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It's just a brazen lie. That $700 billion figure comes from a CBO report explaining how expensive it would be to repeal Obamacare. Among the costs of repeal would be an additional cost of some $700 billion of savings in administrative costs. The savings come from lower reimbursements to hospitals (which they're happy with because the increase in insured customers more than makes up for any loss in profits), tightening up the private insurance known as Medicare Advantage, and much less compensatory payments to hospitals who treat the uninsured (because there will so many less uninsured). In short, the ACA does A LOT to make Medicare more efficient, but does NOTHING to cut benefits.
But it gets worse. When Ryan put together his budget, he didn't want to have to replace $700 billion in savings, so he left all of the $700 billion in ACA savings in place. And the Repukes all voted for it. Now they want to call these savings "cuts" and pretend they didn't vote for them. Now that Ryan is on the ticket, that shit ain't gonna fly.
But it gets worse. When Ryan put together his budget, he didn't want to have to replace $700 billion in savings, so he left all of the $700 billion in ACA savings in place. And the Repukes all voted for it. Now they want to call these savings "cuts" and pretend they didn't vote for them. Now that Ryan is on the ticket, that shit ain't gonna fly.