Remember how they told us ObamaCare is going to reduce deficits?
In a newly released report, the Government Accountability Office (GAO) estimates that, in fiscal year 2010, $48 billion in taxpayer money was squandered on fraudulent or improper Medicare claims. Meanwhile, the nation’s ten largest health insurance companies made combined profits of $12.7 billion in 2010 (according to Fortune 500). In other words, for every $1 made by the nation’s ten largest insurers, Medicare lost nearly $4.
The GAO report is here.
This should come as no surprise to anyone with half a brain. What has government EVER done more efficiently than private industry?
The answer would be never.
Categorized under “Duh!” Government programs are always full of waste and failure.
When you compare the $48 billion Medicare loss to the evil insurance industry’s total $12 billion profit, the government incompetence is really staggering.