Biden cited the $1.6 trillion loss from the great recession. He stated that people were helped in saving their homes. Biden decried holding hostage the middle class tax cuts. He called for giving people solace, and remarked that Romney would have allowed the auto industry to go bankrupt. He cited 5.2 million new jobs and a uncooperative Congress preventing the administration from passing more tax cuts. Biden said that the recession came from Ryan voting for two wars and tax cuts for the rich. Biden also pointed out that the administration gave grant money to Ryan's home state of Wisconsin and that under one percent of stimulus money was fraudulent. Biden explained that Moody's affirmed that we needed the stimulus.
Ryan stated that unemployment was 8.5 percent in Scranton when President Obama took office, and today it's at 10 percent. He criticized a 1.3 percent growth in the economy as being not enough. In addition, he stated that many Americans are in poverty. He called for energy independence and deficit reduction. Ryan indicated that Romney would champion small business. He stated that Romney gave 39 percent of his income to charity. Ryan stressed that this administration had control of both houses in 2009. He cited President Obama's promise of 4 percent growth from implementation of the stimulus. Instead, growth only reached 1.3 percent. Ryan criticized $90 billion in green pork.
The moderator posed a question as to whether or not Medicare or Social Security would be sustainable.
Ryan said he feared that the programs would go bankrupt. He predicted that changes would be needed for people under age 54. He stated that Obamacare takes $716 billion dollars from Medicare to cover Obamacare's underfunding. He criticized the 15 member review board as being comprised of people with not enough medical training and feared a 24 percent benefit cut. Ryan called for choice and competition with no changes for people 55 or older. He said that 7.4 million people would lose their Medicare Advantage supplemental insurance plans. Ryan would like to take down subsidies for the rich and fix the problems; otherwise seniors will experience cuts to Medicare. He would raise the eligibility age to 70 by 2103. Ryan stated that Social Security should be greater for low income people and less for upper income people. Biden stated that $716 billion will be saved by Medicare simply by not overpaying insurance companies for services. Besides, AARP approved the administration's plan. In addition, there will be wellness visits without a copay. Biden stated that Social Security should never be privatized. He explained that privatization could have cost medicare recipients dearly in the market crash. Biden praised the fact that Medicare can now bargain for drugs with much greater concentrated purchasing power than previously. He stated that in the 1980s we made the program solvent until 2033. In addition, Biden worried that vouchers could not keep pace with healthcare costs. He also criticized Republicans for wanting to do the least on Social Security. He stated that we won't jeopardize the Social Security program.