Romney Campaign Press Release - Obama's Prescription For Health Care: Deep Medicare Cuts, Higher Taxes

"In recent years, President Obama has admitted that Medicare 'is going broke.' But instead of working toward a solution, the President cut $716 billion from Medicare to pay for his disastrous health care law and stuck America's seniors and future retirees with the bill. As president, Mitt Romney will protect Medicare for seniors and ensure that the program is strengthened and saved for future retirees." — Andrea Saul, Romney Campaign Spokesperson

Three Years Ago Today, President Obama Warned Medicare "Is Going Broke" — And It's Still On Track To Be Broke By 2024:

President Obama, On Medicare Three Years Ago Today: "Mark My Words ... It Is Going Broke." OBAMA: "And what's going to end up happening is -- mark my words -- if we do nothing, at some point Medicare in about eight to nine years goes into the red. Somebody mentioned it's going broke -- yes, it is going broke." (President Barack Obama, Remarks, Grand Junction, CO, 8/15/09)

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"Medicare Actuaries And Trustees Say Medicare's Hospital Insurance Trust Fund Will Be Exhausted In 2024 Under Current Law." (Robert Pear, "Romney Medicare Plan Draws A Stark Contrast," The New York Times, 5/15/12)

"If The Trust Funds Run Out, The Programs No Longer Would Be Able To Pay Full Benefits." (Richard Wolf, "Medicare, Social Security Running Out Of Money Faster," USA Today, 5/13/11)

And President Obama Also Warned That Failing To Fix Medicare Would Mean Cuts For Seniors And Tax Hikes — But He Implemented Both To Pay For Obamacare:

President Obama, Three Years Ago Today: "We'll Either Have To Cut Medicare, In Which Case Seniors Then Will Bear The Brunt Of It, Or We'll Have To Raise Taxes, Which Nobody Likes." OBAMA: "So here's what's going to happen if we don't change the delivery systems and change some of the incentives -- we'll have a choice. We'll either have to cut Medicare, in which case seniors then will bear the brunt of it, or we'll have to raise taxes, which nobody likes." (President Barack Obama, Remarks, Grand Junction, CO, 8/15/09)

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According To The Nonpartisan Congressional Budget Office, Obamacare Cuts $716 Billion From Medicare. (Congressional Budget Office, Letter To Speaker John Boehner, 7/24/12)

·         Miami Herald: "Obama's $700 Billion Medicare-Cut Problem" (Marc Caputo, "Obama's $700 Billion Medicare-Cut Problem," The Miami Herald, 8/12/12)

Obamacare's Cuts Will Cause Enrollment In Medicare Advantage To "Plummet By About 50 Percent" And Leave Seniors With "Higher Out-Of-Pocket Costs." "In addition to flagging provider cuts as potentially unsustainable, the report [HHS] projected that reductions in payments to private Medicare Advantage plans would trigger an exodus from the popular alternative. Enrollment would plummet by about 50 percent. Seniors leaving the private plans would still have health insurance under traditional Medicare, but many might face higher out-of-pocket costs." (Ricardo Alonso-Zaldivar, "Report Says Health Care Will Cover More, Cost More," The Associated Press, 4/23/10)

According To The Nonpartisan Congressional Budget Office, Obamacare Increases Taxes And Penalties By $1 Trillion. (Congressional Budget Office, Letter To Speaker John Boehner, 7/24/12)

·         Obamacare Contains "The Largest Tax Increase Since 1993." "Keep in mind that Mr. Obama has already signed the largest tax increase since 1993. While everyone focuses on the Bush tax rates that expire after 2012, other tax increases are already set to hit the economy thanks to the 2010 Affordable Care Act." (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)

Starting In 2013, Obamacare Will Apply Medicare Taxes To Investment Income For The First Time In History. "Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000. For first time, the bill also applies Medicare's 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on 'the rich.' Oh, and these new taxes aren't indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires? Taxpayer cost over 10 years: $210 billion." (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)