Why Drug Companies and Insurance Providers are Backing ObamaCare

Obama pounds away pretty good at big insurance and big drug companies - his reasoning is that they're sure to lose money should health care reform be passed. Well, not quite:

Although President Obama and big-government activists demonize health-insurance companies, the companies "are still mostly on board with the president's effort to overhaul the U.S. health-care system," the Wall Street Journal reports; and ...

Although the activists criticize Big Pharma, "The drug industry has already contributed millions of dollars to advertising campaigns for the health care overhaul through the advocacy groups like Healthy Economies Now and Families USA. It has spent about $1 million on similar advertisements under its own name," the Times reports.

Contrary to theory, big corporations hate competition. It's in their best interests to make sure their interests are protected and that they can sit on their fat rear-ends while small start ups try to compete fairly. So, no, Obama's wrong, or should know he's wrong, when he makes his argument about big insurance and big drug companies. Either he's lying or he's cynical, neither of which, while not a suprise, is a good thing in a politician.