The Politics and Economics of Medicare

There will be no vacation from political advertising this Fourth of July as the battle over 10% cuts in Medicare reaches a fever pitch. At stake are payments to 600,000 doctors who care for 52 million people, a big percent of the voting population in an election year. Neither Republicans nor Democrats want the cuts to go through, but the Senate failed to prevent them by just one vote. That's pitted the doctors against the insurance industry in an advertising frenzy designed to influence action next week.