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Mainstream media ignores Obamacare implosion

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There is a plausible reason for Barack Obama's unilateral changes to Obamacare other than the obvious disdain for Constitutional law. Obamacare is imploding, and its chief architects are in panic mode. Not surprisingly, the mainstream media has ignored all of it.

Karl Denninger of The Market Ticker, the man who predicted the 2008 economic crash when everyone else was caught off guard, reports that he has received new information indicating that Obamacare is becoming unraveled at the core although no major news outlet has bothered to report it.

Denninger quotes a report at Investors Business Daily:

With less than seven weeks of open enrollment to go, ObamaCare enrollment — and payments — have slowed to a near-crawl in some states.

Minnesota's exchange enrollment goal of 67,000 seemed within reach on Jan. 4, when signups stood at 25,860.

But after surging by more than 4,000 per week in the prior five weeks, signups collapsed back to November's pace of less than 700 per week.

The really bad news within the bad news, however, is that not only are people not signing up but they are not paying even if they do sign up:

Further, a spotty payment rate (50% in Washington and 66% in Nevada) creates a risk that the demographics of the paid exchange population may be older — and possibly sicker — than even the national signup data have signaled.

But the news only gets worse. Of those who have signed up in Minnesota, only 21 percent are in the all-important 18-31 age demographic -- those who are crucial to keeping the Obamacare system afloat. Without those in this demographic signing up en mass, there is not enough money in the system to pay for high risk groups, those with preexisting conditions, and those who cannot afford to pay.

Another critical piece of information that is not being reported is that those who sign up but fail to pay has reached a critical stage. Early on skeptics warned that even if states met their signup goals there was no way built into the system to determine how many of the signups actually pay for their coverage. Some state exchanges, however, built into their systems such a reporting mechanism. And once again, the news is not good.

Nevada has only 14,999 paid enrollees out of its goal of 115,000. Washington State has 81,000 out of its goal of 340,000.

While one healthcare consultant stated he believes that only about 20 percent of Obamacare enrollees have not paid, others are much more skeptical based upon early information made available by states such as Nevada, Washington, and Minnesota.

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