Obscene: 70 Top Healthcare CEOs Raked in $9.8 Billion under Obamacare
As the talk of repealing and replacing the not-so-affordable care act increases, the Left would have you think that the replacement would only benefit CEOs and provide tax cuts for the rich.
However, according to a new report CEOs have already been cashing in during the Era of Obamacare.
“Since the Affordable Care Act (ACA) passed in 2010, the “CEOs of 70 of the largest U.S. healthcare companies cumulatively have earned $9.8 billion,” according to a report by Axios‘s Bob Herman.
Herman adds that the CEOs’ earnings “far outstrip[ped] the wage growth of nearly all Americans.”
“The richest year [for healthcare CEOs] was 2015, when 70 healthcare CEOs collectively made $2 billion,” Herman notes. “That was an average of about $28.5 million per CEO and a median of about $17.3 million per CEO. The median household income in 2015 was $56,515, which the average healthcare CEO made in less than a day.”
Perhaps the most consequential component of healthcare CEO pay, Herman observes, is the fact that “a gigantic portion of what CEOs make comes in the form of vested stock, and those incentives drive their decision-making.”
“Stock-heavy pay,” Herman concludes, “drives CEOs to do the exact opposite of their buzzword-laden goals of creating a ‘patient-centered’ health system that focuses on ‘value.’”
The Left appear to be locking the vault after the thieves have left.
In addition to rising premiums, doctors fleeing, and costs going up, Obamacare has lined the pockets of insurance CEOs with billions of dollars. In short, the Left have robbed the poor to enrich the rich.
Take for example John Martin, former CEO of the pharma giant Gilead Sciences. He pulled in $863 million in the “ACA era.” Further, his company parked around $37 billion offshore, apparently all of it in tiny nations where little or no tax is due. You can thank Obama’s tax policy for Gilead keeping their money out of reach of the Fed.
Axio’s lists a few more top CEO earnings under the Obamacare Era:
-Gilead’s Martin made the most since the ACA became law. Several other executives — including John Hammergren of McKesson ($587 million), Leonard Schleifer of Regeneron Pharmaceuticals ($338 million) and Stephen Hemsley of UnitedHealth Group ($279 million) — each took home more than a quarter-billion dollars on their own.
-A handful of lesser-known health care CEOs were among the highest earners. For example, Michael Mussallem of the medical device company Edwards Lifesciences collected $246 million since the ACA went into effect. Last year, for every dollar Mussallem’s company brought in as revenue, two cents went toward his pay.
All of this thanks to the “Party of the poor” and Barack Obama.
Truth is Obamacare accomplishes exactly what it was designed to do. The legislation hurts the middle class, benefits insurance companies and enriches the top one-percent of the top one-percent. And you can bet the people benefiting donated to Obama.
Americans knew that this would be a disaster and in fact before Obamacare was illegally pushed through as a law 59% of Americans opposed the bill. But the money to pay back crony capitalists was too large to care about the citizens.
According to a poll by CNN:
“A new CNN Opinion Research poll, conducted over the weekend as the House debated Obama care, finds that 59 percent of Americans now stand opposed to the health care legislation in Congress. Just 39 percent of the poll’s 1,030 respondents said they favored the bill.”