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Mar 17 2016

Feds Flushed $1.2 Billion Down Failed ObamaCare CO-OPs

The long election season that has already degenerated into a circus is a boon for Democrats. It keeps most people distracted from how ObamaCare is unfolding:

More than half of the government-funded nonprofit health insurers created by Obamacare have failed, sticking taxpayers with a $1.2 billion tab and leaving hundreds of thousands of people in more than a dozen states scrambling for medical coverage, a new federal audit reveals. The nonprofit insurers are known as Consumer Operated and Oriented Plan Program (CO-OP) and the Department of Health and Human Services (HHS) has pumped $2.4 billion into them under the president’s hostile takeover of the nation’s healthcare system.

Congress initially allocated $6 billion for the Obamacare CO-OP program, with the goal of establishing CO-OPs in all 50 states as well as the District of Columbia. Thankfully, subsequent legislation slashed funding for the ill-fated experiment. In all, HHS has funded 23 of these dubious enterprises and 12 have already gone under after losing an astounding $1.2 billion that’s unlikely to ever be recovered. As a result 740,000 people in 14 states must search for new medical coverage they thought they had under the disastrous Obamacare plan. Every resident of the United States who pays taxes should be outraged by this monstrous failure, exposed in great detail in a scathing report published by the Senate Homeland Security and Governmental Affairs Committee. The committee’s probe reveals that, even when the CO-OPs showed clear signs of financial failure, HHS kept giving them huge amounts of money in the form of “loans” the agency knew would never be repaid.

Statists believe that anything can be made to work if you infuse it with enough of other people’s money. But as Margaret Thatcher observed, eventually you run out of that.


On a tip from Steve A.

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  • Azsteve53

    When Obama is asked about this failure he will blame ISIS or the Republicans, never himself or his ill constructed law, and all of us are going to be paying for it for a very long time

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  • 762×51

    $2.4B doesn’t seem like much when you consider that they flushed half that amount on just the failed website. A coupe billion is car fare for the high living autocrats in DC. These are people who can piss away $200k on coffee and bagels. I’m willing to bet when all is said and done they will have wiped their ass with ten times that amount.

  • Cameraman

    Another Big win for the African Virus!!!

  • GhostRider2001

    Surprised it is not more. Anyone notice a trend? The more other people’s money is used to pay healthcare costs the more those costs increase and the quality goes down because no one spends money as wisely as the person who earned it.

  • katya kakhov

    I just “saved” 28,000 bucks on a “33,000 dollar” appendectomy(that’s still less than 50% of my last impossible deductible) by being forced out of the insurance racket .

    Lucky me huh ?

    I could have saved even more , but she would have bitched the whole drive to OKC .

  • katya kakhov

    That money was neither flushed nor wasted , it was stolen from right under your nose . Words mean things .

    If you are buying “healthcare insurance” , you are absolutely getting ripped off (right now). The cool thing is , nobody , and I mean -NOBODY- cares , because they all think they are getting something for nothing .

    I was absolutely shocked when The Donald revealed my own plan to salvage the health care problem as his own , but not so much when nobody noticed . They just dont care , because they think it’s free , or at least they think someone else is gonna pay for it . But that is not the case at all .

  • GhostRider2001

    Get thee to Obamacare then before you get fined. OPM is great drug.

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  • Ed. G. Mann

    this is all Obama’s plan to bankrupt America. From all his Vacations, to golf outings, spending as much money causes a tax revenue shortfall. Foreign aid, Crony Capitalism, Climate change waste and the Wookie’s school lunch program all cost mucho pesos of your tax dollars.

    ObamaCare is just one more grab at the Treasury-Plunder Politics is the name for it.

  • Artfuldgr

    Neil Bush flushed 1.3 billion down the hole..
    and no one but his cronies got money
    at least the money above went to some people salary
    the money to bail out Silverado went to the hedge funds

    but thats ok
    cause neil works for Cruz campaign, so Dave dont care

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