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The Kaiser Family Foundation has a good reality check this morning on the "exploding Obamacare" narrative. Yes, it found, most insurers' financial performance got worse in 2014 and 2015, the first two years Obamacare was in full effect. But the insurers were starting to recover in 2016 — a sign that the markets could be stabilizing.

The bottom line: The analysis suggests that the insurance market was starting to climb its way out of a hole, not falling apart — but it also says the market could still fall apart because of the uncertainty over what happens next.

What it found: The two measures Kaiser looked at:

  • Medical loss ratio: This is how much of the money they collected in premiums got paid out for medical care. The percentages rose a lot in 2014 and 2015 before dipping in 2016.
  • Gross margins per member: This measures how much more money insurers collected in premiums from each person than they spent on medical care. It dropped sharply in 2014, and insurers actually lost money on average in 2015, but they showed signs of recovery in 2016.

Go deeper

35 mins ago - Technology

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.