Mitt Romney and Paul Ryan's plan to end Medicare as we know it and turn it into a voucher plan is bad enough on its face. It doesn't do anything to actually rein in health care costs. It just shifts costs -- potentially hundreds of thousands of dollars for future retirees -- from the government onto the backs of seniors.
But it gets worse. We learned over the weekend that all the extra money out of our pockets is going to give insurance companies some extra large profits. Here's President Obama, who was in Florida yesterday, describing the findings of a new study:
In fact, one report just said that by the end of the next decade, our opponent's plan would mean as much as $16 billion to $26 billion in new profits for insurance companies. So basically, your costs would rise by the thousands so that their profits could rise by the billions.