Posts Tagged With: failure

ObamaCare headed for trillion-dollar collapse….


The nation’s largest private insurer has decided to pull out of ObamaCare in all but “a handful” of markets, a move that is likely to touch off insurance premium spikes that could cost customers over $1,000 a year — and possibly could lead to a collapse of the entire system.

After losing $1 billion over the last two years, the UnitedHealth Group has announced it will no longer provide ObamaCare coverage in virtually all of the 34 state ObamaCare exchanges where it sells health insurance – despite over $1 trillion in pledged support over the next 10 years.

If no other company steps in to fill the unprofitable vacuum, it will leave ObamaCare markets ready to implode in much of the country .

To be able to function, a state exchange must have at least three insurance companies competing for customers, according to the Kaiser Family Foundation.

If UnitedHealth leaves the ObamaCare exchanges altogether, that will leave 53 percent of Americans – 2.4 million people in mostly small towns and rural areas – with one or two insurers to choose from. It would cause the number of people who have only one insurance provider available to more than quadruple.

In much of the country, people would have only one insurance company to “choose” from.

This isn’t exactly what the president promised when he pitched the Affordable Care Act. In 2013, President Obama said, “This law means more choice, more competition, lower costs for millions of Americans.” Chalk up another one of ObamaCare’s broken promises.

After hearing that UnitedHealth may be heading for the exits, a spokesman for the Centers for Medicare & Medicaid Services responded by saying, apparently without any hint of irony, “The marketplace should be judged by the choices it offers consumers.”

That would be none.

Obviously, decreasing the supply will trigger price increases – a fact ObamaCare’s defenders are trying their best to minimize. UnitedHealth’s departure, they say, would only cause the premium of the national benchmark plan to rise by one percent.

But people don’t pay the national benchmark’s price. Their rate is based on their local market.

In 13 counties, if UnitedHealth leaves the market, customers will pay more than $100 in extra premiums every single month. In 304 counties, the difference would be between $25 and $100 monthly, or $300 to $1,200 a year for each insurance policy.

The impact will be more catastrophic if any of the other Big Five insurers follows UnitedHealth out the door. Aetna has hinted it may do so. Its CEO, Mark Bertolini, said its ObamaCare “business remained unprofitable in 2015, and we continue to have serious concerns about the sustainability of the public exchanges.”

The companies are the latest, but far from the only, victims of the Affordable Care Act, which President Obama promised would insure more people with more serious health problems while somehow cutting costs. A series of financial tricks and bureaucratic regulations were designed to keep the public from seeing its true price tag.

One of those was to deny insurance companies the ability to charge fees based on the patient’s health and likely burden to others – the only way to remain solvent.

As The Horn News reported, 12 of the nation’s 23 ObamaCare co-ops have already failed, and the entire system appears to entering a “death spiral.”

Desperate to stop the red ink, insurance companies have increased premiums, sometimes by 30 percent or more a year.

For the most part, this has remained hidden to the consumer, because of another ObamaCare gimmick: taxpayer subsidies.

About 85 percent of ObamaCare recipients qualify for some taxpayer funding to offset their premiums. Despite double-digit premium increases, after we all chip in to pay their insurance bill, most consumers have only seen the price they pay increase by four percent.

Of course, that’s a parlor trick. The subsidies are paid for by taxes. So, the Obama administration is just taking money from the consumer’s right pocket and putting it in his left pocket, after taking a hefty bite out of it in transit.

The system has also shifted 68 million people –- 16 million more than anticipated -– onto state health care, either Medicaid or CHIP programs for children. This continues to leach away money from the productive economy into the government’s coffers.

And as time goes on, and ObamaCare becomes more unstable, the amount American taxpayers fork over is only going to increase. According to a new CBO report, ObamaCare subsidies will increase $1.1 trillion over the next decade.

That is, if Aetna or another of the Big Five insurers doesn’t follow UnitedHealth’s lead and leave the ObamaCare exchanges to collapse like a house of cards.

Categories: Obama, Obamacare, Politics, Uncategorized | Tags: , , , , , , | 2 Comments

Scathing List of Obama’s Accomplishments as First Black President……


Everyone should stop trashing President Barack Obama. He has quite the list of accomplishments. Obama has exceeded any other President that has come before him. Here’s the impressive list of his hard earned accomplishments:

  1. First President to have a social security number from a state he has never lived in.
  2. First President to preside over a cut to the credit-rating of the United States.
  3. First President to be held in contempt of court for illegally obstructing oil drilling in the Gulf of Mexico.
  4. First President to require all Americans to purchase a product from a third party.
  5. First President to spend $50 billion on “shovel-ready” jobs when there was no such thing as “shovel-ready” jobs.
  6. First President to order an amnesty program that stopped the deportation of illegal immigrants across the U.S., including those with criminal convictions.
  7. First President to demand a company hand-over $20 billion to one of his political appointees.
  8. First President to tell a CEO of a major corporation to resign.
  9. First President to terminate America’s Space Shuttle program.
  10. First President to cancel the National Day of Prayer and to say that America is no longer a Christian nation.
  11. First President to have a law signed by an auto-pen without being present.
  12. First President to arbitrarily declare an existing law unconstitutional and refuse to enforceit.
  13. First President to threaten insurance companies if they publicly spoke out on the reasons for their rate increases.
  14. First President to tell a major manufacturing company in which state it is allowed to locate a factory.
  15. First President to file lawsuits against the states he swore an oath to protect (AZ, WI, OH, IN).
  16. First President to withdraw an existing coal permit that had been properly issued years ago.
  17. First President to actively try to bankrupt an American industry (coal).
  18. First President to fire an inspector general of AmeriCorps for catching one of his friends in a corruption case.
  19. First President to appoint 45 czars to replace elected officials in his office.
  20. First President to surround himself with radical left wing anarchists.
  21. First President to golf more than 150 separate times in his five years in office.
  22. First President to hide his birth, medical, educational and travel records.
  23. First President to win a Nobel Peace Prize for doing NOTHING to earn it.
  24. First President to go on multiple “global apology tours” and concurrent “insult our friends” tours.
  25. First President to go on numerous lavish vacations, in addition to date nights and Wednesday evening White House parties for his friends paid for by the taxpayers.
  26. First President to keep a dog trainer on retainer for $102,000 a year at taxpayer expense.
  27. First President to fly in a personal trainer from Chicago at least once a week at taxpayer expense.
  28. First President to repeat the Holy Quran and tell us the early morning call of the Azan (Islamic call to worship) is the most beautiful sound on earth
  29. First President to side with a foreign nation over one of the American 50 states (Mexico vs Arizona).
  30. First President to increase surveillance of American citizens by 1,000 percent in four years
  31. First President to refuse to comply with a House Oversight Committee subpoena
  32. First President to encourage racial discrimination and intimidation at polling places
  33. First President to issue unlawful “Recess-Appointments” over a long weekend while the U.S. Senate remained in session (against the advice of his own Justice Department)
  34. First President to barricade open-air monuments during a partial government shutdown
  35. First President to create his own propaganda news network and “bypass journalists … [having] developed [his] own network of websites, social media and even created an online newscast to dispense favorable information and images”
  36. First President to personally lobby senators to violate senate rules
  37. First President to unlawfully seize telephone records of more than 100 reporters to intimidate and/or bully them
  38. First President to use the IRS to “Unfairly Target Political Enemies” as well as pro-Catholic and pro-Jewish groups
  39. First President to have an innocent filmmaker thrown in jail after lying about the cause for a deadly attack on U.S. Diplomats
  40. First President to violate the War Powers Act

bummer

Categories: Politics | Tags: , , , , , , , , , , , | Leave a comment

Great News: More People Have Lost Health Insurance Than Have Enrolled in Obamacare…


When President Obama shoved his signature piece of legislation down the throats of the American people without a single Republican vote, he did it after promising millions of Americans that if they liked their health insurance plans, they could keep them. As Guy wrote yesterday, at least 16 million people are expected to lose their health insurance thanks to Obamacare.

But now, the administration has another huge problem to deal with. As Healthcare.gov continues to crash and burn, more people are losing their health insurance thanks to Obamacare than the number of people successfully enrolling in the program. More from Jim Geraghty:

Here’s the devastating statistic you’ll see cited until the numbers change:

Over 500,000 individuals have seen their insurance policies cancelled in just 3 states. In all 50 states, only 476,000 applications have been “filed” in an exchange.

In short, Obamacare has caused more people to lose their health insurance than gain it so far.

There’s no doubt we’ll see this trend continue. As a reminder, it was predicted people would lose their current coverage as a result of Obamacare legislation and the CBO estimated last year millions of previously uninsured people will continue to be uninsured.

A new Congressional Budget Office (CBO) report says that under the Affordable Care Act, a.k.a. Obamacare, 30 million non-elderly Americans will remain without health insurance in 2022.

One of the main arguments the Obama administration made for passing the Affordable Care Act was that it would provide coverage for the uninsured.

Categories: Uncategorized | Tags: , , , , , | Leave a comment

Another Government Business Failure…..FHA Might Need $943 Million Taxpayer Bailout


The cash-strapped Federal Housing Administration will likely require a $943 million taxpayer bailout to cover expected losses from loans it insured as the U.S. housing bubble was deflating, the Obama administration said on Wednesday.

It would be the first bailout of the government’s mortgage insurer in its nearly 80-year history.

The FHA, which has struggled to manage a glut of delinquent mortgages, will likely need the funds given a shortfall in its reserves, the administration said in President Barack Obama’s fiscal 2014 budget proposal.

Categories: Politics | Tags: , , , , , , , , | Leave a comment

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