Put another way, the average retiree with Medicare loses $11,000 that could have paid for two years worth of groceries instead. The Ryan plan wipes out the average Medicare senior’s entire life savings.
TheU.S.economy added 114,000 jobs in September. This news, from the U.S. Department of Labor’s employment report is most welcome. It represents the 31st straight month of private sector job growth and led to unemployment falling to 7.8 percent.
This is the lowest jobless rate in 4 years. Black and Latino unemployment rates fell from 14.1 percent and 10.2 percent, respectively to 13.4 percent and 9.9 percent. While I’m pleased we are on the right path, I know there is so much more to be done to help all the families and businesses that continue to struggle in this economy.
From the American Jobs Act, to the Infrastructure Bank Act that I introduced, to the Farm Bill, House Democrats have seen every single jobs bill we’ve proposed blocked by Republicans. This partisan obstruction directly impacts the well being of millions of Americans.
Speaking of unemployment, when presidential contender, Governor Mitt Romney announced his goal of firing Big Bird, he failed to recognize that Big Bird’s employer, the Public Broadcasting System, creates not only meaningful programming but also meaningful jobs.
PBS funds public radio and TV stations inClevelandand throughout the nation. They, in turn, offer people of all ages in our community important educational and informational programs. It’s also misleading to suggest that ending federal support for public broadcasting would make a serious dent in the national deficit. PBS accounts for one one-hundredth of one percent of the federal budget. Sesame Street is good forMain Street. And that’s where our priority should be, helping our constituents realize the American Dream.
During the last presidential debate, Gov. Romney also left a misleading impression about the impact of $716 billion that the Affordable Care Act reduces in the Medicare program. Please know not one dime of that amount comes in the form of reduced benefits to recipients.
It involves cost reductions that will strengthen Medicare by reforms in the way doctors and hospitals are paid. The candidate conveniently left out any mention of the fact that his running mate, Congressman Paul Ryan cuts an identical amount in his 2013 budget proposal.
In Rep. Ryan’s budget, that $716 billion would be reduced directly at the expense of our seniors, the disabled, and future beneficiaries.
1. If you are currently on Medicare, the Ryan Republican budget plan would cost you $11,000 more out of pocket to pay for prescription drugs and co-pays for preventive health services
2. If you are near retirement age, (say, 54 years old), you will have to set aside an extra $59,500 to make up the difference between what Medicare pays for now and what the voucher you would actually get to cover health care costs under the Ryan plan.
3. If you are far away from retirement, the difference compounds. A 39-year-old would need to save an extra $216,000 by the time they retire (compared to services covered under Medicare) to pay for health services with the Ryan vouchers and a 31-year-old would need to find an extra $331,200.
Put another way, the average retiree with Medicare loses $11,000 that could have paid for two years worth of groceries instead. The Ryan plan wipes out the average Medicare senior’s entire life savings. For a 29 year old person, the money that could have been spent to raise a child from birth to 18 years of age, would be needed to fund health care in their old age.
I know a bad deal when I see one. I hope all of my constituents are armed with the facts so they can make informed choices in this critical election year.