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“Too Stupid to Know”

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In more bad news for Democrats after the thrashing Obama took in the midterm elections, the survival of Obamacare is resting on a new flood of enrollees. The signees in the first wave were “older, sicker and more heavily (gasp) female” to keep O’Care afloat than what analysts believe to be vital for its survival. The Cato Institute’s Michael Tanner writes, without new healthy signups, there is more likelihood of an “adverse-selection death spiral.” An expensive pool of enrollees will drive premiums up and cause healthy people to flee the pool, which will drive premiums up and cause even more enrollees to flee. A nasty spiral, indeed.

Then along comes MIT professor Jonathan Gruber, one of the architects of O’Care, to publicly admit that it was necessary to mislead the public in order to get the Affordable Care Act passed. The ACA, intentionally complex to baffle most of America as well as any government entity, was passed because we, the American voters, were too “stupid” to know what’s best for us. As Gruber stressed, the huge transfer of wealth from Obamacare had to be hidden from voters because “if you had a law which … made explicit that healthy people pay in and sick people get money, it would not have passed.” Furthermore, in that not one Republican voted for the ACA, Obamacare rests squarely on the shoulders of Democrats. So how likely is it that the new Republican Congress will be willing to bail out insurance companies should the entire system collapse?

In NRO, Charles Krauthammer writes that behind Obama’s smooth reassurances was “the arrogance of an academic liberalism that rules in the name of a citizenry it mocks, disdains, and deliberately, contemptuously deceives.”

Read more here as Mr. Tanner explains that “more people are losing the plans they have been enrolled in, premiums in the most popular plans are rising an average of 8.4% percent next year, and the health-care law will probably cost more than expected and add as much as $131 billion to the deficit by 2024.”

So, if you like your plan, you can … ? Welcome to “the most transparent administration in history.”

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Debbie Young

Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.

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