by Chip Bok
Friday is the Whitehouse's favorite day to release embarrassing or damaging news, in hopes that nobody will hear it. But thanks to Hope n' Change's "Occupy Press Room" protest, we were there (with our sleeping bags and bongo drums) to hear that the president has justcancelled a key component of Obamacare because it's already failed financially.
Specifically, this was the so-called CLASS Act which was supposed to be Obamacare's replacement for private long term healthcare insurance. Unfortunately, the numbers which Obama produced when pushing his healthcare "reform" proved to be totally bogus and, far from saving taxpayer money (which was the claim), the long term care plan would have gone broke almost immediately.
What Obama and the other geniuses hadn't considered was that a lot of sick people might sign up for long term care insurance...and a lot of healthy people wouldn't (unless compelled at gunpoint, like the rest of Obamacare). Which would be bad enough when trying to balance the books, but it turns out that if EVERY American worker (healthy or sick) had signed up for the plan, it still wouldn't have had enough participants to break even. Apparently, the government never actually stopped to think about how many people actually exist.
An assistant secretary at Health and Human Services now admits that the original actuarial research into the plan was "quite thin," but cheerily notes that the program's spectacular failure has given bureaucrats "a much broader understanding of how the long-term care market works."
Keep in mind, this is the same braintrust that cobbled together all of the other numbers which supposedly show that Obamacare can work. Only their final conclusions weren't based on either math or expertise in insurance or medicine. It came only from cooking the books andlying to the American people. But if Obamacare collapses (as it is predicted to) aftereliminating private health insurance companies, it will be impossible for our nation's healthcare system to ever recover.
This story is huge. But will it be big enough to still be considered newsworthy by Monday? We doubt it.
Because as inept as Barack Obama is at providing long term healthcare, he's shown himself to be remarkably shrewd about judging Americans' short term memories.