Watch:
So, you heard Mitt Romney say: “for people 55 years of age and older, there’s no change.” You won’t like the translation. 
Under the Romney-Ryan plan for Medicare, if you are younger than age 55, let’s say 54, and Romney-Ryan are elected to office, you will see a Medicare that is completely different from the one that your parents and grandparents enjoyed. It will be a voucherized plan, entailing fewer benefits and much higher costs to the beneficiaries.
Nobel prize winning economist Paul Krugman on Paul Ryan’s Medicare plan, emphasis mine:
In the first decade, the big things are (i) conversion of Medicaid into a block grant program, with much lower funding than projected under current law and (ii) sharp cuts in top tax rates and corporate taxes.
Is this a deficit-reduction program? Not on the face of it: it’s basically a tradeoff of reduced aid to the poor for reduced taxes on the rich, with the net effect of the specific proposals being to increase, not reduce, the deficit.
