Republicans said they wanted to repeal and replace Obamacare because the exchanges were “broken.” By that they meant deductibles and premiums were too high and insurers were pulling out, leaving fewer choices and less price containment via competition.

The Senate bill makes those things worse - taken the minimum actuarial value of the plans from 70 to 58 percent (i.e., the insurer has to pick up less and you have to pick up more of the cost), phasing out subsidies at a lower income point (350 percent vs. 400 percent of the poverty line) and removing the individual mandate, which will in...