The Light

Once again, the President likes to blame everyone else for the lack of success he has seen when it comes to Obamacare.

“But until then, when we’re getting outspent four to one and people are just uncertain about what all this means for them, we’re going to continue to have some polls like that,” Obama said. “And me just making more speeches explaining it in and of itself won’t do it. The test of this is going to be is it working. And if it works, it will be pretty darn popular.”

Even with a new PR blitz (costing $700 Million Dollars), the President can’t win over the public opinion:

“Over the course of six months to a year, as people sign up, and it works, and lo and behold, the people who already have health insurance are not being impacted at all other than the fact that their insurance is more secure and they are getting free preventive care, and all the nightmare scenarios and the train wrecks and the ‘sky is falling’ predictions that come from the other side do not happen, then health care will become more popular,” Obama said.

And when the train does wreck, naturally, it will be someone elses fault! 🙂

The New “Cash for Clunkers”…

Way back in 2009, President Obama’s Treasury Department launched the Home Affordable Modification Program, a massive authorization to help homeowners struggling with their mortgages in the wake of the financial crisis. 1.2 milllion people participated in the program at a cost to taxpayers of $4.4 billion.

A report [pdf] dropped this week from the Office of the Special Inspector General for TARP (SIGTARP) that HAMP has a stunning failure rate. Of the 1.2 million HAMP participants, 306,000 have re-defaulted on their mortgages, at an additional cost to taxpayers of $815 million. What’s more, another 88,000 homeowners in the HAMP program have missed payments and are at risk to re-default.

Twenty-two percent of homeowners who have re-defaulted on their HAMP permanent mortgage modifications have moved into the foreclosure process. The Administration’s stated goal for the housing initiative was “to help as many as three to four million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term.” However, since 2009, during each year of the program, an increased number of homeowners redefaulted on HAMP permanent mortgage modifications. Redefault rates of the oldest 2009 HAMP permanent mortgage modifications have continued to increase as they age at a redefault rate of 46%. The 2010 HAMP permanent mortgage modifications are redefaulting at a rate of 38%. Treasury’s data continue to demonstrate that the longer homeowners remain in HAMP, the greater the chance that they will redefault on their permanent modification and fall out of the TARP program. For the substantial number of homeowners who redefault, their modification was not sustainable. It is crucial that Treasury recognize this problem and take proactive steps to ensure that HAMP lives up to its promise and potential.

HAMP has been re-authorized to be in effect through 2015. (Townhall)

Gee, that mean through the mid-term election and that a lot of people who were going to default before because they couldn’t afford it have defaulted again. NO! that’s shocking… :

But at least it’s safe until after the election. Just like the employer mandate. Fancy that…

Detroit

As Detroit enters the federal bankruptcy process, the city is proposing a controversial plan for paring some of the $5.7 billion it owes in retiree health costs: pushing many of those too young to qualify for Medicare out of city-run coverage and into the new insurance markets that will soon be operating under the Obama health care law.

Detroit wants insurance exchanges to cover retirees like Thomas Berry, a former police officer.

“There’s fear and panic,” said Michael Underwood, an ailing Chicago Police Department retiree.
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Officials say the plan would be part of a broader effort to save Detroit tens of millions of dollars in health costs each year, a major element in a restructuring package that must be approved by a bankruptcy judge. It is being watched closely by municipal leaders around the nation, many of whom complain of mounting, unsustainable prices for the health care promised to retired city workers.

Just dump all those poor bastards on the rest of us. It will save the city and make ObamaCare costs skyrocket and of course, more popular….

Say, isn’t that sort of a Bailout?? 🙂

The light at the end of this tunnel is a bullet train!