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Cruz: Insurance Companies and Those In Gov’t ‘Making Out Like Gangbusters’ Under Obamacare

During Tuesday’s debate on Obamacare on CNN with Senator Bernie Sanders (I-VT), Senator Ted Cruz (R-TX) argued, “For families that are struggling, you’re getting less coverage. You’re paying more for it, and your deductibles are higher, and you know who’s making out like gangbusters? The insurance companies, and those in government whose solution is, let’s have even more government control.”

Cruz said, “In 2008, the ten largest companies in America made just over $8 billion profit. In 2016 — 2015, rather. Those same ten largest companies made $15 billion in profit. Insurance company profits have doubled under Obamacare. That was the result. Bernie helped write Obamacare. I don’t think the federal government ought to be passing a law that doubles insurance company profits, and while those profits were doubling, What happened to the average American family? The average American family, your premiums have gone up $5,462. At the same time, the average deductible has gone up $5,000. For families that are struggling, you’re getting less coverage. You’re paying more for it, and your deductibles are higher, and you know who’s making out like gangbusters? The insurance companies, and those in government whose solution is, let’s have even more government control.”

Sanders responded that he agreed with Cruz, and that “The function of insurance companies is not to provide quality healthcare to all people. It’s to make as much money as they possibly can. Ted, let’s work together on a Medicare for all, single-payer program, so we’re finally going to get insurance companies, private insurance companies out of our lives.”

Follow Ian Hanchett on Twitter @IanHanchett

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