“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx
Apr 3, 2017
Donald Trump said (how many times) that the Affordable Care Act (ACA) is in a “Death Spiral” because insurers are pulling out of the exchanges.
But from reports on Wall Street, many of the big insurers are alive and well. Big insurers on the Standard & Poor 500 stock index reported earnings well above the average market earnings, which are already at record highs. Over a 7 year period, their earnings increased an average of 135.6 percent while the UnitedHealth Group’s increase was 480 percent! A one hundred dollar investment at the beginning of the Affordable Care Act is yielding $580.50 today!
By pulling out of the public exchanges, and using fancy accounting tricks, the giants have managed to make a megafortune on the ACA while leaving the public in the lurch.
Not to be overlooked: A giant like UnitedHealth Group makes 25 percent of its revenues from Medicare and Medicaid!
So, contrary to Trump’s forecast of gloom and doom, these insurance giants sing, “The government has been good to me! Bless the ACA and Medicaid and Medicare, too!”