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Medicare’s ‘Piggy Bank’

Republicans claim the president’s $716 billion “cuts” to Medicare hurt the program’s finances. But the opposite is true. These cuts in the future growth of spending prolong the life of the Medicare trust fund, stretching the program’s finances out longer than they would last otherwise.
Mitt Romney has claimed that President Barack Obama has “robbed” Medicare. Rep. Paul Ryan, Romney’s running mate, said Obama “turned Medicare into a piggy bank to fund Obamacare,” promising to “stop the raid on Medicare.” And the Republican National Committee is promoting on its website a feature it calls “Obama’s Countdown to Medicare’s Bankruptcy,”