PHOENIX, Aug. 17 The Arizona Republican Party issued the following news release:
Just as Democrat Richard Carmona answered the call from President Obama who asked him to run for the U.S. Senate, Carmona is backing ObamaCare which is funded by taking more than $700 billion out of Medicare. Recent reports show Obama's fiscal mismanagement and failure to plan will cause Medicare to run out of money by 2024.
"President Obama said Medicare 'is a big nightmare' and based on his lack of a plan and failure of leadership, we're never going to wake up from it," said Arizona Republican Party spokesman Tim Sifert. "Obama actually raided more than $700 billion from Medicare to fund ObamaCare, and he's out recruiting more Democrats like Richard Carmona to make sure it stays that way."
The Republican National Committee today released an online timeline (http://gop.com/countdowntobankruptcy/?utm-medium=email&utm-source=et&utm-content=http%3a%2f%2fgop.com%2fcountdowntobankruptcy%2f&utm-campaign=1598990-209305-RNC%20Communications) to count down the days until 2024 when Medicare will be bankrupt.
BACKGROUND ...
Changes Made To Medicare Under ObamaCare Are "Not Viable In The Long Range"
"Further, while the Patient Protection and Affordable Care Act, as amended, makes important changes to the Medicare program and substantially improves its financial outlook, there is a strong likelihood that certain of these changes will not be viable in the long range." (2010 Annual Report Of The Boards Of Trustees Of The Federal Hospital Insurance And Federal Supplementary Medical Insurance Trust Funds (http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/ReportsTrustFunds/downloads/tr2010.pdf))
Medicare Trustees: Trust Fund To Be Exhausted In 2024
The Annual Report From The Medicare Trustees Reports That The Medicare Trust Fund Will Go Bankrupt Five Years Earlier Than Previously Predicted: "However, the HI trust fund is now estimated to be exhausted in 2024, 5 years earlier than was shown in last year's report, and the fund is not adequately financed over the next 10 years. HI taxable earnings in 2010 were lower than previously estimated, and the rate of growth in these earnings is projected to accelerate and to exceed last year's growth assumptions in 2011-2019. HI expenditures in 2010 were close to the previous estimate, but the projected level grows more rapidly than shown in last year's report because of the projected faster growth in earnings. HI expenditures have exceeded income annually since 2008 and are projected to continue doing so through the short-range period until the fund becomes exhausted in 2024. In 2010, $32.3 billion in trust fund assets were redeemed to cover the shortfall of income relative to expenditures." (2011 Annual Report Of The Boards Of Trustees Of The Federal Hospital Insurance And Federal Supplementary Medical Insurance Trust Funds (http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/ReportsTrustFunds/downloads/tr2011.pdf))
Obama on Medicare: "A Big Nightmare"
During An Interview With ABC's Charlie Gibson, Obama Said "Medicare Is A Whole Different Problem. I Mean, That Is A Big Nightmare" (Interview with Charles Gibson of ABC News, October 8, 2008 (http://www.presidency.ucsb.edu/ws/index.php?pid=84667&st=medicare&st1=))
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