Rep. Ryan's budget blueprint: Slashing Social Security and Medicare benefits

TPM:

Rep. Paul Ryan is out there on his own with a budget blueprint that cuts the deficit by slashing Social Security and Medicare benefits and by creating private accounts and a voucher system.
Last year it was voted down in April when Democrats passed the Obama budget.

Ryan (R-WI) says his current plan "rescues and strengthens Medicare, Medicaid, and Social Security - allowing them to fulfill their missions and making them permanently solvent."
Translation - Social Security benefits will be reduced for those younger than 55, and the retirement age will be increased.

The budget plan states, "All other workers will have a choice to stay in the current system or begin contributing to personal accounts. Those who choose the personal account option will have the opportunity to begin investing a significant portion of their payroll taxes into a series of funds managed by the U.S. government."

It's similar to the Thrift Savings Plan used by members of Congress and federal workers, Ryan contends.

Another big cut is to Medicare - starting in 2021, new enrollees would be given vouchers to purchase private health insurance.

In all the Ryan budget plan dubbed the "Roadmap for America's Future" would take the deficit from 11 percent of gross domestic product in 2009 to 4.8 percent in 2030 and 2.6 percent in 2050. The Congressional Budget Office shows the GOP plan would end the deficit around 2060 and they would produce a surplus of 6 percent of gross domestic product by 2083.

"The Roadmap would put the federal budget on a sustainable path, generating an annual budget surplus of about 5 percent of GDP by 2080," the CBO wrote in its analysis.

Here is the Ryan's budget plan. Click here.

Remember last year: GOP budget plan? Click here.