It is a damning indictment of ObamaCare’s viability when the president’s only response to people losing their health insurance plans entails putting them on the hook for bailing out insurance companies. The American people are already being directly hurt by ObamaCare’s early failures, and it is unconscionable that they be expected to bail out companies when more failures emerge.
As the people’s representatives, the U.S. Congress should completely eliminate the possibility of a bailout of insurance companies. On Tuesday I am introducing legislation that would eliminate the risk corridor provision, ensuring that no taxpayer-funded bailout of the health insurance industry will ever occur under ObamaCare. If this disaster of a law cannot survive without a bailout rescue valve, it is yet another reason why it should be repealed.
When ObamaCare was debated and passed in 2009 and 2010, none of its proponents, including the president, told the American people that the law granted the federal government the authority to bail out insurance companies at the expense of taxpayers. But now their dirty little secret is out, and it should be wiped out from the law.