Obamacare is truly one of the most amazing pieces of law the world has ever seen. It is the administrative state out of control. It is hubris on an industrial scale. It is an Utopian fantasy constructed in a hurry so that the Republicans couldn’t stop it. It is crony capitalism. It has probably already entered an insurance death spiral.
Earlier today the DC Circuit Court ruled that those who buy health insurance through the federal healthcare exchange (Healthcare.gov) are not eligible for offsetting subsidies. The ruling came careening out of nowhere and it hammers the Obamacare law.
The American Medical Association claims to represent doctors. But it is very much part of the crony coalition which put together the broad outlines of Obamacare in meetings inside the White House. In return for going along with the government, the association receives most of its funding from a medical coding monopoly granted and protected by the Department of Health and Human Services.
It’s offered by The Institute for Healthcare Improvement.
I don’t know much about this company. I’m not into knitting and scrapbooking. But I do now know they pay almost twice the minimum wage on the lowest end of their pay scale and only objected to paying for a particular type of contraceptive which some people believe is a form of abortion.
It was already pretty dim for anyone who understands how insurance works. I used to be an insurance underwriter (property and casualty, not health) and I’ve been wondering since the beginning how anyone thought Obamacare was going to work. The risk size versus the pool of insureds doesn’t make sense. If insurance companies can’t adjust for risk (which for the most part they can’t under Obamacare) what bizarro mathematics is going to save this ill-conceived juggernaut of bureaucratic bull?
Really we’ve been bumping along the floor for a very long time. Much of the American economy is still mired in the “Great Recession.” Many people don’t even remember what organic prosperity looks like.
The American people, nearly all the American people, don’t want to bail out the health insurers because of Obamacare. They also disapprove of the individual mandate which flies in the face of 200 years of American law.