Joe Biden, Paul Ryan Spar on Medicare, Social Security

Vice president and GOP VP candidate offer two different plans to seniors.
3:00 | 10/11/12

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Transcript for Joe Biden, Paul Ryan Spar on Medicare, Social Security
Let's talk about Medicare entitlements both Medicare and Social Security are going broke in taking a larger share of the budget in the process. Will benefits for Americans under these programs have to change for the programs to survive mr. absolutely. Medicare and -- you're going bankrupt these are indisputable facts. Look when look at these programs we've all -- tragedies in our lives. I think about what they've done for my own family. My mom and I had my grandmother -- with us who was facing alzheimer's Medicare was ever just like it's -- for my mom right now with authority. After my dad died my mom and I got so street survivors benefits help me pay for college it helped her go back to college in her fifties. Where she started a small business because a new skill she got. She paid all over taxes on the promise. But these programs would be there for her. We will honor this promise and the best way to do it is report from my generation EC. If you reform these programs from my generation people fifty form below. You can geared -- -- they don't change for people in or near retirement which is precisely what Mitt Romney -- -- proposed. The court -- look what obamacare does. Obama -- Except -- sixty billion dollars from Medicare. Has been -- obamacare even their own chief actuary of Medicare. Backs this up he says you can't spend the same dollar twice you can't claim -- this money goes to Medicare and obamacare. And then they put this new -- -- board in charge of cutting Medicare each and every year in ways that will lead to denied care for current seniors. There's -- by the weights fifteen people the president's post appoint the next year. And not one of them even has to have medical training it's a scary if we don't short -- -- When we -- IOUs when the program goes bankrupt a 25% across the board benefit cut kicks in on current seniors in the middle of their retirement. We're gonna stop that from happening. They haven't put a credible solution on the table. He'll tell you about vouchers he'll say all these things to try and scare people. Here's what we're saying. Give younger people when they become Medicare eligible. Guaranteed coverage options that you can't be denied. Including traditional Medicare -- is your plan and then Medicare subsidize your premiums not as much for the wealthy people. More coverage for middle income people and total out of pocket covered for the poor -- Choice and competition we would rather have fifty million future seniors determine how their Medicare delivered of them. Is that a fifteen bureaucrats deciding what if where when they get it as president. Not to and I heard a death panel argument from -- -- -- every vice president of the BetaNews comes up -- -- But let's talk about Medicare. What we did is we -- seven -- sixteen. Billion dollars and put it back applies to Medicare we cut the cost of Medicare we stop overpaying. Insurance companies. -- doctors and hospitals the AMA -- what we did. AARP endorsed what we did. And in extend the life of Medicare to 20/20 four they want to -- this fallout it also gave more benefits and senior out there ask yourself. Do you have more benefits today you do if you're -- the don't normally an 80600. Dollars more. To help your prescription drug cost you get wellness visits Balco case. White all of this out and Medicare -- becomes insolvent 2069. Number one. Number two guaranteed -- it's a voucher. Where -- -- proposed when the congressman had his first voucher program. They CBO said it would cost 6400. Dollars a year Martha. More for every senior 55 -- below when they got there. He know that yet he got it all guys in congress and women in the Republican Party to vote for governor Romney -- that said. I I would sign -- -- there. Do you believe. The AMA. Me. -- guys fought his whole life for this or somebody would. Actually put in motion a plan that -- cut six added 6400. Dollars a year more to the cost of Medicare. The plant. Trust me it's not gonna cost you anymore folks follow your instincts on this and -- regard to Social Security. We -- lot we will not privatize if we had listened to Romney the governor Romney and the congressman. During the bush years a magic where all of those seniors had -- out their money had been in the market. Our ideas are old and their ideas are bad and they eliminate the guarantee. Of Medicaid is the problem. They got caught with -- hands in the cookie jar turning Medicare into a piggy bank for obamacare. Their own actuary from the administration came to congress and said. One out of six hospitals and nursing homes are gonna go -- business as a result of this -- -- -- seven point four million seniors are projected to lose the current Medicare Advantage coverage they have. -- a 3200 dollar benefit cut. That's what we're saying more people -- these are from the -- war weary woman a lot more people signed up for Medicare Advantage at that changed what there's no nobody's as a vice president. I don't know just -- we are -- a lot of the rest to -- But I think it will be better served if we don't keep an -- each other. Well don't -- before us that we're -- we're saying don't change benefits for people 55 about -- already. Organizer rich Iran our let. Yes that's what it was what are your specific plan for seniors who really can't afford to make up the difference. In the value what you call a premium support plan and others column about 100% coverage for what. What -- closet so we're saying in Ottawa got -- premium support payments by taking down subsidies for wealthy people look. There's a plan. But it at sixty ordered our number it was misleading then it's totally inaccurate now this is a plan that's bipartisan. It's a plan I put together with a prominent Democrat senator from work is not one Democrat and endorsed the plan not one Democrat he's -- partner is a Democrat from Morgan and he said he doesn't no longer simply put -- they put together with the former Clinton budget director of this some flowers. This idea. Came from the Clinton commission to save Medicare chaired by senator John -- here's the point -- Which was with little if we don't fix this problem pretty soon. Encourage seniors get -- here's the problem. 101000 people are retiring every single day in America today and they will for twenty years as a political North Atlantic. Tested one thing if we -- -- but it just allow Medicare. To bargain for the cost of drugs like Medicaid that would save a 156. Billion dollars right off the bat and it would deny all in all choices all. It its interests are not in -- actually are not -- look folks out all your seniors out there. Have been denied choices have you lost -- -- because that's where we are right now kinda become Vice President Biden let me ask you -- -- if -- could help solve the problem. Why not very slow -- raids the Medicare eligibility age by two years as congressman and suggest look. I was there when we did that with Social Security in 1980 tree I was one of -- people sit in the room. That included Tip O'Neill negotiating with President Reagan. We all got together and everybody said as long as everybody's of the deal. Everybody's in the deal and everybody is make it's and sacrifice we can find a way we made the system solvent to 2033. We will not -- be part of -- voucher plan eliminating. The voucher says mom -- fifth when you're 65 go out there shop for the best insurance you get your out of Medicare you come buyback and if you want but this voucher which will keep pace. Well occupational health care cost because of -- did keep patient health care -- there would be no savings that's why they go of the voucher -- look we will be no. Part of a voucher program or the privatization. Of Social Security. About it is you go to your mailbox get a check and buy something nobody is proposing it. Barack Obama for years ago running for president said if you don't -- fresh ideas. -- stale tactics to scare voters. If you don't have a good record to run around. -- your opponent as someone. I -- -- you're -- -- lawmakers to stand with President Bush when he was seeking to partially -- secure for younger people what we said then. It's -- and what I've always agreed is let younger Americans have a voluntary choice. Making their money work faster for them -- -- security system so that's not what Romney's proposing what we're saying is. No changes. For anybody 55 but Romney has proposed and that kind of changes -- talking about for younger people like myself. Is don't increase the benefits for wealthy people as fast as everybody else slowly raise the retirement age over time. It wouldn't get -- -- -- seventy -- that when you're 2103. Accord in the actuaries appears quickly quickly vice president quickly. The bottom line here is all the studies show that if we went with Social Security proposal made by Mitt Romney if -- forty. In your forties and you'll pay 2600 dollars a year more 12600 larger -- -- security. Injured twenties -- -- 4700 dollars us the idea of change and change being in this case. To cut the benefits for people without taking other action could do to make it work is absolutely the wrong way these look. These guys have been big on Medicare from the beginning. Their -- -- -- -- -- -- apparently -- and they've always been about Social Security as little as you can do not. Folks use your common sense who do you trust on this a man who introduced a bill that would raise -- 406400. Dollars a year. Knowing it and passing -- and Romney saying you signed it. Or me and the press. That statistic was completely misleading but more importantly that's apparent facts artists what politicians do when they don't have a record Iran. Tried to scare people from voting for -- If you don't get ahead of this problem. It's gonna attack Medicare beneficiaries more many years arrogant and we're gonna move -- -- Herrera a simple question to Medicare ancestry did so much from my own family. We are not going to jeopardize this program but we have to -- it. You mark jeopardize and a programming you're changing the program from the guaranteed benefit. Two treatments -- -- -- called the bottom line is people are gonna have to pay more money out of their pocket. And the -- I don't remember -- I come -- they don't have the money to pay -- -- when things -- at a lower income people -- for higher income people.

This transcript has been automatically generated and may not be 100% accurate.

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