Baby Boomers May Win In Battle Of Budget!

Online, April 6, 2011 (Newswire.com) - Susie and David here with some encouraging financial news (finally). The proposed Republican budget will have little effect on us Baby Boomers. Read on to see how we stand:

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Paul Ryan's budget asks little sacrifice of baby boomers

The Republican budget plan released Tuesday proposes to make dramatic changes to the Medicare program which provides health care for older Americans.

Under the current system, the government reimburses doctors and hospitals for certain medical services; under the House GOP plan, seniors would purchase a private health care plan among numerous options on an exchange. The government would then pay the private insurer in the form of a subsidy up to a specified amount.

Republicans say this means lower costs through increased competition and better-used resources; Democrats (as well as the AARP) complain it amounts to deep cuts to Medicare recipients.

"Under the House plan, seniors' coverage would be cut drastically, benefits would no longer be guaranteed and seniors' costs would skyrocket," Sen. Max Baucus said Tuesday. "We can't allow the House to balance the budget on the backs of seniors and we won't - not on my watch."

But today's seniors are actually not directly affected by the House GOP's plan. As GOP budget guru Paul Ryan said on CBS' "The Early Show" Tuesday morning, "we're proposing no changes for people 55 and above."

That means that under the proposal most of the post-World War II "baby boomers" - Americans born between about 1946 and 1964 - would get the benefits promised them, while the rest of Americans would have to accept cuts. Not only that, but Ryan's House GOP wants to reverse the cuts to Medicare included in the health care overhaul law.

Indeed, until the Ryan plan was released Republicans were casting themselves as Medicare's defenders, campaigning in the midterm elections on opposing Medicare cuts and complaining Democrats "betrayed" seniors by supporting them.

The House GOP proposal prompted outrage from economist Larry Littlefield, who railed in a blog post against what he cast as a giveaway to a generation that has already gotten more than its fair share.

"The richest generations in American history, the first to leave those coming after worse off in the private sector, the ones that created all those deficits and debts and unfunded pension obligations in the public sector, the ones who wanted more senior spending and less in taxes, Generation Greed, gives back nothing," he wrote.

That, of course, is a little hyperbolic: There is a legitimate argument that older Americans deserve to be exempted because, unlike younger Americans, they will not have enough time to take the proposed changes into account in preparing for retirement.

Read the rest of this important article here: CBSNews.com

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Like this article? Please check out our previous post for some really cool information for Baby Boomers:

Sexual Desire and Our Hormones

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Susie and David here again...

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Thanks for reading,

Susie

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Thanks guys,

David

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