The New York Times has recently reported that big insurance companies are now planning gigantic increases in insurance premiums that could rise, if insurers get their way, by a staggering 20 percent to 40 percent. Leading the fight against this outrageous ripoff is Sen. Bernie Sanders (I-Vt.), who is speaking out against abuses by the industry and calling for the ultimate reform of Medicare for all, a form of single-payer healthcare.
{mosads}Let’s be clear about what is happening. Once the Supreme Court ruled that subsidies under ObamaCare would remain, the big insurers began to move aggressively to plan and reveal huge premium increases. If they get away with this, the subsidies would in effect be a form of insurance bailout by taxpayers subsidizing huge profits, with hard-pressed consumers receiving the subsidies that would be passed onto insurance companies.
To add insult to injury, at a time of huge profits for insurers and soaring stock prices for insurance companies, we are now witnessing the beginning of a new wave of insurance industry mergers and acquisitions that will be made even worse by the even higher profits from painful insurance premium increases if they go into effect. It is absurd and unjust to punish consumers with outrageous premium increases that will fuel more unjust profits and finance a new wave of mergers.
Among the presidential candidates today it is Sanders — and only Sanders — who is leading the fight on behalf of workers, consumers and basic fairness with a call for single-payer healthcare. President Obama should speak out aggressively against these plans for premium increases. Hillary Clinton should speak out against these increase and join Sanders in his call for single-payer healthcare or a public option.
Recently, I wrote that the reason that Democratic voters generally, and young voters in particular, are excited by the Sanders campaign is that Sanders is a true, authentic and powerful voice for change, reform and a progressive vision of America.
Insurers are wrong — egregiously and outrageously wrong — to follow the Supreme Court decision by attempting one of the most aggressive and unjust premium increases in history.
Bernie Sanders is right — powerfully right — in leading the fight against this outrageous ripoff by big insurers.
Budowsky was an aide to former Sen. Lloyd Bentsen (D-Texas) and former Rep. Bill Alexander (D-Ark.), who was then chief deputy majority whip of the House. He holds an LL.M. degree in international financial law from the London School of Economics. Contact him at brentbbi@webtv.net.