ScreamingEagle
Gold Member
- Jul 5, 2004
- 13,399
- 1,706
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If you like how the Obama administrations multibillion-dollar investments in bankrupt solar companies have turned out, youll love the latest federal loan program to nowhere. Its the Obamacare loyalty rewards program for progressives.
To appease liberal Democrats pushing for the so-called public option (the full frontal government takeover of our health care system), the White House settled for the creation of a $6 billion network of nonprofit CO-OPs that will compete with private insurers. Its socialized medicine through the side door. House Republicans sliced about $2 billion from the slush fund in last springs budget deal and proclaimed the program dead. Hardly.
On Wednesday, the White House trumpeted the release of nearly $700 million in taxpayer-funded low-interest loans for seven CO-OPs in eight states. Administered by the Centers for Medicare and Medicaid Services, the fund will pour more money into CO-OP plans nationwide throughout the next year. In 2014, according to Washington bureaucrats, the plans will be offered on the federally approved and federally monitored state health exchange marketplace.
Some marketplace. Given how Team Obama has dispensed special Obamacare waivers to scores of campaign donors, its a sure bet the CO-OP/exchange mechanism will be brazenly rigged against non-subsidized, for-profit insurers. And against taxpayers. Obama health officials assure us that there will be an early warning system in place before loan recipients get into financial trouble. But we know from the half-billion-dollar Solyndra scam that when this administration sees red flags, its full speed ahead.
In fact, the Obamacare CO-OP overseers already predict a nearly 40 percent default rate for the loans, according to Kaiser Health. Welcome to the Chicago-on-the-Potomac reverse rule of holes: When youre in one, keep digging.
The $4 Billion Obamacare Slushfund for Progressives
Michelle Malkin
To appease liberal Democrats pushing for the so-called public option (the full frontal government takeover of our health care system), the White House settled for the creation of a $6 billion network of nonprofit CO-OPs that will compete with private insurers. Its socialized medicine through the side door. House Republicans sliced about $2 billion from the slush fund in last springs budget deal and proclaimed the program dead. Hardly.
On Wednesday, the White House trumpeted the release of nearly $700 million in taxpayer-funded low-interest loans for seven CO-OPs in eight states. Administered by the Centers for Medicare and Medicaid Services, the fund will pour more money into CO-OP plans nationwide throughout the next year. In 2014, according to Washington bureaucrats, the plans will be offered on the federally approved and federally monitored state health exchange marketplace.
Some marketplace. Given how Team Obama has dispensed special Obamacare waivers to scores of campaign donors, its a sure bet the CO-OP/exchange mechanism will be brazenly rigged against non-subsidized, for-profit insurers. And against taxpayers. Obama health officials assure us that there will be an early warning system in place before loan recipients get into financial trouble. But we know from the half-billion-dollar Solyndra scam that when this administration sees red flags, its full speed ahead.
In fact, the Obamacare CO-OP overseers already predict a nearly 40 percent default rate for the loans, according to Kaiser Health. Welcome to the Chicago-on-the-Potomac reverse rule of holes: When youre in one, keep digging.
The $4 Billion Obamacare Slushfund for Progressives
Michelle Malkin