Harvard Economist: GOP Budget Spells Bankruptcy for Seniors

The Obama campaign has released a memo from Harvard economics professor David Cutler examining the GOP’s 2013 budget. The memo outlines how the plan contrasts with Obama’s vision for America and hits on some of the major faults of the House GOP’s budget and economic plans outlined by Republican Presidential candidates.

Of particular interest, the memo compares the Medicare plans of former Massachusetts Gov. Mitt Romney and President Obama. Where Romney’s plan puts a burden of $12,500 a year on seniors, does nothing to close the Medicare “donut hole,” and makes Medicare insolvent by 2016, Obama’s plan through the Affordable Care Act limits seniors’ share of health care expenses to $6,150, completely closes the “donut hole” by 2020, and keeps Medicare solvent until at least 2026.

The complete memo is available for download here.