On the recordJanuary 19, 2011
In 1986 over 66 percent of America's employers provided retiree health insurance. In 2009, that number had collapsed to 29 percent. What the health care bill did was use a tried and true method of setting up a reinsurance program that we use for flood insurance, terrorism insurance, and to insure the nuclear energy industry. This fund, which will cost-share and cost-spread the high claims of older 55-plus Americans, is a program that employers have stampeded into. Over 4,700 employers have entered into this program. Over half the Fortune 500, many whose corporate logos are right here--something that Coke and Pepsi and AT&T and Comcast can come together on--are voting with their feet because this is a program that works. Mr. Speaker, public employers are also taking advantage. This map shows yellow States who have not entered the program. If you notice, no yellow States have not entered the program. All 50 States with Republican governors and Democratic governors have entered into this program, States who are suing the Federal Government to overturn the health care bill--they know a program that's going to work to make sure that their health care costs are going to be controlled and spread. This means that police officers, teachers, people working in corporations who are 55 and up can retire with confidence, opening up opportunities for young Americans which clearly the prior system was not going to allow.
