Big Insurance Companies to Pour $500 Million into Obamacare Ads
The health insurance giants that donated millions to get President Barack Obama elected are enjoying record profits amid the Obamacare debacle and are projected to pour an estimated $500 million in 2014 into Obamacare advertising designed to score even greater profits on the backs of taxpayers.
The Wall Street Journal says big health insurance companies view Obamacare as a prime opportunity for "capitalizing on an unprecedented opportunity in a shifting health-care market," as "seven million Americans are expected to buy health coverage on the new consumer exchanges."
While some Obamacare backers view the half-billion dollar ad blitz as a sign of confidence that insurers believe Obamacare will work, other progressives will view it as further evidence that Obamacare was a cynical and massive giveaway by Obama to big insurance cronies that helped bankroll his campaigns.
"Now, some people will see this as bad news [the $500 million insurance company ad campaign]," conceded progressive New York Times columnist Paul Krugman. "Obamacare is just going to add to insurer profits! And it will indeed make money for the likes of Aetna and Wellpoint."
In 2008, the healthcare industry donated a staggering $22,471,562 to Obama's campaign, a sum nearly three times greater than was donated to his Republican challenger.