The ObamaCare Bailout Fund Goes Belly Up

by News on December 15, 2011

in Surveys and Reports

By John Hayward/Human Events

It’s supposed to be a shocking surprise that ObamaCare is murdering private insurance plans, but in truth, its many legislative midwives always knew that would happen.  They’re just surprised by the scale.

Consider the Early Retiree Reinsurance Program, or ERRP.  This was a program designed to subsidize 80% of the cost for insuring early retirees, whose benefits had been declining for many years, and were among the first items to be placed on corporate chopping blocks after ObamaCare was passed.  The program was given $5 billion in funding, to tide it over until the full magic of the “public exchanges” kicked in, circa 2014.

Instead, it’s going bankrupt on December 31st of this year.  Be sure to have your favorite national debt clock pulled up on your computer when those public exchanges go online, for even more spectacular evidence that the designers of ObamaCare were wrong about everything.

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