Speaking in Chicago on Monday, May 16, Representative Paul D. Ryan touted his plan to privatize Medicare as the way to “grow the economy.”
Truly, when the measure of the economy is financial gains in private markets, then one can say the economy grows in this case by forcing both the federal government and seniors to pay twice as much to private insurers for the same (or less) medical care. So, yes, the private sector makes financial gains.
At what cost? What is the cost in quality of life and in financial stability for seniors?
According to the House-passed FY 2012 Budget, rather than have Medicare cover various parts of seniors’ healthcare costs, the plan would determine an amount of money that the federal government would pay to a private insurer selected by the Medicare recipient. According to the Congressional Budget Office (CBO), seniors would need to pay twice as much as they currently do for their healthcare. Representative Ryan is not sharing all aspects of the plan with the public – but was required to share all with the CBO.
The Ryan budget plan would destroy Medicare as we know it. This is simply immoral and economically shortsighted.