The White House is mailing $500 health insurance refund checks to a small slice of Obamacare enrollees weeks before the midterms — framed as a refund, but it works out as a campaign ad paid for by taxpayers.

• Fewer than 1 million of the 19 million ACA enrollees qualify, and the money lands almost entirely in red states like Texas and Florida.
• People in blue states that run their own exchanges are shut out, as are those still getting premium subsidies.
• Each check arrives with a letter signed by Trump blaming the Biden administration for overcharging and crediting him with giving the money back.
• The same administration cut over a trillion dollars from health programs in the One Big Beautiful Bill, which is projected to push 10 million people off coverage.
• That bill still adds trillions to the national debt, because the Medicaid cuts were paired with tax cuts for high earners and corporations.

Outlook: Expect more of this before November, with Trump dangling $5,000 checks if Republicans hold Congress.