Your ♡bamaCare!!! Fail of the Day

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The Daily Signal put together a handy little video for you, but there’s also this from IBD, detailing $55 billion (with a B) in ♡bamaCare!!! waste:


Insurance Co-Ops: So far, 12 of 23 non-profit insurance co-ops established by ObamaCare have failed. It’s becoming increasingly unlikely that they will ever pay back the $1.2 billion in startup loans they got from taxpayers. With several more co-ops in terrible financial straits, that price tag could easily climb. Overall, ObamaCare shoveled $2.4 billion into these ill-conceived co-ops.

State-run exchanges: ObamaCare awarded a total of more than $5 billion in grants for states to set up state-run exchanges. About $729 million went to dozens of states that decided against building an exchange; $778 million went to exchanges that have since failed — which means $1.5 billion was simply flushed down the drain. How much of the remaining grant money was wasted is unclear, but a Government Accountability Office audit last fall did find that not one of the remaining 14 state-run exchanges is fully functional. After spending more than $2 billion to construct, it failed at launch and is still unfinished. Although it was supposed to be self-financed, Obama wants an additional $535 million to keep it running next year.

Insurance bailouts: This year, the Obama administration announced that it was diverting $3.5 billion meant for the Treasury to insurance companies to help cover losses suffered from ObamaCare. Republicans think this might be illegal, but in any case, it’s money that wouldn’t have been spent if not for ObamaCare.

Improper subsidies: A report from the Senate Homeland Security and Government Affairs Committee found that by June 2015, ObamaCare had handed out $750 million in subsidies to more than half a million people who weren’t eligible for coverage when they couldn’t verify their citizenship status.

IRS costs: Because ObamaCare relies so heavily on the IRS to implement its massively complicated insurance subsidy scheme and insurance mandate penalties, the IRS had to spend $881 million to get systems and personnel in place to handle the job.

Paperwork burdens: An analysis by the American Action Forum concluded that businesses and individuals have spent 165 million hours to comply with ObamaCare’s 106 new regulations. In dollar terms, that works out to $45 billion.

Add it all up and it comes out to $55 billion.


That Means It’s Working™

Keep in mind that $55 billion-with-a-b is merely a running total, and the law provides no mechanism for getting that waste under control.

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