By Ge Bai
ObamaCare subsidy fraud occurs because government agencies care little when spending taxpayers’ money, and insurers and brokers have no incentive to stop it.
As Americans wake up to ObamaCare subsidy fraud, we should remember: the root problem is the unaffordable, low value ObamaCare itself. Fraudsters are stealing from subsidies that feed this hungry, rapidly growing “dragon.”
ObamaCare was originally sold to the American people as affordable. President Obama promised that premiums would go down by $2,500. Even then, many economists and analysts already predicted unaffordability we see today.
Through numerous regulations, ObamaCare damaged both the insurance market and the provider market. Consolidation, stagnation, high price, and high premiums followed.
Some people blamed private companies, but they are simply responding to the bad incentives created by ObamaCare. Others blamed the FTC for market consolidation, but by the time mergers and acquisitions reach the FTC, it’s already too late: ObamaCare has made the soil so toxic that only large entities can survive.
That’s why ObamaCare is both taxpayer fraud and consumer deception.
The Covid-era enhanced subsidy used taxpayer dollars to lure consumers into unaffordable plans they would not have bought otherwise, setting them up as political pawns for another future premium cliff. This, too, is consumer deception and taxpayer fraud.
ObamaCare defrauds taxpayers three times: paying for expensive premium subsidies, paying fraudsters, and paying higher price and premiums for their own employer-sponsored healthcare—caused by ObamaCare.
Except for a small group of people who benefited politically or financially from ObamaCare, all Americans lost. Patients were deprived of affordability and access that free markets would bring. Physicians, entrepreneurs, innovators, and American workers couldn’t achieve their full productivity potential. Our jobs, economy, and global leadership suffered.
My written and oral testimonies before House Judiciary Committee: https://lnkd.in/eDWz4WmE
