McCain Health Plan Would Cut Medicare by 22%

The Wall Street Journal reported on Monday that Senator John McCain’s health plan would be financed through $1.3 trillion in cuts to Medicare and Medicaid over 10 years. According to the Tax Policy Center, this would be a 22% cut in both programs. These cuts would be needed to keep his health care tax credits budget-neutral, in Washington parlance. The Center for American Progress said cuts of this magnitude would eliminate the Medicare prescription drug benefit for 10.2 million low-income seniors. “These reports pull back the curtain on the McCain health care plan, showing us that it would be paid for on the back of millions of retirees. This is terrible news for our nation’s seniors, who in this time of economic anxiety, are already struggling to make ends meet,” said Alliance Executive Director Edward F. Coyle.

Source: Alliance for Retired Americans October 10 issue of Friday Alert