If you like how the Obama administration’s multi-billion-dollar “investments” in bankrupt solar companies have turned out, you’ll love the latest federal loan program to nowhere. It’s the Obamacare loyalty rewards program for progressives.
To appease liberal Democrats pushing for the so-called “public option” (the full frontal government takeover of our health care system), the White House settled for the creation of a $6 billion network of nonprofit “CO-OPs” that will “compete” with private insurers.
It’s socialized medicine through the side door. House Republicans sliced about $2 billion from the slush fund in last spring’s budget deal and proclaimed the program dead. Hardly.
On Wednesday, the White House trumpeted the release of nearly $700 million in taxpayer-funded low-interest loans for seven CO-OPs in eight states. Administered by the Centers for Medicare and Medicaid Services, the fund will pour more money into CO-OP plans nationwide throughout the next year.
In 2014, according to Washington bureaucrats, the plans will be offered on the federally approved and federally monitored state health exchange “marketplace.”