How many holes does it take to sink a ship? What about a massive ship?
Think of the Affordable Care Act, or Obamacare, as a massive ship. Ever since it set sail several years ago, it has been taking a lot of shots. A good number of those shots have been blowing holes in the Bad Ship Obamacare, too many to list.
One major shot that left a hefty hole in the Bad Ship Obamacare, was the failure of Consumer Operated and Oriented Plan Program (CO-OP) system. The Democratic-controlled Congress at the time voted to spend $6 billion of taxpayer money to help establish and fund these CO-OPs. They were designed to help lower the cost of healthcare coverage for millions of Americans.
A month ago I reported that 12 of the 23 taxpayer-funded state CO-OPs in 14 states have failed, leaving 740,000 people without coverage and having to search for affordable healthcare that they cannot afford.
In December, I reported that UnitedHealth Group reported reducing their fourth quarter earnings by $425 million due to losses incurred by their Obamacare policies. I wrote:
“UnitedHealth said they plan to re-evaluate their exchange plans in the first half of 2016. Depending on how open enrollment turns out, they said that there is the possibility of completely withdrawing from the Obamacare exchange program for 2017. If they do withdraw, the future of Obamacare is definitely in danger of sinking below the surface of viability, causing it to sink to the abyss of socialist failures.”
This week, UnitedHealth Group, the nation’s largest healthcare provider did report higher overall earnings, but not with the Obamacare exchanges. According to USA Today:
“But UnitedHealth Group hasn’t fared so well in the exchanges created in many states by the Affordable Care Act. In an earnings call with investors Tuesday, UnitedHealth Group’s CEO Stephen Hemsley said that the smaller market size, and the higher risks in the short term of those exchanges are limiting the company’s ability to continue providing services. While the company services 795,000 people through public marketplaces as of March, that number is expected to drop to 650,000 by December.”
“‘Next year we will remain in only a handful of states,’ Hemsley said, adding that the company doesn’t plan to have financial exposure to any exchanges in 2017.”
UnitedHealth Group pulling out of most of the Obamacare exchanges is blasting a huge hole in the Bad Ship Obamacare which is rapidly taking on a lot of water. I’m not sure how much more water the ship can take on without finally floundering and slipping below the surface of survivability.
The ship’s captain, Barack Obama, blindly remains at the helm, telling everyone that the ship is in near perfect condition and in no danger of sinking. The scariest part is that Hillary Clinton is anxious to take over the helm and captain the sinking ship. In everything I’ve heard from her, she is just as blind to the damage and floatability of the near foundering ship. She appears to be ready to proceed on the same course as Obama. The sinking of the Bad Ship Obamacare will not only leave between 8 to 10 million Americans without any health coverage, but it could drag America’s economy down with it, possibly helping to bring on another recession, only this one could be worse than the one we have supposedly recently recovered from.