House Budget Chairman Paul Ryan (R-WI) is out with an updated version of his fiscal blueprint for the country, replacing last year’s widely panned plan to effectively end Medicare by turning it into a voucher system with an only slightly less destructive concoction. In his latest proposal, Ryan pitches a premium-support system that would offer seniors a voucher to buy either traditional Medicare or a private plan, purporting to control costs by allowing competition. But the vouchers wouldn’t be able to keep up with rapidly rising medical costs, shifting the burden onto beneficiaries and eventually rendering traditional Medicare an unviable program.
Click here to read more about the Medicare overhaul in Rep. Ryan’s previous budget, which was passed by the House GOP in 2011.
The New Ryan Budget Undermines Medicare
The 2013 Ryan Budget “Reiterates Republicans’ Call Last Year For Overhauling Medicare.” From Bloomberg: “The proposal reiterates Republicans’ call last year for overhauling Medicare, though with some changes reflecting a compromise plan Ryan of Wisconsin has since written with Senator Ron Wyden, an Oregon Democrat. It would offer seniors, starting in 2023, subsidies they could use to buy private health insurance or use in Medicare. Either way, benefits would be capped, which would be a major change in how the open-ended program now operates.” [Bloomberg, 3/20/12]Read more after the jump.