Failed Obamacare co-ops have now reached 10 out of 23 that were formed by the Obama bureaucracy, and the failure rate is gaining momentum as government bureaucrats reap the harvest of their ill-conceived, Liberal / Progressive fantasies of creating insurance companies out of thin air and then capitalizing them with several billion dollars of tax-payer funded loans.
The losses so far, according to a bloomberg.com story today entitled, and this is not a joke: “Your Health Plan Will Now Self-Destruct“:
Total value of federal loans to co-ops that have failed: $1,072,174,773
Hey now, that’s a BILLION dollars down the drain.
Nice going, Barack Obama.
Can the public sector create and run businesses that involve complex customer service and actuarial data analysis?
Of course not — what a dumb question to even ask.
But mr. Obama and Democrats in the House and Senate passed the “Affordable Care Act” in 2010 and pinned their hopes on just such misguided promises.
But don’t take my word for it, take the words of Kevin Counihan, director of the federal Center for Consumer Information and Insurance Oversight, which administers the co-ops and the Obamacare marketplaces.
The stark reality is that running an insurance company is a complicated, low-margin business. It requires a lot of experience. It requires a lot of good factors, and things can go south very quickly.
So simple, and yet as I write this many of my family and friends will still defend Obama’s government takeover of American health care.
It really makes you wonder, doesn’t it?