Columnist discusses where to cut fat from Medicare listen02/26/09 Mitch E. Perry
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Barack Obama's administration announced today a $634 billion down payment on achieving universal health care coverage.
Obama plans to pay for a portion of the funding by cutting payments to insurers that provide Medicare Advantage plans that are determined by a formula. Currently, those payments have been 14 percent higher than what the government typically spends per beneficiary. Under the Obama proposal, insurers would be required to competitively bid to offer plans beginning in 2012.
David Leonhardt is an economics columnist with the New York Times. In the second part of an interview we conducted with him yesterday, we asked him about cutting parts of Medicare, and also about where the president and Congress could raise taxes, which he says will be absolutely necessary.