Insurance companies, meet “risk corridors.”
The conventional wisdom says that corporate welfare is the exclusive province of Republicans, always eager to do the bidding of their corporate donors. And, indeed, there are far too many examples of Republicans confusing “free markets” with “good for business.”
Still, there are more than enough examples to show that corporate welfare is a bipartisan sin. The Export-Import Bank? It’s backed by such “populist” Democrats as Senators Elizabeth Warren (Mass.) and Sherrod Brown (Ohio). More Democrats than Republicans support sugar subsidies and programs like the Market Access Program, which subsidizes overseas marketing and promotional activities for agricultural companies and trade associations.
But to see corporate welfare at its most insidious, one need look no further than Obamacare.
President Obama may have indulged the fantasy of himself as lone champion of consumers, standing up to evil Republican-allied insurance companies. But, in reality, Obamacare was a deal between the administration and insurers from the very beginning. In fact, a recent House Oversight Committee report details the close cooperation between White House adviser Valerie Jarrett and insurance-company executives.
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Obamacare is the perfect plan for insurance companies. Look at what it does...
ReplyDeleteFORCE citizens to buy health insurance.
Cover tons of unnecessary things (like birth control for men) to jack up rates.
Siphon off money from taxpayers through "subsidies" to make policies appear cheaper.
Use extremely high deductibles, co-pays, and co-insurance to minimize payouts.
Cash in on the Fed's guarantee of profitability by spending as much money on executive perks and bonuses as you can to generate losses).