Instead of working to create jobs, Republicans continue to push to end Medicare and raise costs for seniors in order to pay for tax cuts for millionaires and billionaires, for Big Oil, and for corporations shipping jobs overseas.
As we approach the 10th Anniversary of the signing of the budget-busting Bush tax cuts targeted to the wealthiest Americans (June 7th), Democrats are committed to reducing the deficit, while preserving Medicare, strengthening the middle class, and creating jobs through our Make It In America agenda - not ending Medicare to pay for more tax cuts for millionaires and billionaires.
REPUBLICAN BUDGET ENDS MEDICARE AND INCREASES SENIORS' COST…
- The Republican budget ends Medicare - raising seniors' costs, reducing benefits, and putting private insurance companies in charge of seniors' health care, for all those under age 55. The GOP plan ends the guaranteed coverage seniors paid for, and instead gives seniors an increasingly inadequate federal subsidy to buy private insurance.
- According to the nonpartisan Congressional Budget Office, under the GOP plan, seniors “would bear a much larger share of their health costs than they would under the traditional program.” One key reason seniors' health costs would be higher is that private insurance plans covering the standardized benefit would be much more expensive than traditional Medicare. The second key reason is that, under the GOP plan, the federal subsidy would grow more slowly than health care costs - shifting health care costs from the Federal Government to seniors themselves.
- In 2022, the GOP plan would increase the typical senior's health care costs by $6,000 compared to what their costs would be under traditional Medicare. [CBO] Shifting these costs to seniors results in savings for the Federal Government.
…TO PAY FOR EXTENDING THE BUSH TAX CUTS FOR MILLIONAIRES AND BILLIONAIRES
- Instead of reducing the deficit, the savings achieved by ending Medicare and raising seniors' health care costs are being used to pay for more tax cuts for America's millionaires and billionaires. The Republican budget makes average cuts of $165 billion per year in Medicare (2022-2030) to give $131 billion in tax cuts for millionaires and Big Oil.
- Ten years ago this week, President Bush signed into law the Bush tax cuts targeted to the wealthiest Americans, which are a major cause of the huge debt that exists today. The Bush era tax cuts - primarily the 2001 and 2003 tax cuts - accounted for nearly $2 trillion in deficits in 2001 through 2008 or more than one-third of the public debt. [CBPP, 5/10/11]
- And now Republicans are cutting Medicare to pay for even more tax cuts. Under the Republican budget, the average tax cut of $200,000 provided to each millionaire is paid for by asking 33 seniors to each pay $6,000 more in their health care costs.
- The cost of extending the Bush tax cuts for millionaires and billionaires totals nearly $1 trillion, including interest costs, over 10 years. See district by district information from the Citizens for Tax Justice on the taxpayers who would benefit from the Republican tax proposal.
- And the Republicans' proposed extension of the Bush tax cuts for millionaires and billionaires would continue the exploding debt - with the Bush-era tax cuts making up nearly 40% of the projected public debt in 2019.