Obama says health insurance companies are “making record profits, right now.”
Not so fast, Barack.
According to Fortune:
Health insurance companies – as a group — rank #35 in return-on-sales at a measly 2.2% …
,,, and they rank #31 on return-on-assets at 11.1%
Actually, that was last year. This year, profits are are down 50%.
I guess you can’t let the facts get in the way of a good rallying cry.
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Source article:
http://www.politifact.com/truth-o-meter/statements/2009/jul/23/barack-obama/health-insurance-company-turned-profit-not-rec/
Fortune data:
http://money.cnn.com/magazines/fortune/fortune500/2009/performers/industries/profits/
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