MADISON - Noted economist Henry Aaron, a co-creator of the "premium support" concept central to the Mitt Romney-Paul Ryan budget plan that would end Medicare as we know it, is now stating that the Romney-Ryan budget "won't work.
As detailed in a new report from The Huffington Post, Aaron testified before the House Ways and Means Committee last week, stating, "I've changed my mind" about the concept of premium support. Aaron also slammed the Romney-Ryan budget for failing to adequately regulate health insurance offerings and how they are sold, stating that the health insurance market under such a plan would be "deplorably inefficient" with serious consequences for the Medicare population.
Aaron however praised President Obama's successful Affordable Care Act for taking steps to preserve Medicare and advocated for the full implementation of the Act as the best way to control rising health care costs.
"Medical professionals, the faith community and now even the inventor of the central concept of the Romney-Ryan budget have come forward to say that this budget that ends Medicare as we know it is wrong for America," Democratic Party of Wisconsin Chair Mike Tate said Thursday. "As more experts come forward, and people learn the truth about the Romney-Ryan budget, it becomes more clear that this budget is fundamentally flawed, with the potential to cause real harm if implemented."
Read the Huffington Post report here.