Obama's $8.3 Billion Re-Election Slush Fund

[Geee]

Investors Business Daily:

Medicare: Backers like to say the more people know about ObamaCare, the more they'll like it. So why is the administration spending $8.3 billion to hide a key provision from millions of seniors until after the election?

That's precisely what administration officials are doing right now as a way to mask the effect of ObamaCare's deep cuts to the popular Medicare Advantage program.

Championed by Republicans in 1997, Medicare Advantage offers seniors an escape valve from the creaky, government-run Medicare insurance program.

The idea was that private insurance companies could better manage costs than the government's own top-down insurance plan, and give enrollees more and better benefits while still saving taxpayers money.

Medicare Advantage has proved popular with seniors, 12 million of whom have enrolled. But the left loathes it, arguing that Medicare overpays insurance companies, thereby ripping off taxpayers to enrich this industry.

Obama himself long complained about Medicare Advantage while running for office and while pitching ObamaCare.

In his 2009 health care speech to Congress, he said Medicare Advantage offered "unwarranted subsidies" that "do everything to pad (insurance company) profits and nothing to improve your care." And he repeatedly vowed to "eliminate" these subsidies.