Josh Kushner Politely Rebukes His Brother’s Boss for Nuking His Business (Vanity Fair)

Josh Kushner Politely Rebukes His Brother’s Boss for Nuking His Business

http://bit.ly/2zWB97C

By Patrick McMullan/Getty Images.

Josh Kushner and Jared Kushner both have backgrounds in investment, but that might be where the brothers’ similarities end. Jared, the husband of Ivanka Trump, has spent the past year as the Trump administration’s dubiously qualified jack-of-all-trades, tasked with everything from fixing the nation’s opioid crisis to overhauling the government’s operating systems to bringing peace to the Middle East. Josh, meanwhile, embarked on a sort of post-election apology tour to investment partners, denying any Trump administration connections, and was photographed taking in the Women’s March on Washington. Even the brothers’ business interests are in opposition: Jared is a crucial part of the Trump administration team seeking to repeal Obamacare—whose exchanges underpin Josh’s health-insurance company, Oscar—by any means necessary.

Until now, Josh has stayed quiet when it comes to the contrast, giving only a few flavorless quotes to Forbes such as, “It is no secret that liberal values have guided my life and that I have supported political leaders that share similar values.” But on Friday, he and his Oscar co-founder, C.E.O. Mario Schlosser, published a clear, if characteristically milquetoast, rebuke of Trump’s A.C.A. repeal push, in an op-ed for Axios. ”The individual market will thrive in the long run,” Kushner and Schlosser complain, carefully, about the potential for Trump’s health-care plans to upend their business. On the plus side, “Plans will be more affordable for millions of Americans due to the seesaw impact of cuts to cost-sharing reduction subsidies, which will actually increase subsidies for many low-income consumers,” they write. “And for the first time, the I.R.S. will be aggressively enforcing the individual mandate.” On the downside, “the administration’s cuts to outreach and sporadic lip service to repealing the A.C.A. do nothing to stanch growing confusion among shoppers.”

The primary purpose of the op-ed seems to be to reassure investors that Oscar is prepared to weather whatever policy turmoil is headed its way. But Oscar’s financial problems predate Trump. Even before his brother went to work in Washington to help dismantle the Affordable Care Act, Josh’s billion-dollar start-up was bleeding money and retooling its reliance on Obamacare, with plans to focus on narrow networks and roll out plans to small and large businesses, moving away from individual health-insurance plans typically covered by the Affordable Care Act.

Kushner and Schlosser predict that “the near-term regulatory turbulence will pass and that the individual market will thrive in the long run,” ultimately concluding that “it will be hard—after four years where tens of millions of Americans have gained access to health insurance—for the administration to erase the virtues of an individual market where consumers choose their health plan and no one is discriminated against based on health status. In fact, we project that Oscar will enroll significantly higher membership across our six states this year.” We project that this year’s dinner-table conversation at the Kushner family Thanksgiving will be slightly uncomfortable.

General

via Vanity Fair http://bit.ly/2xvuIXg

October 27, 2017 at 06:35AM