Congress Poised To Bail Out Insurers, Fleece Taxpayers
Democrats and some Republicans in Congress are pushing for a $10 billion a year payout to insurance companies that sell Obamacare plans. President Trump calls it “bailing out” the insurance industry. Truer words were never spoken.
The politicians backing this sweetheart deal claim it will protect consumers. Don’t fall for it. The money will go straight to the bottom lines of insurers — who enjoy tremendous clout in Washington D.C., thanks to over $85 million in campaign contributions and over $150 million spent on lobbying every year.
The deal’s authors — Sen. Lamar Alexander, R-Tenn., and Sen. Patty Murray, D-Wash. — have taken hundreds of thousands in insurance contributions personally and through their PACs. No surprise the deal gives insurers everything they want: an estimated $10 billion a year cash plus $100 million in Obamacare ads. No other industry gets taxpayers to pay for their advertising. Meanwhile, consumers get nothing: no freedom to buy affordable plans without Washington-mandated benefits, no escape from onerous tax penalties for not enrolling.
In 2010, the powerful insurance industry worked hand in glove with Democrats to enact the Affordable Care Act, a scheme compelling everyone to buy their product. The ACA also steered tens of billions of dollars in backdoor payments to insurers through 2016 to insulate them from losing their shirts on Obamacare. It doesn’t get any sweeter — a law making your product mandatory and forcing taxpayers to subsidize your bottom line.
Read the rest from Betsy McCaughey HERE.