Wednesday, August 11, 2010

Sneaky Obama Tries To Kill Private Insurance

It was back on March 10 that Rush Limbaugh hit on a theme he has often repeated, claiming

It's also called let's destroy the private insurance industry as we overthrow the United States as we've known it. So it won't be long before people figure out the cheaper option is no insurance, especially if you tell 'em that everything is going to be paid for if they haven accident anyway because Obama is going to insist the insurance companies -- all of this has as its endgame wiping out private insurance and forcing you on the government exchange rolls for health insurance.

The Los Angeles Times on August 11 reported

The top executives at the nation's five largest for-profit health insurance companies pulled in nearly $200 million in compensation last year — while their businesses prepared to hit ratepayers with double-digit premium increases, according to a new analysis conducted by healthcare activists.

The leaders of Cigna Corp., Humana Inc., UnitedHealth Group and WellPoint Inc. each in effect received raises in 2009, the report concluded, based on an analysis of company reports filed with the Security and Exchange Commission….

The executive packages were calculated by adding base salaries, bonuses, stock awards and other compensation reported on company financial statements. It did not include the value of exercised stock options.

Last year was highly profitable for most of the country's big publicly traded insurers. In the first two quarters of this year, profits for many insurers have continued to soar more than 20%.

Aetna's net income jumped more than 40% in the second quarter of 2010 compared with a year earlier. Indianapolis-based WellPoint recorded a 51% increase in its profit in the first quarter compared with the same period in 2009.

At the same time, the companies have sought major premium hikes.

Limbaugh was speaking about what he contends is the destructive impact of “Obamacare” on the health insurance industry. Health insurance companies, obviously, stand to reap greater profits from the Patient Protection and Affordable Care Act of 2010, as 30+ million customers are added to its roles without the competition of a public option.

Rush Limbaugh frequently has said (in the same or different words), as he did in February when commenting on health care reform, "But, the problem is that the leader of this charade is the most inexperienced, unqualified guy in the room. His name is Barack Obama.... And, my friends, he has literally no clue what he's saying when he doesn't have a teleprompter."

Given Obama's secret plan, unearthed by Rush Limbaugh, to destroy the health insurance industry, Limbaugh apparently is correct: President Obama is a failure.

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