Here’s Barack Obama on July 15, 2010:
Shortly after the Republican majority Senate passed a landmark financial overhaul bill, President Barack Obama visited the news cameras outside the White House to praise lawmakers who made it happen and to vow that the legislation would eventually place the financial markets and economy on sounder footing.
In one of his boldest claims, Obama said the new legislation would mean “no more taxpayer-funded bailouts, period.”
Expect to hear more from Obama and congressional Democrats on this point as they try to make the case to voters that they and not Republicans are truly the friends of those who spend their time on Main Street, not Wall Street.
Republicans, for their part, had argued in the spring that the legislation would all but ensure future bailouts.
Well today, once again, Barack Obama proved he’s a liar. No, he’s a damned liar.
The Department of Health and Human Services attempted to reassure private insurers on Thursday that they’ll be able to recover losses from participating in Obamacare by claiming it was an “obligation” of the U.S. government to bail them out.
It’s called “risk corridors” and it was written into the original ObamaCare law, read by no legislator and passed without a single Republican vote. What it means is that since the actual ages of people signing up for ObamaCare was an unknown the actuaries wouldn’t be able to accurately project costs. So the Democrats – 100% of Democrats – voted to put the U.S. taxpayer on the hook if the ObamaCare population was older and sicker than Democrats claimed it would be. This clause was put in the legislation to get the insurance companies to sign up. Without the clause the companies would have raised rates immediately (probably to about where they are next year) and kill the program.
Sure enough, as predicted, the ObamaCare population was older and sicker and you’re on the hook.
So much for “no more taxpayer-funded bailouts, period.” Kind of like “if you like your doctor you can keep your doctor, period.”
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