The Obamacare meltdown

President Obama has two signature accomplishments: Obamacare and the Iran nuclear deal. It will be a good while before we see the main consequences of the deal with Iran, though John Podesta’s assessment that it may well lead to nuclear war and represents the biggest appeasement since Munich seems sound.

As for Obamacare, Podesta’s pal Bill Clinton’s assesses it as “the craziest thing in the world.” But we need not rely on Slick Willy’s view because Obamacare seems to be melting down before our eyes. Indeed, Rick Moran at PJ Media argues that the meltdown is worse than commonly understood.

Citing a Bloomberg report, Moran notes that 1.4 million Americans are expected to lose their plans this coming year because so many big insurance companies have dropped out of the exchanges. Aetna Inc., UnitedHealth Group Inc., and some state or regional insurers are exiting the Obamacare market for individual coverage.

With insurers leaving the market, we can expect fewer plans, which will mean a decrease in the number of doctors and hospitals available to consumers. It will also mean rising premiums.

It may also mean that the number of people covered may actually shrink next year. Moran cites a report by S&P Global Ratings predicting that enrollment next year will range between a 4 percent increase and an 8 percent decline.

Five states — Alabama, Alaska, Oklahoma, South Carolina, and Wyoming — will be down to only one insurer in the Obamacare exchange. They may soon be joined by Kansas and North Carolina. And in Florida and Mississippi, the vast majority of counties will have just one Obamacare insurer.

Moran concludes:

The overall picture leaves little doubt that it will be a very difficult for Obamacare to survive another year. A few of those one insurance-carrier states that lose that last company will be left with no options. From there, the cascade failure of Obamacare will unfold.

Moran’s assessment may be too pessimistic (or optimistic, depending on how one wants to look at this). But it seems clear that Obamacare is in serious trouble.