The Great Medicare Battle

Now that the Republican and Democratic Conventions are over, it's clear that Medicare has become the issue that will determine the outcome of the 2012 presidential election. And the parties' proposals couldn't be more different.

President Obama's health care law will cut $716 billion from Medicare . Where does this number come from? The majority will come from reductions in payments to doctors and hospitals, and to Medicare Advantage plans. As this NCPA study shows, the cuts in Medicare provider fees are not sustainable if seniors are to have continued access to health care.

On the other hand, Mitt Romney and Paul Ryan offer a plan that gives seniors more control over their Medicare dollars and unleashes competitive forces to slow Medicare spending. This is the power of the free market at work.