Let's be a little more careful than that. Obamacare is more than just the exchanges, and the exchanges aren't failing in every state (premiums are even going down in a couple states). There was also a provision for federal funding of the unpredicted expense that was blocked by congress.

Anyway, my point in my other comment was that while Obamacare did try to shift costs to younger people, low participation wasn't a problem to be solved, it was seen as an opportunity to grow the pools and make it sort of work. The pools probably should have been grown by ending group policies.

Broadly speaking, I probably agree with you. Spending is unlikely to solve a pricing problem.