Perhaps as a result an angry backlash to last night’s report by the WSJ that President-elect Donald Trump had allegedly sided with Rand Paul in pushing to delay the repeal of Obamacare until such time as there is a suitable replacement option, which as we explained are two entirely distinct processes, and that an ACA replacement could take years as it would require bipartisan support, moments ago the the NYT reported that Trump appears to have backtracked on his position as recently as yesterday, and has pressed Republicans to move forward with the “immediate repeal” of the Affordable Care Act and to replace it very quickly thereafter, saying, “We have to get to business. Obamacare has been a catastrophic event.” Continue reading »
On his transition website GreatAgain.gov, the Trump team has laid out the framework of his initial policies with policies focused i) on American Security including as Defense and National security, Immigration Reform and Building That Wall, and Energy Independence; ii) Getting America Back to Work Again including Tax Reform; Regulatory Reform; Trade Reform; Education; Transportation & Infrastructure and Financial Services Reform; and iii) Government for the people including Healthcare Reform (Obamacare), Veterans Administration Reform and Protecting Americans’ Constitutional Rights.
The key highlights include: Continue reading »
You can’t make this stuff up.
Obamacare premiums are skyrocketing out of sight. A jump of a mere 30% looks like a good deal compared to jumps of over 50% in six states, and 93% in New Mexico.
Congratulations are in order for those living in a handful of states whose premiums only rose 20%.
The Wall Street Journal reports Rate Increases for Health Plans Pose Serious Test for Obama’s Signature Law. Continue reading »
What I love about Obama is the choices he’s given me. I can buy a $400,000 house, OR I can have healthcare! Hope and Change baby!! pic.twitter.com/zdUY4sl7yl
— Great Stockpix (@Greatstockpix) October 12, 2016
Remember back in 2012 when the Supreme Court narrowly upheld the Obamacare mandate with a 5-4 decision but only after Judge Roberts, a Bush appointee, seemingly parted with his conservative counterparts on the bench to effectively, single-handedly preserve perhaps the most destructive piece of legislation in American history (if not, we wrote about it here)? Many people were shocked by Judge Roberts’ decision and subsequently alleged that it was driven more by politics than his interpretation of the Constitution.
Turns out those people were proven right today as a new Podesta email confirms that the Obama administration applied political pressure on Roberts to sway his decision: “it was pretty critical that the President threw the gauntlet down last time on the Court…that was vital to scaring Roberts off.” Continue reading »
In a staggering moment of honesty caught on tape, former President Bill Clinton admits to a group of voters in Michigan that Obamacare is a complete disaster and is wreaking havoc on the middle-class and “small-business people.” Per the video published by the NY Post, Clinton says that Obamacare is fine for those who are eligible for subsidies but admits that that hardworking “people who are out there busting it, sometimes 60 hours a week, wind up with their premiums doubled and their coverage cut in half and it’s the craziest thing in the world.”
“You’ve got this crazy system where all of a sudden 25 million more people have health care, and then the people who are out there busting it, sometimes 60 hours a week, wind up with their premiums doubled and their coverage cut in half and it’s the craziest thing in the world. Continue reading »
Middle-class households are finding more of their Obamacare costs are coming out of their own pockets.
Self-covered individuals are hit hardest, but employers providing coverage have fought back against rising costs by reducing plan benefits.
Deductibles are up 67% since 2010. That’s seven times more than wages. And the cost of prescription drugs is out of sight.
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By Ron Paul
The decision of several major insurance companies to cut their losses and withdraw from the Obamacare exchanges, combined with the failure of 70 percent of Obamacare’s health insurance “co-ops, ” will leave one in six Obamacare enrollees with only one health insurance option. If Obamacare continues on its current track, most of America may resemble Pinal County, Arizona, where no one can obtain private health insurance. Those lucky enough to obtain insurance will face ever-increasing premiums and a declining choice of providers. Continue reading »
Remember when Obama toured around the country telling everyone that Obamacare was going to increase competition and lower premiums? If not, here is an example to help jog your memory (comments taken from Obama remarks delivered at Prince George’s Community College on 9/26/13):
Now, this is real simple. It’s a website where you can compare and purchase affordable health insurance plans, side-by-side, the same way you shop for a plane ticket on Kayak — (laughter) — same way you shop for a TV on Amazon. You just go on and you start looking, and here are all the options. Continue reading »
People better learn fast how to heal themselves through alternative medicine (Acupuncture, homeopathy, herbal medicine, etc.), diet and exercise, because the greatest collapse in world history is coming and Alois Irlmaier foresaw that the U.S. will get the greatest revolution of all time.
The medical system will no longer exist and you have to become your own doctor.
The critics of Obamacare have been proven right. The Obama administration promised that health insurance premiums would go down. Instead, they have absolutely skyrocketed. The Obama administration promised that Obamacare would not kill jobs. Instead, firms are hiring fewer workers because of suffocating health care costs. As you will see below, even the Federal Reserve is admitting this. The Obama administration also promised that the big health insurance companies would love the new Obamacare plans and would eagerly compete with one another to win customers in the new health insurance marketplaces. Instead, many of the big health insurance companies are now dropping Obamacare plans altogether.
We witnessed the latest stunning example of this phenomenon just a few days ago. It turns out that Aetna has been losing hundreds of millions of dollars on plans sold through the health exchanges, and now they plan to pull out of the program almost entirely… Continue reading »
I tire of people who are too damned ignorant to be bothered with 30 seconds of research.
For example, one of the memes going around is how “evil” Aetna is because their CEO gets paid a lot of money. The meme, of course, is that Aetna the company (and other health “insurers”) is screwing Americans out of huge amounts of money because they are refusing to continue selling “health insurance” at a loss through Obamacare exchanges, and told the government in advance that adverse action by them against a merger they wanted to conduct would lead them to not have the economy of scale required to defray those losses.
The government sued anyway, and they kept their promise. For this they’re evil, you see. Continue reading »
The typical rosy Democrat narrative on Obamacare highlights the decline in uninsured Americans as evidence of its great “success” while conveniently ignoring the fact that most of the “newly insured” are actually coming from the expansion of Medicaid. The fact is that Obamacare is a debacle and is on the verge of collapse (see our previous post “Obamacare On “Verge Of Collapse” As Premiums Set To Soar Again In 2017“).
Our reasoning is quite simple and is the same reason Obamacare was doomed from the start. As we’ve pointed out numerous times in the past, the true downfall of Obamacare will be in its inherent “adverse selection bias.” “Sicker/older” people have every incentive to enroll while “younger/healthier” people, the ones that were supposed to subsidize everyone else by buying policies they didn’t need, are choosing to simply pay their penalties instead. So what you’re left with is a pool of “sicker/older” people who consume a massive amount of healthcare but whom don’t pay “their fair share” because Obamacare specifically caps the rates that can be charged to the “sicker/older” people at 3x the rates charged to “younger/healthier” people (who cares if they consume 20x more healthcare…3x just sounded about right). Continue reading »
Two weeks ago, we asked readers to spot the “odd inflation out” when looking at the map below.
The reference, of course, was to the state by state surge in proposed 2017 Obamacare premiums, contrasted with what the government contends is a modest 1.0% inflation rate. Continue reading »
If Obamacare enrollments continue their current trend and insurers continue to hike premiums at alarming rates then Republicans may not have to worry about “repealing and replacing Obamacare” as it might just work itself out “naturally”. The 4th open enrollment period for Obamacare begins on November 1, 2016 and industry experts are warning that another year of tepid demand from “young and healthy” Americans could force more insurers out of the exchanges effectively marking the end of Obamacare as we know it. According to a story published by The Hill, 11 million people bought health insurance through the exchanges for 2016 which was drastically below the Congressional Budget Office’s initial projection of 21 million.
Well we’re shocked! Turns out that whole “adverse selection bias” was a real thing. So you’re telling us that young, healthy people don’t want to pay for insurance they know they’ll never use? We guess America’s youth can actually do basic math, after all. Apparently they were able to figure out they would rather take the lower tax associated with Obamacare penalties than the larger tax associated with buying a healthcare policy they’ll never use. We guess Millennials are a little less enthusiastic about embracing socialism when the costs are coming out of their pockets. Continue reading »
An architect of the federal healthcare law said last year that a “lack of transparency” and the “stupidity of the American voter” helped Congress approve ObamaCare.
He suggested that many lawmakers and voters didn’t know what was in the law or how its financing worked, and that this helped it win approval.
2017 is shaping up to be a very, very ugly year for Obamacare. A year in which it may become obvious to all that the entire thing is an unredeemable failure.
Many of you surely have been paying attention to headlines regarding insurers fleeing the Affordable Care Act (ACA) exchanges due to major financial losses (despite huge premium hikes), but you may still not recognize how bad the situation really is.
In that regard, read the following excerpts from a Vox article published yesterday titled, Obamacare’s Markets Will Be Less Competitive Next Year: Continue reading »
After every other major US health insurance provider already admitted to generating substantial losses on the Affordable Care Act, known as Obamcare, earlier today Aetna became the latest to report that its annual loss on Obamacare plans would be more than $300 million, and said it had scrapped plans to further expand its Obamacare business next year. More ominously, Aetna joined the biggest US health insurer UnitedHealth in reviewing how, if at all, it would continue providing ACA services in the 15 states it’s currently in. Continue reading »
The fact that Obamacare is a gigantic train wreck barreling uncontrollably into a brick wall is pretty much undeniable at this point. I’ve covered this reality from several angles in 2016, with one of the more popular posts being, The Health Insurance Scam – “Coverage” Doesn’t Mean Affordability or Access, in which I noted:
Politicians, particularly those of the Democratic persuasion, love to throw around statistics about how many additional people have healthcare coverage without ever talking about the cost of such coverage, or whether it actually translates into actual access in the real world.
While a greater number of Americans having health insurance is a good thing when it comes to protecting against unexpected catastrophic events or extended hospital stays, it doesn’t tell you anything about two very important variables: 1) How much does it cost? 2) What kind of access does it provide? As usual, the devil is in the details. Continue reading »
Remember when the Supreme Court decided that Obamcare is legal but it’s a tax? Well, the nuances were irrelevant, but when it comes to the Bureau of Economic Analysis they could not have been greater: by effectively counting a tax as part of US economic growth, Obama, the Supreme Court and the US government’s beancounters assured themselves of a steady stream of “economic growth” for quarters to come, and sure enough, Q1 was no different.
As regular readers know, when it comes to the one constant source of US economic growth, nothing is more reliable than Healthcare, which is merely another name for how Obamacare figured in the bean-count reports. And, we are confident, it will come as no surprise that in Q1, when real GDP grew by $44 billion in real terms, or 1.1% annualized, from $16.471 trillion to $16.515 trillion, Healthcare was responsible for $26 billion (rising from $1,896 billion to $1,929 billion annualized) or a whopping 58.4% of the total. Continue reading »
“it’s time for the president to admit Obamacare is a disaster for the American people. When the president rammed his partisan health care law through congress, he repeatedly promised the American people that if you like your plan, you can keep it. President Obama and those that supported this law are now silent as 92,000 Coloradans must find a new insurance plan.“
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According to the Houston Chronicle which cites federal regulator filings, Blue Cross and Blue Shield of Texas – the state’s largest insurer – has asked for rate hikes of nearly 60% for next year in three popular HMO plans. The company, which is the only carrier to offer health coverage in all of Texas’ 254 counties, would not specify Wednesday what would happen if does not get the rate increase it says it needs.
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It’s official: years of warnings that Obamacare will lead to dramatic increases in healthcare premiums are about to be validated.
As the WSJ writes, big health plans stung by losses in the first few years of the U.S. health law’s implementation are seeking hefty premium increases for individual plans sold through insurance exchanges in more than a dozen states.
To be sure, we have extensively covered the imminent danger of rising healthcare prices as a result of Obamacare’s intrusive intervention in the insurance sector; however now that this is about to become mainstream information, we expect consumers to hunker down and save even more in anticipation of what is about to be a shock price increase for millions of middle-class American families.
As the WSJ reports, the insurers’ proposed rates for individual coverage in states that have made their 2017 requests public largely bear out health plans’ grim predictions about their challenges under the health-care overhaul. According to the insurers’ filings with regulators, large plans in states including New York, Pennsylvania and Georgia are seeking to raise rates by 20% or more. Continue reading »
In yet another development in the train wreck that is Obamacare, while we know that the legislation is failing individuals and businesses, the government is now failing to live up to its obligations made to the insurers who chose to participate in the healthcare exchanges. “All we’re asking is for the federal government to do what they promised” said Highmark Health CEO David Holmberg.
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A McKinsey study shows Obamacare insurers lost money in 2014 and the losses doubled in 2015.
Amazingly, the study concludes there’s nothing to worry about because “30 percent of insurers nationwide were profitable.”
Meanwhile, outright refusals to accept Obamacare mount. “Sorry, We Don’t Take Obamacare” is now a frequent response. Continue reading »