Wednesday, June 24, 2009
ObamaCare Should Wither On The Vine
What just happened to American healthcare reform?
The political prospects for major U.S. healthcare reform have taken a decided turn for the worse in recent days (at least from the point of view of many Democrats). And you don't need to be some totally plugged-in Washington insider to understand that.
Just take a look-see at the stock market performance of industry players such as Aetna Inc , Cigna , UnitedHealth Group, and WellPoint . Shares have been trending higher of late. What's been slowly dawning on Wall Street is that the legislative process in Washington is unlikely to produce a national public health insurance option that could eventually squeeze out the private sector.
Fact is, the prospects for any sort of bill that would produce major changes are in as much doubt as at any time since President Obama took office. Worried that the plan was growing too expensive, the critical Senate Finance Committee appears to have jettisoned any idea of a public plan option and is also cutting back on subsidies to help fully insure the nearly 50 million Americans who don't have health insurance for one reason or another.
From FOX News: Health Care Will End Obama's Honeymoon:
In the last two weeks we've seen President Obama endure treatment that he isn't exactly accustomed to: harsh criticism from his own party, a significant slip in the polls, and unfavorable headlines instead of glowing, inflated puff pieces. It seems that biting off more than he can chew when it comes to health care, government intervention into the private sector, and ballooning deficits have left him choking in what might be the first major sea change as his policy positions have started to eclipse his personal popularity.
The Obama administration has yet to tell us why the government can successfully run universal health care when we can't even run the socialized health programs we already have in place: Medicare (which is hemorrhaging money) and Medicaid (which is putting many states in the red). As new reports surface that Obama lacks the support in Congress to pass this behemoth bill, expect it -- and his popularity numbers -- to fall apart, and fast. Look for a White House that will begin to scale back expectations. Still, the lack of details and support will likely quickly trigger a collapse in confidence.
I love it when Democrats cannibalize their own. It's the second best sport (next to the NHL) evah !
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