reduce passenger car production have caused us to adjust transmission production,” GM told CNBC in a statement. GM said the cuts in Warren will go into effect by the end of the month. GM has cut shifts at U.S. plants four times since November, eliminating ro
General Motor layoffs mount; automaker plans to make cuts at Michigan plant Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: lauren thomas, jeff kowalsky, bloomberg, getty images
Keywords: news, games, cnbc, companies, plant, mount, automaker, general, told, times, transmission, plans, wont, michigan, production, warren, jobs, cuts, shifts, layoffs, motor


General Motor layoffs mount; automaker plans to make cuts at Michigan plant

General Motors said Thursday it plans to eliminate one of two shifts at its Warren, Michigan transmission plant.

GM won’t say how many jobs will be affected, but CNNMoney reported the cuts could affect about 300 positions.

“Recent actions to reduce passenger car production have caused us to adjust transmission production,” GM told CNBC in a statement.

“This action will help maintain more stable production and provide the smallest impact to plant employment going forward.”

GM said the cuts in Warren will go into effect by the end of the month.

GM has cut shifts at U.S. plants four times since November, eliminating roughly 5,000 jobs in Ohio and Michigan.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: lauren thomas, jeff kowalsky, bloomberg, getty images
Keywords: news, games, cnbc, companies, plant, mount, automaker, general, told, times, transmission, plans, wont, michigan, production, warren, jobs, cuts, shifts, layoffs, motor


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The Ringer and Bill Simmons get a second chance with Vox

The Ringer, which took about a year to launch, debuted last July with 1.2 million monthly unique visitors. On Wednesday, The Ringer announced what it hopes will be a second chance by moving its publishing platform from Medium to Vox Media. Vox will also start directing traffic toward The Ringer from SB Nation, which had 19 million monthly uniques in May. At the moment, it appears that the only money the Bill Simmons Media Group is making is from its podcasts. This increase in the financial healt


The Ringer, which took about a year to launch, debuted last July with 1.2 million monthly unique visitors. On Wednesday, The Ringer announced what it hopes will be a second chance by moving its publishing platform from Medium to Vox Media. Vox will also start directing traffic toward The Ringer from SB Nation, which had 19 million monthly uniques in May. At the moment, it appears that the only money the Bill Simmons Media Group is making is from its podcasts. This increase in the financial healt
The Ringer and Bill Simmons get a second chance with Vox Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: eric jackson, special columnist for cnbccom, asa mathat for vox media
Keywords: news, games, cnbc, companies, podcasts, million, traffic, bill, vox, ringer, chance, media, monthly, website, second, simmons, business


The Ringer and Bill Simmons get a second chance with Vox

Two years ago, Bill Simmons was hunkered down at his house in LA fielding calls from the who’s who of the media world wanting him to join their organization.

Fox. Yahoo. Showtime. They all wanted the “Boston Sports Guy” to join their team after being unceremoniously fired by ESPN.

In the end, he signed exclusively on TV in a deal with HBO and got it to invest in a new site called, The Ringer, that would mimic his old site, Grantland, in writing detailed pieces about sports and pop culture.

The deal was smart in that it kept Simmons’ profile high by being on TV on one of the most prestigious networks, paid him a high salary for three years (estimated at $7 million to $9 million per year), and kicked in some capital to get The Ringer off the ground.

Fast forward to today. Simmons’ interview show on HBO, “Any Given Wednesday,” was canceled after only four months. His only current HBO project that’s been mentioned is a documentary on wrestler Andre the Giant. His HBO contract will expire in a little over a year.

The Ringer, which took about a year to launch, debuted last July with 1.2 million monthly unique visitors. That was a marked decrease from 6 million uniques in March 2015 at Grantland, just before Simmons was fired. Of course, The Ringer didn’t have ESPN directing traffic to it. Even still, traffic kept slumping. Monthly uniques were 306,000 in February according to ComScore — or 95 percent less than Grantland’s former numbers.

To put The Ringer’s current monthly traffic in comparison to other sports sites, take a look at this list:

Yahoo Sports 125M

ESPN 80M

Bleacher 40M

CBS Sports 30M

SI 20M

NBC Sports 19.5M

SB Nation 19M

Deadspin 12.5M

YardBarker 4M

The Ringer 0.3M

There’s nowhere to go but up for The Ringer.

On Wednesday, The Ringer announced what it hopes will be a second chance by moving its publishing platform from Medium to Vox Media. Additionally, Vox will start selling ads for The Ringer and the two companies will split those revenues 50/50. Vox will also start directing traffic toward The Ringer from SB Nation, which had 19 million monthly uniques in May. This should greatly help the revenues of The Ringer which on most days in the past year has had no display ads except for brand sponsors like Miller Lite.

At the moment, it appears that the only money the Bill Simmons Media Group is making is from its podcasts. Last month, based on publicly available data, I estimated that it was generating about $8.5 million a year in revenues from the podcasts. Since then, I’ve noticed the pace of podcasts seems to have crept up and I’ve also heard a few Ringer podcasts where the presenting “sponsor” for the podcast is “The Ringer.”

Surprisingly for a primarily podcast business, The Ringer employs about 70 full-time employees. That means those costs are likely running at $4 million to 7.5 million a year. These are talented writers and personalities. I’m amazed at how much content they are pushing out in podcast form and articles for a website running no ads against them.

Things could still work out very well for Simmons and all the employees. A year from now, Vox could significantly increase The Ringer’s traffic and could be generating double or more of its current revenues, pushing it solidly into the black. For The Ringer, getting 50 percent of some website revenue is better than 100 percent of no website revenue, which is what it has had on the Medium platform. It has interesting content and people working hard to pump it out every day. Now it has people around to help make some money from it.

This increase in the financial health of The Ringer could prompt Vox to buy the Bill Simmons Media Group for $50 million to $100 million. All 70 Ringer employees would keep their jobs. Simmons would have an enormous payday. Vox would get a well-recognized personality and brand, as well as one of the most popular podcasts in the world in a medium that should only increase in popularity over time.

However, if The Ringer is really going to achieve its full potential and make the most of this second chance with the help of Vox Media, it’s important that Simmons and his president, Eric Weinberger, really look in the mirror. Neither one of them has shown himself to be adept at running this business to date as the following illustrates:

What was the need to overstaff so quickly to get to 70 full-time employees given this has been a podcast company? Was it more about getting back at ESPN than good business sense?

“Partnering” with Medium for publishing and revenue generation was disastrous in hindsight. But even before they signed the deal, did Simmons and Weinberger talk to anyone in the media world about Medium’s abilities to generate ad sales for the website? Medium was having difficulties generating their own revenues.

Has there been any thought at the top of The Ringer about search engine optimization and traffic referral? It doesn’t appear so from the outside.

Did they make a fundamental error in believing that, if they hired as many on staff as they had at Grantland, they would generate the same traffic of 6 million a month? Did they not understand how much of that Grantland traffic came from ESPN and wouldn’t be transferrable?

When they replicated Grantland as The Ringer, did they really look at the trends toward mobile and understand the declining interest in 5,000 word thinkpieces? Constantly writing lots and lots of text for a website is not a great business today, especially when you’re not monetizing it.

Simmons, as ultimately it’s his name on the door, has to look in the mirror and understand his strength is not being a CEO or business executive. The Ringer’s staff and Simmons would likely be best off if Vox Media did buy them. They could lean into Jim Bankoff of Vox to run the business and they — including Simmons — could just focus on the content.

Simmons is one of the best and most popular podcasters in the world. That’s more than enough. He’s stiff on TV and he’s not great at business. This Vox deal really is his second chance. He should make the most of it.

To sign up for Eric Jackson’s monthly Tech & Media Email, go here. And to hear his podcasts on these topics, go here.

Disclosure: CNBC parent NBCUniversal is an investor in Vox Media. Vox and NBC have a content-sharing arrangement.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: eric jackson, special columnist for cnbccom, asa mathat for vox media
Keywords: news, games, cnbc, companies, podcasts, million, traffic, bill, vox, ringer, chance, media, monthly, website, second, simmons, business


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GOP sabotage creates ‘Trump tax’ on health care-commentary

And the result is raising Americans’ health care costs – creating a Trump Tax. President Trump has outright admitted this sabotage should be the Republican strategy stating: “The best thing we can do… is let Obamacare explode. These payments help keep health care affordable for millions of families. Last week’s impacts are just the latest in a series of steps Republicans have taken to defund health care and to make the health insurance market fail. WATCH: CBO: 23M fewer insured under revised GOP


And the result is raising Americans’ health care costs – creating a Trump Tax. President Trump has outright admitted this sabotage should be the Republican strategy stating: “The best thing we can do… is let Obamacare explode. These payments help keep health care affordable for millions of families. Last week’s impacts are just the latest in a series of steps Republicans have taken to defund health care and to make the health insurance market fail. WATCH: CBO: 23M fewer insured under revised GOP
GOP sabotage creates ‘Trump tax’ on health care-commentary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: meaghan smith, former communications director at hhs, jabin botsford, the washington post, getty images
Keywords: news, games, cnbc, companies, care, csrs, republicans, aca, health, sabotage, creates, increase, americans, tax, carecommentary, gop, trump, administration, president


GOP sabotage creates 'Trump tax' on health care-commentary

“The best thing we can do… is let Obamacare explode. Let it be a disaster because we can blame that on the Democrats.” – President Trump

Congressional Republicans may be hitting legislative roadblocks on their quest to enact repeal of the Affordable Care Act (ACA), but their efforts to sabotage the law by undermining health insurance markets are already achieving success. And the result is raising Americans’ health care costs – creating a Trump Tax.

President Trump has outright admitted this sabotage should be the Republican strategy stating: “The best thing we can do… is let Obamacare explode. Let it be a disaster because we can blame that on the Democrats.”

Take just what’s happened over a three-day span last week. In a crucial House v. Price (previously House v. Burwell) court hearing last Monday over the ACA’s cost-sharing reductions (CSRs) the Trump Administration had an opportunity to provide needed certainty and stop threatening to defund health care.

These payments help keep health care affordable for millions of families. Defunding them will force premiums to increase by 19 percent according to the Kaiser Family Foundation – a 19 percent Trump Tax for millions of working families.

Certainty regarding CSRs reimbursement is the number one thing that insurance companies have repeatedly and emphatically said they need to stay in the market. Instead the Trump Administration injected more uncertainty into the market, punting the ruling for another 90 days to conveniently fall just a week after the deadline for insurers to file next year’s final rates.

48 hours after this court hearing, Blue Cross Blue Shield of Kansas City announced it would pull out of the Kansas and Missouri marketplaces, which would leave almost 25 western Missouri counties bare. The next day, Blue Cross Blue Shield North Carolina filed a premium increase 14 percent higher than it would have if CSRs were guaranteed for 2018 – a 14 percent Trump Tax for hundreds of thousands of North Carolinians.

North Carolinians with the state’s most popular plan would be hit with a 40-percent increase in the deductible and out-of-pocket maximum due to the Trump Tax. The company’s president and CEO directly attributed this increase to the Trump Administration and Congress:

“The failure of the administration and the House to bring certainty and clarity by funding CSRs has caused our company to file a 22.9 percent premium increase, rather than one that is materially lower,” BCBS NC President and CEO Brad Wilson said. “The rate increase would be 8.8 percent if the CSRs were guaranteed for 2018.”

Last week’s impacts are just the latest in a series of steps Republicans have taken to defund health care and to make the health insurance market fail. Let’s review the major ways the Trump Administration and Congressional Republicans have worked to sabotage the Affordable Care Act:

At the start of the Trump administration, the ACA was stable and as Standard & Poor’s market analysis confirmed, on a continued path to improvement.

On day one, the Trump Administration issued an executive order to dismantle the ACA without protecting the parts that work and without regard to the damage it would cause.

Trump’s HHS then slashed the television and digital advertising that helps people find out about health care options, leading to 500,000 fewer Americans getting coverage, according to some estimates.

Trump’s HHS cut in half the number of days people can sign up for health coverage each year.

Despite the campaign of misinformation that the ACA is imploding and in a death spiral– more than 12 million still people signed up.

This sabotage is the opposite of what the American people want from the Administration and Congress. Instead of a partisan process like the House took, Americans want Congress and the Trump Administration to stop the partisan obsession with repeal and instead work across party lines to keep what works in the ACA and fix what doesn’t.

In a new national survey from Hart Research, fully 79 percent of voters say that any changes to the healthcare system need to be bipartisan and senators should work across the aisle to improve our health care.

If Republicans don’t, Americans are clear who will be held responsible. In poll after poll Americans – including a majority of Republicans – say that they’ll hold Republicans and President Trump responsible for any issues with healthcare and the Affordable Care Act going forward.

With the American people knowing who to hold responsible for the Trump Tax that raises their health care costs, the Republicans’ strategy of exploding Obamacare could very well backfire.

Commentary by Meaghan Smith, a vice president at SKDKnickerbocker who served as a senior advisor and communications director at the U.S. Department of Health and Human Services during the Obama Administration. Follow her on Twitter @MeaghanRSmith.

For the latest commentary on the markets in the U.S. and around the world, follow @cnbcopinion on Twitter.

WATCH: CBO: 23M fewer insured under revised GOP health care bill


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: meaghan smith, former communications director at hhs, jabin botsford, the washington post, getty images
Keywords: news, games, cnbc, companies, care, csrs, republicans, aca, health, sabotage, creates, increase, americans, tax, carecommentary, gop, trump, administration, president


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I never imagined a White House ‘right of Exxon’ on climate, says Larry Summers

Larry Summers: Far better for US to stay in Paris climate agreement 7 Hours Ago | 01:33Former Clinton Treasury Secretary Larry Summers told CNBC on Thursday the U.S. would benefit economically and on the world stage by staying in the Paris climate accord. Summers said on “Squawk Box” he “never imagined” an administration that’s “way to the right of Exxon on a fossil fuel issue.” The oil giant has reiterated its support of the Paris deal ahead of President Donald Trump’s expected announcement Thu


Larry Summers: Far better for US to stay in Paris climate agreement 7 Hours Ago | 01:33Former Clinton Treasury Secretary Larry Summers told CNBC on Thursday the U.S. would benefit economically and on the world stage by staying in the Paris climate accord. Summers said on “Squawk Box” he “never imagined” an administration that’s “way to the right of Exxon on a fossil fuel issue.” The oil giant has reiterated its support of the Paris deal ahead of President Donald Trump’s expected announcement Thu
I never imagined a White House ‘right of Exxon’ on climate, says Larry Summers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: matthew j belvedere, cameron costa, jewel samad, afp, getty images, -larry summers, former clinton treasury secretary
Keywords: news, games, cnbc, companies, right, climate, paris, white, exxon, world, staying, united, states, nicaragua, summers, larry, imagined, house, syria


I never imagined a White House 'right of Exxon' on climate, says Larry Summers

Larry Summers: Far better for US to stay in Paris climate agreement 7 Hours Ago | 01:33

Former Clinton Treasury Secretary Larry Summers told CNBC on Thursday the U.S. would benefit economically and on the world stage by staying in the Paris climate accord.

Summers said on “Squawk Box” he “never imagined” an administration that’s “way to the right of Exxon on a fossil fuel issue.”

The oil giant has reiterated its support of the Paris deal ahead of President Donald Trump’s expected announcement Thursday afternoon to pull out of the climate agreement.

Secretary of State and former Exxon CEO Rex Tillerson has advocated staying in the agreement, which involves nearly 200 countries. Only Syria and Nicaragua are not part of the accord.

“How can it be the right thing for the United States to create a world where there are two clubs: Everybody else and the United States, Syria, and Nicaragua?” Summers asked.


Company: cnbc, Activity: cnbc, Date: 2017-06-01  Authors: matthew j belvedere, cameron costa, jewel samad, afp, getty images, -larry summers, former clinton treasury secretary
Keywords: news, games, cnbc, companies, right, climate, paris, white, exxon, world, staying, united, states, nicaragua, summers, larry, imagined, house, syria


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