As more economists come out criticizing both the Paul Ryan plan and the Medicare overhaul, the ranks of Republicans have begun to split as the politics takes its toll. Heck, if the Economist takes a whole editorial to criticize Paul Ryan's plan, you know shit just got real.
Peter Orzag, the departed CBO chief, has written up an analysis for Bloomberg, examining WHY the GOP proposal failed to contain costs.
While the government's share shrinks, beneficiaries will see their personal out of pocket costs double, on a dollar-basis. Straight out of the CBO's analysis based on Paul Ryan's request:
"By 2030, the beneficiary’s (65 year old retiree) spending would be 68 percent of that benchmark under the (Paul Ryan) proposal, 25 percent under the extended-baseline scenario (no change)."Newt Gingrich - for just a brief moment - offered his candid assessment on the Paul Ryan plan:
"I don't think right-wing social engineering is any more desirable than left-wing social engineering. I don't think imposing radical change from the right or the left is a very good way for a free society to operate."Mitch McConnell, senate minority leader has said that he won't force Republican senators to vote for Paul Ryan's plan.
Senator Scott Brown, the first guy elected into office by Tea Party support, has changed his mind and has announced that he will vote against the Paul Ryan plan, because of the higher costs seniors will bear.
Senators Olympia Snowe and Susan Collins, moderate Republicans from Maine, have announced that they too, will vote no on Paul Ryan's plan. Snowe responded, "I have deep and abiding concerns about the approach on Medicare, which is essentially to privatize it."
Democrat Kathy Hochul ended up winning a seat vacated by humiliated Republican Representative Chris Lee, from NY's 26th district, a conservative district, going from a 31% polling rate on April 27, to winning with 47% of the vote on Tuesday.
Attention folks: The Tea Party is officially on its way out the door.
Next up: the debt ceiling.
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