With American Pad & Paper (AMPAD), Mitt Romney and his partners took a small but successful paper products business and merged it with other companies in the industry, piling up debt as they went. Ultimately, the company was unable to keep up with the interest payments on its debt and was forced into bankruptcy, but not before Romney and his partners were able to squeeze out more than $100 million for themselves.
Yesterday on Meet the Press, Republican Budget Committee Chairman Paul Ryan again falsely claimed House Republicans “showed the American people how we think we can save Medicare” and that “plenty” of Democrats support the Republican budget.
In reality, not one single House or Senate Democrat voted for either of Ryan’s budgets which drastically cut Medicare and raise health care costs by $6,400 for seniors while giving people earning at least $1 million a year a $394,000 tax cut.
Ryan’s Plan Would Cost Seniors More Than $6,000. “The Republican plan will significantly increase the out-of-pocket costs of health care for Medicare beneficiaries. In fact, out‐of‐pocket health care costs will more than double under the Republican plan. Based on estimates from the non‐partisan Congressional Budget Office (CBO), the typical 65-year-old’s out-of-pocket health care costs will increase from $6,154 to $12,513 in 2022—or an extra $6,359.” [Congressional Joint Economic Committee, 5/20/11]
Congressional Budget Office: Ryan’s Plan Would Likely Shrink Medicare Benefits, Increase Number Of Uninsured. “Medicare benefits would likely shrink under Rep. Paul Ryan’s (R-Wis.) latest proposal, the nonpartisan Congressional Budget Office said Tuesday. The budget office also said the number of people without health insurance could be ‘much higher’ under Ryan’s plan because it would repeal President Obama’s healthcare law. Ryan’s Medicare plan would convert some of the program’s funding into subsidies for private insurance. Seniors could choose between the traditional single-payer program or a private plan.” [The Hill, 3/20/11]
Ryan’s Budget Would Give People Making Over $1 Million Per Year a $394,000 Tax Cut. “New analysis by the Urban-Brookings Tax Policy Center (TPC) finds that people earning more than $1 million a year would receive $265,000 apiece in new tax cuts, on average, on top of the $129,000 they would receive from the Ryan budget’s extension of President Bush’s tax cuts.” [Center for Budget and Policy Priorities, 3/27/12; see also Tax Policy Center, Table T12-0078 and T10-0132]