Ryan Budget Facts
The House budget drawn up by Rep. Paul Ryan would end Medicare as we know it, according to Sen. Bernie Sanders. It also would cut spending on virtually everything but the Pentagon while still spending more than the Treasury takes in by providing $1 trillion in tax breaks for the wealthy and profitable corporations, according to Sanders, a member of the Senate Budget Committee who has monitored and analyzed the Ryan plan.
The Ryan plan will end Medicare as we know it within 10 years by providing an $8,000 voucher for seniors to purchase a private health insurance plan.
The Ryan plan will increase out-of-pocket health care costs for a typical 65 year-old senior by more than $6,000 in 2022 - more than double the cost under current law.
And the problem gets worse and worse over time, so that by 2030, the out-of-pocket health care costs paid by seniors will climb to about $11,000.
Under the Ryan budget, Medicare’s eligibility age would rise from 65-67 from 2022 to 2033.
Under the House Ryan plan, nearly four million seniors would pay over $2 billion more for prescription drugs in 2012 alone by re-opening the Medicare Part D prescription drug donut hole.
Children’s Health Insurance
If the Ryan plan becomes law, the Congressional Budget Office has estimated that 1.7 million children would lose health insurance by 2016.
The Ryan budget would cut Medicaid by over $770 billion by turning it into a block grant program, and threatening the life-saving nursing home care of millions of senior citizens.
Slashing Medicaid as the Republicans want to do could cost America more than two million private-sector jobs over the next five years.
Affordable Health Care Act
The Ryan budget would completely repeal the Affordable Health Care Act preventing an estimated 34 million uninsured Americans to get the health insurance they need.
The Ryan budget will force over 7 million seniors to pay more for cancer screenings and prevention programs, while requiring senior cancer patients to pay millions more for lifesaving cancer drugs immediately.
The Ryan plan could force at least one million seniors to pay over $110 million more for annual wellness visits in 2012.
At a time when the cost of a college education is becoming out of reach for millions of Americans, the Ryan budget would slash college Pell grants by about 60% next year alone reducing the maximum award amount from $5,550 to about $2,100.
At a time when over 40 million Americans don’t have enough money to feed themselves or their families, the Ryan budget would kick up to 10 million Americans off of Food Stamps, by slashing this program by more than $125 billion over the next decade.
At a time when our nation’s infrastructure is crumbling, the House Ryan budget would slash funding for our roads, bridges, rail lines, transit systems, and airports by nearly 40 percent next year alone.
Despite the fact that military spending has nearly tripled since 1997, the House Ryan budget does nothing to reduce unnecessary defense spending. In fact, defense spending would go up by $26 billion next year alone under the Ryan plan.
$1 Trillion in Tax Breaks for Corporations and Wealthy
The Ryan budget provides over $1 trillion in tax cuts to the wealthiest 2 percent and large corporations by permanently extending all of the Bush income tax cuts; reducing the estate tax for multi-millionaires; and lowering the top individual and corporate income tax rate from 35 to 25 percent.
Protects Big Oil
The Ryan budget protects $44 billion in unnecessary and expensive tax breaks and subsidies for oil and gas companies, even as oil companies are reporting record profits.
Mark Zandi, the former economic advisor to John McCain when he was running for president, has said that the Ryan budget plan will cost America 1.7 million jobs by the year 2014, with 900,000 jobs lost next year.