In the private sector, if a business provides a crummy product and runs inefficiently, it shuts down. The government is different. The more they fail, the more they get subsidized.
But Obamacare may be an exception. When the law went into effect, 23 co-ops were set up, which acted as nonprofit health insurance companies. Over $2 billion in Federal loans were given to those co-ops…. and so far, thirteen of them have gone under!
United Health, the largest private insurer in the country who participated in Obamacare, has pulled out after suffering billions in losses themselves. The government can barely set up firms to sell their product properly, and no one wants their product either.
Will anyone ever admit that Obamacare has failed? The Associated Press and CBS New York reported last night that just a few months after the Obama administration bragged about enrolling 12.7 million people through the Obamacare exchanges for 2016 — still far below initial projections for Year Three — 1.6 million people dropped out after the first quarter. The 13% decline sets the levels back close to last year’s levels of enrollment:
About 1.6 million people who signed up for coverage this year under President Barack Obama’s health care law dropped out by the end of March, according to administration figures released late Thursday.
The report from the Health and Human Services department said some 11.1 million people were still signed up. But that’s a drop of nearly 13 percent from the 12.7 million who initially enrolled for subsidized private coverage this year. Those dropouts failed to seal the deal by paying their premiums.
The penalty for going without insurance keeps increasing each year, and yet Obamacare keeps declining in enrollment. Republicans in Congress have tried to repeal Obamacare countless times, but at this rate, it’ll collapse on its own.
The government can’t even fine people into buying what they’re selling.