The Wall Street Journal aptly noted that “nothing will sooner finish off ‘Medicare as we know it’ than to continue its present march into insolvency.” The fact of the matter is that Medicare cannot survive in its current form. Medicare spending is growing at an annual rate of 7.2 percent – two times faster than the economy – and is on a path to double in the next 10 years. House Republicans are working to preserve Medicare by fixing the flaws in its structure so that the program will be there for current and future generations.
Congressman Paul Ryan recently introduced a budget plan that secures health and retirement benefit programs for current and future retirees. It does not affect people who are retired or nearing retirement. It empowers individuals by allowing younger workers to choose from a list of guaranteed coverage options when they become eligible for Medicare. Essentially, they will have the same choices and options in their health plans that Members of Congress have today.
We are in the midst of a serious debt crisis. President Obama and his fellow Democrats may find it politically advantageous to bury their heads in the sand and ignore the problem. While they do, House Republicans will continue working to reduce spending, reform the budget process, and repair our insolvent retirement programs. That is the only way we will preserve our economic prosperity and leadership in the world.