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Obamacare is failing. Here’s the latest from The Wall Street Journal (behind pay wall):
The majority of ObamaCare’s insurance co-ops—12 of 23—have now folded, and their $1.24 billion in federal loans has all but vaporized. More will fail, nearly a million Americans may lose coverage, and now the contagion from their failures is spreading.
The co-ops are government-sponsored nonprofits that were supposed to increase competition, but instead they’re causing the greatest insurance disruption in decades. The co-ops aren’t merely jilting their displaced members or the taxpayers who supplied their “seed money.” Local regulators are defying the feds to close them because other insurers are liable for their toxic balance sheets.
Before we open the champagne, Obamacare’s failure is the excuse the left has been waiting for to impose a single-payer system. Will they be successful?
Well, we have a Republican Congress. A single payer bill would have to pass both houses of the Congress first, so it appears we’re safe.
But what if Obama threatens to shut down the government (and blame it on the Republicans) unless a single payer bill is attached to the next budget? I’m sure the Democrats have one already written and stored in a file cabinet somewhere.
Will Congress stand up to that threat?