Obamacare was one of the biggest social programs in the history of the United States (next to Social Security).
Did you know the program took money from profitable insurance companies and gave it to ones that failed? Sounds a lot like “redistribution of wealth,” doesn’t it? There were lots of little gems like that in the program.
Some people tried to fight this piece of Obamacare, to prevent the government from shelling $12 billion in tax dollars to failed insurers. But, unfortunately, the Supreme Court said no.
From Fox News:
The Supreme Court ruled in an 8-1 decision Monday that the federal government must pay out $12 billion to insurers who had enrolled in the Affordable Care Act’s “risk corridor” program…
The program limited both profits and losses for insurance companies that offered plans through the online exchange created by the Affordable Care Act… by having certain profits go to the Department of Health and Human Services, which in turn would give money to plans that did not bring in profits. The result was the government owing over $12 billion more than was brought in.
Wow. The Supreme Court ruled 8-1 to force the federal government to pay the losses that were incurred through Obamacare’s online exchange.
It appears the program offered some form of security for failed plans, by taking the profits from successful plans and giving it to the failures.
Basically, the government would take money from company plans that were doing well (depriving them of more profits) and give it to insurance plans that lost money.
Maybe on paper that sounds good. But we all know what a disaster Obamacare has been so far. Many insurers lost a ton of money and many quickly dropped out of the program, depriving counties of options.
The program lost more money than it brought in, resulting in a $12 billion debt the government had to pay to companies.
Washington wanted to weasel out of paying it, but the SCOTUS thought otherwise. While this might sound good, where do you think they’ll get that $12 billion from?
You and me.
This is yet another example of how Obamacare was a disaster in the making. Anyone with a calculator could have figured this out.
But President Obama pushed it, possibly knowing the real problems wouldn’t pop up until after he was out of office.
(Once again proving how little Democrats seem to think ahead.)
The only silver lining is that we are getting closer and closer to repealing this terrible program once and for all.
But it’s going to take the combined efforts of the GOP—and President Trump—to craft a better, lasting solution.
Do you really think Joe Biden has the wits to provide a better alternative?
SHARE to spread the word and tell President Trump to get rid of Obamacare soon.
Source: Fox News