Romney and Obama: Both Wrong on Medicare | Michael D. Tanner | Cato Institute: Commentary

Romney and Obama: Both Wrong on Medicare | Michael D. Tanner | Cato Institute: Commentary: "Last year, Americans paid $274 billion in Medicare taxes and premiums. At the same time, the program paid out $564 billion in benefits. That amounts to a shortfall of roughly $290 billion. Looking into the future, even the most optimistic estimate by the program's trustees puts Medicare's future unfunded liabilities at more than $38.6 trillion. More realistic projections suggest the shortfall could easily top $90 trillion."

"It is important to point out that the president's "cuts" are cuts only in the Washington sense of a reduction in the rate of increase. Republicans have long protested when their similar proposed slowdowns in growth were demagogued as cuts by Democrats. That would seem to make Romney and Ryan's complaint a little hypocritical."

"The Congressional Budget Office recently pointed out that virtually none of the president's proposed Medicare reforms have saved money in practice. And, when it comes to reducing provider payments, Congress hasn't exactly been a profile in courage: Witness the annual spectacle of the "doc fix," postponing already scheduled cuts."