On the recordJuly 19, 2011
Mr. Speaker, would you invest in a company if there were a 40 percent chance that you would lose all of your money? That doesn't sound like much of an investment. Most people would call that gambling. But that is exactly what the Federal Government is about to do in setting up the new ObamaCare health care co-ops. The Department of HHS will loan more than $4 billion in the coming years as an attempt to set up at least one co-op in each State. They project that 40 percent of the loans given out to plan the co-ops will go into default. 35 percent of the loans to keep the co-ops solvent are also projected to go into default. This could add up to billions of dollars lost. We raised taxes by more than $1 trillion so that we could burn it away on projects with an extremely high rate of failure. When we take money away from the private sector and then burn it away on government projects, the result is going to be lost jobs and a struggling economy. We need jobs, not more failed government programs. ____________________
