Not long ago, I pointed out that the health insurance that was available from the exchanges, for individuals, was excessively expensive and had poor coverage. Since then, about half of the Obamacare co-ops -- nonprofit insurance companies created with startup funds from the government to provide insurance on the exchanges -- have failed and either have gone out of business, or are in the process of doing so. What's killing these co-ops? Oh, there's some fraud, and there's some Democratic Party cronies who made some big money, but what's really killing the co-ops is something much more unrelenting than fraud, much more insidious than cronyism.
What's killing the co-ops? Arithmetic.
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