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To paraphrase Ronald Reagan: There they go again.

On Wednesday, a group of Republican senators plan to release a bill to repeal the Affordable Care Act. It comes from Bill Cassidy of Louisiana and Lindsey Graham of South Carolina, and they will market it as a bill that gives states the flexibility to create the system that they want.

But that’s deeply misleading. While it would theoretically give states more flexibility, the bill would mostly rob states of money to pay for health insurance — and millions of Americans would lose coverage as a result. Think of it this way: Every reader of this newsletter has the theoretical flexibility to buy a private jet.