This is real money, and you are the most important part of the show. Join our lives conversation on twitter and facebook. There is intriguing news today with the mega retailer target. It did not involve that breach of credit cards, but it is another Public Relations headache. The Company Announced it is going to end health comfortable for all its part time workers more than 36,000 people. They say its good news for those workers because by targets own admission there are better Coverage Options better on state and federal insurance exchanges now that obamacare is up and running. The new healthcare exchanges are gaining in popularity. As of three weeks ago, 2. 2 Million People had signed up since enrollment started in october. The department of health and Human Services estimate 79 of all enrollees expected plans with Financial Assistance from the government. Back to the 2. 2 Million People already enrolled. The latest figure shows twothirds of these people had insurance before signing up. A third did not. So its becoming clear that obamacare is having a harder time than expected luring uninsured americans to the exchanges. In the first three months of open enrollment only 26 of all uninsured americans even bothered to visit the exchange website. Of those who logged on, 59 rated the information as negative. The key reason for the Affordable Care act is to get more Americans Health insurance coverage. There is still two months ago before those without coverage might face a potential tax penalty. As for target, their part time workers have an option in the exchanges. Something they did not have before. Heres patricia with the story. Reporter the nations second largest retailer is the latest corporation dropping Health Insurance for parttime employees. In an online statement target cited the launch of Health Insurance marketplaces under obamacare for its decision saying if it continues to offer Health Benefits to part time works i theyll find that theyre eligible for medicaid and also be eligible for Health Insurance exchange where they can get premium subsidies and get help out of their out of pocket payments as long as their income is not very high. Reporter 10 of its roughly 360,000 workforce part in its insurance plan. The company will give workers who lose part time Health Insurance an oneoff payment as well as help signing up for obamacare. A growing roster including walgreens, petco, home depot, garden and restaurant, trader joes and ups has started dialing back Health Benefits in the wake of obamacare. I think it will help the bottom line if that it will lower the costs a bit as its doing with target. It will enable Smaller Companies to be competitive with their larger competitors because they will receive subsidies for offering insurance to their employees, and in a sense it will take companies out of the Health Insurance business to some extent. Reporter starting next Year Large Companies employing 50 or more workers must offer Health Insurance or face fines in the thousands of dollars. Some firms have cut back workers hours to avoid having to ensure them under obamacare. Target said it would not limit part time workers hours and employees averaging 32 hours or more a week are still eligible for the companys comprehensive Health Insurance plan but still critics charge while target and its part time employees may save money on healthcare the taxpayer will pick up the tab. I think this is indicative of a broader practice where employers are looking for taxpayers to subsidize their low wages. Today on twitter and facebook weve been asking is it fair that target is dropping coverage for part time workers, why or why not. Lorlorene . Hanna wrote tell us what you think by tweeting us or leave us a comment on facebook. The Obama Administration told congress it needs to raise the debt ceiling by february. Jack liu said the deadline to raise the Borrowing Limit and avoid a federal default is about two weeks earlier than he said last month. The one reason is the treasury expects to spend more money paying tax refunds in february this year. Michigan Governor Rick Snyder has now proposed an aid package to shore up detroits pension funs that could keep the city from having to raise money by selling its treasured art work. The plan would provide up to 350 million of state funds over the next 20 years. The governor said this is not a bail out. Simply a quicker way to help detroit settle its bankruptcy. Its debt including 3. 5 million in under funded pension. Involving 10,000 to 15,000 job cuts this year, big blue reported lackluster sales. The quarrel report released late tuesday showed a 26 drop in hardware sales. Ibm Hardware Division is where most of the job cuts will take place. Chip maker intel said last week it will cut 5,000 jobs and its Texas Instruments plans to cut over a thousand jobs. Ibm has over 400,000 employees in more than 170 countries. The ceo of the Cleveland Clinic is sounding the alarm in a key issue involving obamacare. Ali has that story next, and the cities on the rebound, how the Auto Industry is recharging parts of the Hoosier State. Plus the landing club has landed on the forbes most promising country for a Third Straight year. What is their secret . Youll hear from the companys ceo. All that and more as real money continues. Every sunday night Aljazeera America presents extraodinary films from the worlds top documetary directors. Its the worlds most powerful financial institution. I think were mysterious to people. What really goes on behind closed doors . The fed is kind of this black box. Its your money. Somebody screwed up. Or is it . I worked to save that money and now i get nothing. Inside the fed. On al jazeera america. The World Economic forum is underway in davos, switzerland, they have gathered to discuss the Global Economy and to schmooze. In previous forums theyve had to navigate threw icy treats and bitterly cold weather but not this year. Reporter we switched places weatherwise. You got all the joe. We got some snow because were up in the alps. Typically it would be cold and i would be wearing two or three jackets, but its warm here in davos, and i had a great opportunity to talk about what is going on in the United States. I spoke with toby cosgrov. Were only a few weeks into this, but we think were headed in a direction that we have to do in the United States. We have to take costs out of the Healthcare System. Its gotten to be the most expensive in the world, and we have to drive access o for patriots. We havpatriotspatients. Quality is up and down and all over the place. We think we can do this, create a more efficient system and its exciting to create a new Healthcare System. You have managed some how to steer clear of the criticized this or politicized that. Again, backing out of that, do you think so far its gone well, and what would you have changed if you were in charge of it . Obviously the roll out of the website is a problem. But thats the real story. The real story is the things we have to do to make the Healthcare System more efficient. We have to have people involved in keeping themselves well, and that was one of the things that unfortunately its going to not just be government, which is not taking a big role there, it has to be education, medicine, it has to be business, it has to be the food industry. Everybody has to get on board to have a healthier country. If we dont have a healthy country we wont have a strong nation. A lot of that have is diabetes and thats caused by eating habits and obesity. You think we can reduce costs immensely just on that. Obesity is 10 of the healthcare costs in the United States, and its going up. We may have a generation that doesnt live as long as their parents unless we can tackle this obesity issue. Major problem. And it is not a social problem. Its a medical problem. We have to face it as a medical problem. In terms of implementation what have you seen at the Cleveland Clinic so far . Well, we really know that a couple of things are going to happen. We know were going to get paid less for what we do, and so that is for medicare and medicaid, and also for the private insurers, and we dont know if were going to have more patients or not. We checked our Emergency Rooms closely, we havent seen a big influx, but i think that will change over time. When you say well be paid less but youre talking about the industry. How in a free Market Industry square that. Well see more money come into healthcare. That has major implications for the entire economy. Healthcare is the biggest industry in the United States. 17. 3 of the u. S. Economy. And if you look at that were going to have reduction in cost, its got to be people who will be taken out. Every ceo of a hospital is talking about the reducing the number of employees. And remember healthcare is the only industry that is growing jobs since 2000. So that could have major implications in a lot of areas. That was Toby Cosgrove of the Cleveland Clinic. Then i got a chance to speak with the ceo of Marriott Hotels they just finalized a deal where they bought a south African Hotel chain, theyre expanding around the world. But what thing that the has poe tallit has been talking about. Its difficult to get to the United States. If we had the same share as 2000 we would have had 35 million more visitors to the u. S. Thats one million more jobs, one industry. That says nothing about the retail and the restaurant and all the other things that take place with that travel. Fortunately, what weve seen is the Obama Administration and the hill seemingly to really get it. What changes . What has to happen to make this a better experience. A lot of People Choose not to travel to the United States. As a result we lose conferences to the middle east and far east. The problem starts as soon as they get off the plane. It starts before they even get off the plane. We have to communicate a welcome to folks. And basically say we want you to come visit the United States. The word on the street in china, for example, a few years ago was you may not want to even go through the application process because youre not going to get it in the end. We erect a barrier, and we need to say, no, you can get a visa. We do want to you come. Then we have to put behind it the visa process to make it appealing, so you dont have to go through it over and over again. Then when you land in the United States, treat people reasonbly promptly, treat them politely, treat them as further extension of youre welcome here. We would like to have you here. Have you seen any of that happen . I think were making progress, i really do. Obviously we have significant parts of the government where the primary concern is security. Security is an important issue. But the only rock solid security would be to keep everybody out. That is complete madness. Reporter sunshine or snow showers this is an intriguing time to be there, chatting with the leaders. Ali will have more updates from them and from the conference tomorrow. Facebook stock closed at an all time high on tuesday. Just lifting its chief operating who is also in davos. You have one of the youngest female billionaires ever at the age of 44. There were only 17 women on bloombergs 2013 list of the worlds 200 richest people worldwide, there are 138 female billionaires that, according to forbes. Well talk to the mayor of kokomo, indiana, but what isry charging his city and the other 362 metro areas in the United States. And one of forbes most Promising Companies aims to make life easier for borrowers, and one of our nations largest banks is takings in. The ceo of lending club will explain as real money continues. Lisa fletcher is here on the stream. The difficulty americans have talking about death and dying and how social media is changing that. David, our guests are amazing. Some documenting these journeys of terminal illness and others going through it. You would think this would be depressing but these people are living life and encouraging others to do the same. Dont miss the stream right after real money. According to a new report by the u. S. Conference of mayors all 363 metropolitan areas in the United States in 2014 are now predicting growth. That would be dramatic. One of the cities anticipating an economic surge is kokomo, indiana, the Hoosier State 13th largest city suffered a lot during the financial crisis. Joining from indianapolis, greg, what has been the key to fueling the turn around in kokomo . Well, we think its a compilation of a lot of different things. The cities that are doing the right things are seeing an insurge of people moving to their communities. We have changed the way we operate. Weve become more efficient. Weve benefited from a few things. Were very close in proximity to indianapolis, about 45 miles directly north. About two and a half hours or so from chicago, and weve also had a lot of investment predominantly in the automotive industry. Chrysler has plants in kokomo, three transmission plants and one aluminum casting plants, and they have invested over a billion dollars. We have Smaller Companies, community hospital, and others that have invested in kokomo as well. So we think its a combination of a lot of different things. In addition to the manufacturing coming back in terms of automobiles youre getting other manufacturing, other businesses and youve revitalized downtown to try to attract them. How important is that . Its investing and reinvesting in our urban core. Weve gone to simple things going back to twoway streets. Removing all of our stop lights and making it fourway stops, and throughout the city weve added miles of bike lanes and invested in our parks and things. Weve done that while weve streamlined local government. Weve cut our workforce and from myself and city council weve taken multipleyear pay freezes so we could shift our limited resources and put that back into our localinto our city through new parks and new investment. Despite all of those successes the jobless rate is still pretty high in kokomo. What is the strategy for dealing with it . Our plan is to continue to do what weve been doing. Our Unemployment Rate is running half of a point higher than the state. But i try to remind our residents and the people throughout the state that we were hit as hard if not harder than any state in the midwest. At one point we had 23 unemployment. Here in the last three or four years we have chipped away at that, and reinvested and our Housing Starts are up, and we just did a local study on our vacancies at apartments, and its well below the National Average around 5 . How important is it to invest in terms of Vocational Training in high Tech Training . Weve been doing that. Were fortunate to have an ivy tech regional campus. Kokomo is 58,000 people and we have an University Regional campus in kokomo, and both of those have grown over the last four or five years. And theres now the investment of private dormitories going on in kokomo near the i. U. Campus, so private investors have decided that its a good place to invest for student housing. Greg, the mayor of kokomo, indiana, one of the satellite campuses of indiana university, great university, great stay, and congratulations to you in all your success, good luck in 2014. Thank you very much. I appreciate it. Youre welcome. From a promising u. S. City to a promising u. S. Business. The companies that have the most potential for growth in 2014. Fifth on the list is landing club, an online that tanks banks out of the equation all together. Issuing 2. 1 million in new loans. Were joined now from san francisco, how have you done this . Three years in a row your company, i mean, continues to get so many accolades, whats the street . Thank you. Were very proud from Forbes Magazine. The goal of transforming the banking industry, and making it more and more transparent, more customer friendly, more efficient is starting to work. I think there is a lot more to come, and were really happy that Forbes Magazine took notice for a third year in a r row. Why is it better for someone who has good credit to go to pier to pier lending as opposed to traditional banks. We have borrowers on one side and investors on the other side, and we really fulfill the role of allocating capital, were able to lower costs and do so more cost efficiently than the traditional banking system, and that helps us lower the Interest Rates on the borrowers side and improve returns on the investor side. Forbes chose its most Promising Companies based on several factors including Management Team, investor quality and partnerships. How did lending club fulfill all of that . I think we rank well on all three aspects. We have a topnotch Management Team that is a mix of a Consumer Lending and commercial banking background mixed with consumer income and technology. I think there are two sides ever technology and banking where they mix really well at lending club. Investors including google recently, but recently the possibility financing as well as early investors, and then on the last aspect, which is partnerships, we have a number of exciting partnerships, were working closely with the banks to help really be associated with the transformation of the industry. I can appreciate that lending club may have worked very well in a tough economy but it sounds like you have a plan in place as the economy gets stronger. We have to leave it there, but rene, the ceo of lending club, congratulations on your success in a third year in a row. We look forward to keeping track of your future success. Thank you. Youre very welcome. Dont forget the question for today. Target is dropping healthcare coverage for part time workers. Is that fair . Why or why not. Tweet us at ali velshi or leave a comment on our facebook page. If you want to see more about tonights stories log on to our website www. Aljazeera. Com real money. Finally, the National Football League Championship game the super bowl will be held in ten days just across the hudson river from here at the stadium that is home to the new york giants and the new york jets. Next week in the leadup there will be parties, concerts and even a fan festival in hasnt on broadway. Well, it turns out that Roger Goodell has paid a manhattansized ceo salary. According to tax documents goodell gets 29 million a year. Thats more than the ceos of ford, at t and american express. Some could say that its, but its at nonprofit 501 c 6. The nfl gave just 2. 3 million to charity. Most of that 2. 1 million went to the nfl hall of fame. Thats onefifteenth of the ceos salary. Perhaps they should follow the path of profession baseball, basketball and hockey which gave up their tax status years ago. Thats our show today. Well join ali in davos to talk about the worldwide auto business. Im David Shuster in new york. Thank you for joining us. Im Lisa Fletcher and you are in the stream, what we share about life but death and how we discuss dying is it changes one tweet at a time . Bringing in the community throughout our program is our digital producer and sharing death and dying on social media is something we are seeing a lot more of and today when we put the topic out there we saw how it resonated with people. In a big way and as we mention it we are flooded with
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