Who Won the First Obamacare Payoutpalooza? Not You.

| April 2, 2011 | 4 Replies

If you had any doubt that Obamacare was a huge scam, let Jamie Dupree blast it away like an oyster cracker before a sandstorm.

Facing questions from both parties in the Congress, the Obama Administration has now revealed how it has spent over $1.7 billion on part of the Obama health law, known as the Early Retiree Reinsurance Program.

This plan is intended to help companies pay the cost of health care for their early retirees, but lawmakers say it is wrongly benefiting companies like AT&T and General Electric, who have billions in profits on their bottom lines.

The list that follows is like a Who’s Who of big campaign donors, unions, and public employee groups. Six of the top ten recipients are pension systems for public employees. The United Auto Workers, already $3.4 billion richer from the auto bailout, topped the list with an award of almost $207 million. General Electric, which paid no taxes at all in 2010 and whose CEO is a darling of the White House, received $36.6 million, good for 11th place on the list.

AT&T, which placed second on the list, spent slightly under $15.4 million on lobbying efforts in 2010 and will rake in over $140 million from just this portion of Obamacare. Verizon, third on the list, will make $91.9 million on its $16.75 million 2010 lobbying investment.

Melissa Clouthier has the right of it. This has to stop. Let us set aside the obvious fact that we simply can’t afford Obamacare and focus on the message the ERRP sends. Companies now have a crystal-clear example that if they pony up a few million dollars to Washington politicians, they can expect to see their money returned to them multiplied many times. Most of us who have watched Washington politics know this has been true for a while but I can’t recall a time when our government was this blatant about paying back its corporate and union supporters. If ever there was a time for the taxpayers to push back hard against the rent-seeking and paybacks, it’s now. If not, well, we deserve everything we get.

(Cross-posted to The Greenroom)

 

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Category: The Economy and Your Money

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