Many Republicans and a few Democrats have suggested an idea corporate lobbyists love — raising the Medicare age and dumping millions of seniors into private insurance. This would cost seniors $11.4 billion annually.
Nobel laureate economist Paul Krugman decided to look at how much doing this would reduce the deficit versus President Obama’s tax proposal of ending the Bush tax cuts for the wealthiest Americans and returning the estate tax to 2009 levels (it was cut by President Bush as well). Here’s his conclusion:
So I thought Iai??i??d look at the dollars and cents ai??i?? and even I am somewhat shocked. Those tax hikes would raise $1.6 trillion over the next decade;Ai??according to the CBO, raising the Medicare age would save $113 billion in federal funds over the next decade.
So, the [tax] proposal would reduce the deficitAi??14 times as muchAi??as the [Medicare] proposal.
The choice seems clear. If you’re serious about tackling our long-term deficit, you should be for ending the Bush tax cuts for the richest Americans, not harming benefits for America’s seniors.