Thanks Barack… Federal Government Flushed $1.2B Down Failed ObamaCare CO-OPs

Feds Flushed $1.2 Billion Down Failed ObamaCare CO-OPs – Moonbattery

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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:
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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.

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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.

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