OBAMA: Mitt Romney's Economic Plan Is Nothing But 'Trickle Down Snake Oil'

Barack Michelle Obama

Photo: Courtesy of CNN

In the last round of a three-day campaign swing in Iowa, President Barack Obama slammed Mitt Romney’s tax plan as “trickle-down snake oil.””They have tried to sell this trickle-down snake oil before. It didn’t work then, it won’t work now,” Obama told a crowd of supporters in Dubuque, Iowa, where he was met by First Lady Michelle Obama.

In a more engaged attack than we had seen over the past few days, Obama also threw a punch on Medicare, hitting back at Romney’s newly-announced running mate, Wisconsin Rep. Paul Ryan.

“Their plan ends Medicare as we know it,” Obama said today. “Their plan makes seniors pay more so they can give another tax cut to millionaires and billionaires.” He also said that Romney and Ryan want to “turn Medicare into a voucher program.”

The two campaigns have gone back and forth over the past few days on Medicare, as Republicans have charged Obama with cutting $716 billion from the program to “pay for Obamacare.”  The CBO found last month that the $716 billion in “cuts” come largely from reduced payments to hospitals and discounts on prescription drugs; no current benefits are eliminated.

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