GENTLEMEN.
TO OUR TOP STORY THIS HOUR,
HEALTHCARE IN AMERICA, THE
DEPARTMENT OF HEALTH AND HUMAN
SERVICES, LABOR AND THE
TREASURY, JOINING FORCES FOR
AFFORDABLE HEALTHCARE COVERAGE.
THE NEW INITIATIVE WILL EXPAND
THE USE OF HEALTH REIMBURSEMENT,
LETTING EMPLOYEES USE PRETAX
HEALTH ARRANGEMENTS TO BUY
INSURANCE.
THE LEGISLATION ESTIMATED TO
BENEFIT 800,000 EMPLOYERS, MORE
THAN 11 MILLION EMPLOYEES AND
FAMILY MEMBERS INCLUDING AN
ESTIMATED 800,000 AMERICANS
PREVIOUSLY UNINSURED.
JOINING US NOW IN A FOX BUSINESS
EXCLUSIVE, THE SECRETARY OF
LABOR, ALEX ACOSTA.
EXPLAIN HOW THIS WORKS AND WHAT
VOID IT FILLS.
>> GOOD MORNING, DAGEN.
THIS IS SUCH AN IMPORTANT OPTION
FOR MILLIONS OF AMERICANS ACROSS
THE COUNTRY.
SINCE OBAMACARE WE'VE SEEN FEWER
AND FEWER SMALL BUSINESSES
OFFERING AND HEALTHCARE AND
HEALTH INSURANCE TO EMPLOYEES.
WE'VE GONE FROM ABOUT HALF OF
BUSINESSES WITH 25 OR FEWER
EMPLOYEES TO ONLY ABOUT A THIRD
OFFERING EMPLOYEES HEALTHCARE.
AND SO WITH HEALTH REIMBURSEMENT
ARRANGEMENTS, WHAT EMPLOYERS CAN
DO IS SIMPLY PUT MONEY IN AN
ACCOUNT FOR THEIR EMPLOYEES AND
THEN ALLOW THEIR EMPLOYEES, THIS
IS PRETAX DOLLARS, ALLOW THEIR
EMPLOYEES TO TAKE THESE FUNDS
AND PURCHASE INSURANCE.
IT IS MORE CHOICE.
THE EMPLOYEES CAN CHOOSE
WHATEVER INSURANCE THEY BELIEVE
IS APPROPRIATE AND MORE
PORTABILITY.
WHEN AN EMPLOY EGOS FROM ONE
BUSINESS TO ANOTHER, THEY CAN
KEEP THEIR INSURANCE BECAUSE
THEY'RE PAYING FOR IT THEMSELVES
THROUGH EMPLOYER MONEY.
DAGEN: WHAT RESPONSE, AS YOU
WERE PUTTING THIS TOGETHER, WHAT
RESPONSE WERE YOU GETTING FROM
SMALL BUSINESSES AND HOW MANY DO
YOU THINK WILL -- DO YOU EXPECT
INDIVIDUALS WILL FINE ON AND
START USING THESE ACCOUNTS TO
BUY HEALTH INSURANCE?
HOW MANY BUSINESSES WILL
IMPLEMENT THIS?
DO YOU HAVE AN IDEA YET?
>> WE'VE GOT A VERY POSITIVE
RESPONSE.
WE'RE ESTIMATING ALMOST 800,000
SMALL BUSINESSES AROUND THE
COUNTRY WILL IMPLEMENT THIS.
BUSINESSES WANT TO SUPPORT THEIR
EMPLOYEES.
WE HAVE SUCH A THRIVING ECONOMY
THAT BUSINESSES UNDERSTAND THAT
THEY NEED TO OFFER THEIR
EMPLOYEES BENEFITS.
BUT IT'S GOTTEN SO COMPLICATED
AND SO DIFFICULT TO OFFER GROUP
HEALTH INSURANCE, THIS ALLOWS
THOSE SMALL BUSINESSES, THOSE
THAT HAVE 10 EMPLOYEES, 15
EMPLOYEES, TO TELL THEIR
EMPLOYEES, LOOK, WE'RE GOING TO
PUT PRETAX DOLLARS IN AN ACCOUNT
MEANT FOR YOU.
YOU CONTROL THE DOLLARS.
YOU CONTROL THE ACCOUNT.
AND YOU GO OUT AND BUY THE
INSURANCE THAT'S RIGHT FOR YOU
AND FOR YOUR FAMILY.
DAGEN: THIS IS THE NUMBER ONE
-- THERE WAS AN NBC WALL STREET
JOURNAL POLL A FEW WEEKS AGO AND
THE NUMBER ONE ISSUE THAT
AMERICANS WANT THE GOVERNMENT TO
WORK ON IS HEALTHCARE.
AND THIS GOES TO WHAT YOU'RE
DOING AND HOW ARE YOU GOING TO
MESSAGE IT.
YOU REALLY ALSO HAVE TO GET THE
WORD OUT THERE PUBLICLY.
I KNOW YOU'RE ON FOX BUSINESS
RIGHT NOW BUT GET THE WORD OUT
PUBLICLY TO PEOPLE WHO MIGHT BE
ELIGIBLE FOR THESE ACCOUNTS.
>> THAT'S RIGHT.
I THINK WE NEED TO UNDERSTAND
THAT ONE SIZE DOESN'T FIT ALL,
THAT THE SOLUTION INVOLVES
MULTIPLE INITIATIVES.
WE'RE TALKING TODAY ABOUT THE
HEALTH REIMBURSEMENT
ARRANGEMENTS.
IN A SEPARATE RULE MAKING, THE
DEPARTMENT OF LABOR, HHS AND
TREASURY ISSUED SOMETHING THAT
ALLOWS ASSOCIATION HEALTH PLANS,
SHORT-TERM LIMITED DURATION
PLANS.
THERE'S A NUMBER OF OPTIONS.
THEY ALL HAVE TO COME TOGETHER
AND ALLOW INDIVIDUALS ACROSS THE
NATION, EMPLOYEES, AMERICANS,
MORE CHOICE, DIFFERENT PLANS
BENEFIT DIFFERENT PEOPLE.
DAGEN: I WANT TO TURN TO JOBS
IN AMERICA.
FORMER CKE RESTAURANT CEO ANDY
PUSDER HE WAS UP FOR A JOB IN
THE ADMINISTRATION AT ONE POINT,
PUBLISHING AN OP ED, TITLED THIS
FASTER GROWTHIC
FASTER GROWTHIS PAYING OFF FOR
LOW SKILLED WORKERS.
HE SAYS THE MOST EFFECTIVE WAY
TO REDUCE INCOME INEQUALITY IS
THROUGH POLICIES THAT ENCOURAGE
JOB CREATING, WAGE INCREASING
ECONOMIC GROWTH UNLIKE
GOVERNMENT REDISTRIBUTION.
IT CREATES COMPETITION FOR
EMPLOYEES THAT LIFT WORKING
CLASS WAGES AND THAT IS WHAT IS
GOING ON TODAY.
THE QUESTION FOR YOU,
MR. SECRETARY, IS HOW DO YOU
KEEP IT UP?
AGAIN, PEOPLE IN -- THEIR WAGES
ARE RISING THE MOST IN LOWER
PAYING INDUSTRIES, WITHOUT A $15
MANDATED MINIMUM WAGE.
>> THAT'S A ABSOLUTELY RIGHT.
ONE PIECE OF INFORMATION THAT WE
DON'T TALK ABOUT A LOT THAT I
THINK IS SO IMPORTANT, IF YOU
LOOK AT THE INDIVIDUALS IN THE
LOWEST WAGE CATEGORIES, WE'VE
SEEN WAGES GO UP 6.5%.
SO OVERALL WAGES HAVE GONE UP
3.4% BUT FOR THE LOWEST WAGE
CATEGORY, 6.5%.
AND THAT'S INCREDIBLE.
AND SO THIS IS BECAUSE OF TAX
CUTS AND THEN DEREGULATION CAME
IN AND DEREGULATION SPURRED THE
MARKET AND TOLD BUSINESSES WE'RE
GOING TO MAKE IT EASIER FOR YOU
AND SOMETHING THAT I THINK IS SO
IMPORTANT TO KEEP THIS GOING IS
USMCA.
CONGRESS IS GOING TO BE
CONSIDERING THAT TRADE AGREEMENT
THIS SUMMER AND WE NEED CONGRESS
TO PASS THAT TRADE AGREEMENT
BETWEEN THE UNITED STATES AND
MEXICO SO WE CAN KEEP THIS
ECONOMY THRIVING AND HUMMING AND
GROWING.
BECAUSE ULTIMATELY IT'S ABOUT
JOBS, MORE JOBS AND EVEN MORE
JOBS.
DAGEN: MR. SECRETARY, GOOD TO
SEE YOU.