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| Economy |
| Friday Night Dump : Obama pulls plug on part of health overhaul law |
| 2011-10-15 |
| I'm not sure if it was first risk management or actuary course where I learned guaranteed issue and voluntary participation equals adverse selection and a death spiral. So much for the smartest man in the room. The Obama administration Friday pulled the plug on a major program in the president's signature health overhaul law -- a long-term care insurance plan dogged from the beginning by doubts over its financial solvency. Targeted by congressional Republicans for repeal, the program became the first casualty in the political and policy wars over the health care law. It had been expected to launch in 2013. "This is a victory for the American taxpayer and future generations," said Sen. John Thune, R-S.D., spearheading opposition in the Senate. "The administration is finally admitting (the long-term care plan) is unsustainable and cannot be implemented." Much more inside lacrosse at the link. |
| Posted by:Beavis |
| #10 Monthly premiums would have ranged from $235 to $391, even as high as $3,000 under some scenarios, the administration said. At those prices, healthy people were unlikely to sign up. Suggested changes aimed at discouraging enrollment by people in poor health could have opened the program to court challenges, officials said. Obamacare is one big problem. Best to scrap this turkey. If Obama considers the Wall Street protesters his base, I think they are laboring under the illusion that Obama's health care is free. The Democrats have been obsessed with government provided health care. If this albatross continues, the country is screwed financially forever. Our kids, grandkids, and great grandkids will be saddled with this debt. There's never going to be enough money to pay for it. It is a destructive poison pill for our country. |
| Posted by: JohnQC 2011-10-15 21:54 |
| #9 The waivers are basically a bass-ackward way of implementing a bill of attainder. Some people get to be taxed while others don't. |
| Posted by: Thing From Snowy Mountain 2011-10-15 16:01 |
| #8 Well, since the Obama administration has been granting waivers to "selected" companies from Obamacare in general, it should be no problem for them to dump selective parts of the law at their whim. |
| Posted by: Rambler in Virginia 2011-10-15 15:38 |
| #7 Known as CLASS, the Community Living Assistance Services and Supports program was a long-standing priority of the late Sen. Edward M. Kennedy, D-Mass. Ah, Ye Olde "Dead Guys Seek No Payback" dumping of a pet project. Wonder if the Exalted Cyclops had anything in there that they could also get rid of? Pretty funny if you remember the "pass it for Ted's legacy" bullshit they were carping while trying to force it through. What a bunch of shameless hypocrites. |
| Posted by: tu3031 2011-10-15 12:19 |
| #6 The law required the administration to certify that CLASS would remain financially solvent for 75 years before it could be put into place. How did THAT provision get in there? But officials said they discovered they could not make CLASS both affordable and financially solvent while keeping it a voluntary program open to virtually all workers. Monthly premiums would have ranged from $235 to $391, even as high as $3,000 under some scenarios, the administration said. At those prices, healthy people were unlikely to sign up. Unlikely? Unlikely? Suggested changes aimed at discouraging enrollment by people in poor health could have opened the program to court challenges, officials said. "If healthy purchasers are not attracted ... then premiums will increase, which will make it even more unattractive to purchasers who could also obtain policies in the private market," Kathy Greenlee, the lead official on CLASS, said in a memo to Sebelius. That "would cause the program to quickly collapse." Is there a lesson there for the whole Obamacare concept? Duh! |
| Posted by: Bobby 2011-10-15 11:13 |
| #5 Look at just how biased the AP reporting of this is |
| Posted by: Bright Pebbles 2011-10-15 09:59 |
| #4 It is a start. Now kill the rest. |
| Posted by: DarthVader 2011-10-15 09:41 |
| #3 Even though I agree with the action itself..... |
| Posted by: tipover 2011-10-15 03:30 |
| #2 If it's part of the law how can they just drop it without it being removed legislatively? Sounds like selective obedience of the law to me. Surprised? |
| Posted by: tipover 2011-10-15 03:29 |
| #1 Like the lizard's tail, it was probably designed to come off and serve as a distraction. The whole thing needs to |
| Posted by: gorb 2011-10-15 02:05 |