A new poll finds that 58 percent of likely voters are “more likely” to support members of Congress who vote to stop Obamacare’s taxpayer bailout of insurance companies. Half of that 58 percent (29 percent) are “much” more likely to do so. Meanwhile, only 15 percent of likely voters are “less likely” to support such members, with only 6 percent being “much” less likely to support them. In other words, almost four times as many voters would reward members of Congress for voting to stop the bailout as would punish them for doing so.Read more
The Palm Beach Post reports that Florida Blue CEO Pat Geraghty is characterizing as “unfair” Marco Rubio’s argument that American taxpayers should not be forced to provide a bailout for health insurance companies that lose money under Obamacare. It’s not entirely clear whether Geraghty thinks it’s “unfair” to oppose the bailout, to call it that, or both. Regardless, Obamacare is poised to force taxpayers to help cover health insurers’ losses — and it’s harder to imagine a clearer example of a bailout, or of cronyism, than that.Read more
Publicly, President Obama loves to demonize insurance companies. But behind the scenes, Big Government and Big Insurance maintain a cozy alliance that the Obama administration actively nourishes, often at taxpayer expense. Indeed, as emails recently obtained by the House Oversight Committee show, Big Government and Big Insurance have worked together to promote Obamacare. They’ve also worked together to make sure taxpayers will help bail out insurance companies who lose money selling insurance under Obamacare — that is, unless Republicans stop this from happening. Moreover, Obama senior advisor Valerie Jarrett is among the prominent White House officials who’ve been in the middle of this collaboration between insurers and the administration — between those driven by the profit motive and those driven by the power motive.Read more
This fall, voters will get another chance to register their opinion on Obamacare. President Obama’s signature legislation is causing health costs to spike, federal spending to soar, doctors to leave their profession, millions of Americans to lose their health plans, and millions more to be coerced into buying overpriced insurance against their will.Read more
General Motors recalled another 718,000 of its vehicles yesterday to correct defects serious enough to require the action. This puts the number at "nearly 30 million vehicles since the start of the year, by far a record for any automaker and more than half the vehicles recalled by the industry as a whole."Read more
Most Americans don’t think it’s their job to bail out insurance companies who lose money under Obamacare, but that’s exactly what’s poised to happen. Obamacare’s risk-corridor program — which President Obama has been using as a slush fund to placate his insurance allies and keep them quiet about his lawlessness — shifts financial risk from insurers to taxpayers. According to the House Oversight Committee, health insurers expect Obamacare’s risk corridors to net them nearly $1 billion, at taxpayer expense, this year alone.Read more
It has been days now (at least two of them) since General Motors has issued a recall on any of its cars. But then, the law of diminishing returns applies here. After the first 15 million, there aren’t that many GM vehicles left out there for recalling.Read more
The city that President Obama was credited with “saving” – before it turned out that he hadn’t – is getting a little help from Washington as it struggles through the largest municipal bankruptcy in American history.
As reported by Reuters:
Michigan officials and President Barack Obama'sAdministration are discussing a plan to free up $100 million in federal money to aid Detroit's retired city workers, the Detroit Free Press reported on Tuesday.Read more
Obamacare is like an onion: The more layers you peel back, the worse it smells. The latest revelation about this horrible law is the presence of a “risk corridor,” a euphemism for an insurance industry bailout that will occur sometime in the next year.Read more
Robert Laszewski—a prominent consultant to health insurance companies—recently wrote in a remarkably candid blog post that, while Obamacare is almost certain to cause insurance costs to skyrocket even higher than it already has, “insurers won’t be losing a lot of sleep over it.” How can this be? Because insurance companies won’t bear the cost of their own losses—at least not more than about a quarter of them. The other three-quarters will be borne by American taxpayers.Read more
Detroit failed after years of one-party rule (guess which one), mismanagement, and corruption. Businesses closed down. Buildings were left derelict until they were torched for the fun of it. Feral animals roamed the streets as the people fled. After the usual protestations that it would never happen, city officials were compelled to declare the largest municipal bankruptcy in the nation's history.Read more
On the floor of the Senate today, Harry Reid, a Democrat, praised President Obama's auto bailout:
"As a matter of fact, Mr. President, the figures are really staggering," said Reid. "500,000 manufacturing jobs have been added, 1 million jobs have been saved due to the president's auto rescue program. So that's a fairly significant change."Read more
The American taxpayers stand to lose billions as General Motors today announced a plan to buy back 40 percent of the company owned by the federal government.Read more
The legislation to help those affected by Hurricane Sandy has been turned into something of a mini auto bailout, according to those familiar with the Obama administration's request. The request includes millions of dollars worth of cars, to be paid for by the federal government.
Obama's request, as detailed in a letter sent to Capitol Hill by the director of the White House's Office of Management and Budget, Jeffrey Zients, includes these requests:Read more
The auto bailout debate, already a triumph of narrative over reality, took another turn for the absurd last week as both presidential campaigns exchanged salvos over what amounted to a misunderstanding about Chrysler's plan to build Jeeps in China.Read more
Today is the first day of the Democratic convention in Charlotte. Coincidentally, GM, the embattled car company that was bailed out by the federal government, has some good news to report.Read more
Washington Post: "Bloomberg rebukes Obama over collapse of debt talks"
New York Times: "Egypt’s Civilian Government Submits Offer to Resign"Read more
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