TOM COTTON VOTED TO CUT SOCIAL SECURITY BENEFITS FOR SENIORS TODAY

Contrary to his campaign promises, Cotton was the only Arkansan in Congress to vote for two measures that would immediately cut Social Security’s cost of living adjustment (COLA)

Same cuts were supported by Pres. Obama, but Pryor opposed them and won

LITTLE ROCK — On the campaign trail, Rep. Tom Cotton claims that he supports no changes to Arkansas seniors’ retirement security, but he was the only member of the state’s all-Republican House delegation to vote for two budget proposals that would result in immediate cuts to Social Security benefits. When President Obama last year decided to back the very same cuts to Social Security Cotton voted for and still supports, Sen. Mark Pryor took on the president and successfully urged him to drop the proposal.

“Congressman Cotton repeatedly and recklessly voted to cut Social Security benefits for Arkansas seniors, but Mark Pryor actually listens to seniors and stands up for their retirement security,” said Pryor for Senate spokesman Erik Dorey. “Arkansas seniors paid into Social Security over a lifetime of hard work, and Congressman Cotton not only supports placing their retirement in the hands of Wall Street bankers, he voted to cut benefits immediately for today’s retirees. That’s why Mark stood up to President Obama when he proposed the same irresponsible cuts, and Mark won’t back down when anyone of either party gets in the way of Arkansas seniors’ hard-earned retirement.”

On the issue of Social Security, the difference between Cotton and Pryor couldn’t be clearer. Pryor has consistently opposed efforts to privatize the program, and after President Obama last year proposed cutting benefits by switching to a “chained CPI” calculation for Social Security’s annual cost of living adjustment — cuts that Cotton has repeatedly voted for — Mark took on the president and successfully pushed him to drop the proposal from his budget proposal.

Cotton’s record on Social Security:

• Cotton supported immediate cuts to Social Security benefits, leaving Arkansas seniors with less each month. He voted twice for plans to change the cost-of-living adjustment (COLA) using chained CPI, taking approximately $127 Billion in benefits away from seniors and near retirees.

• Cotton voted twice to deny Social Security benefits until age 70.

• Cotton and his special interest allies in Washington want to privatize Social Security and turn it over to Wall Street. Instead of a secure retirement, Cotton would gamble with the Social Security savings of seniors on Wall Street.

According AARP, switching to chained CPI would take $340 billion dollars out of the pockets of current and near retirees, working families, veterans and the disabled.

BACKGROUND:

COTTON CLAIMED HE SUPPORTED NO CHANGES TO SOCIAL SECURITY FOR SENIORS TODAY…

Cotton Claimed He Supported “NO Changes Changes To… Social Security For Those Currently Receiving Benefits Or For Those Nearing Retirement.” On Tom Cotton’s website says, “Tom Cotton supports NO changes to Medicare or Social Security for those currently receiving benefits or for those nearing retirement.” [TomCotton.com, accessed 5/12/14]

… BUT HE VOTED REPEATEDLY TO CUT SOCIAL SECURITY BENEFITS FOR SENIORS ON SOCIAL SECURITY TODAY.

2014: Cotton Was The Only Arkansan To Vote For A Budget That Raising The Social Security Retirement Age To 70 And Cut Social Security Benefits. On April 10, 2014, Cotton voted for the FY 15 Republican Study Committee Budget. According to the Republican Study Committee, the budget would increase the Social Security full retirement age to 70 and cut benefits by instituting chained CPI. [Vote 175, 4/10/14; Republican Study Committee, accessed 4/8/14]

2013: Cotton Was the Only Member Of The Arkansas Delegation To Vote for Republican Study Committee Budget That Raised The Retirement Age For Social Security To 70 And Cut Social Security Benefits. In 2013, Cotton voted for the Republican Study Committee budget. According to the Committee for a Responsible Federal Budget, the budget “transitions Medicare to a premium support system by 2019 for new beneficiaries, and raises the Medicare retirement age to 70 and indexes it to life expectancy… Unlike other budgets, [Republican Study Budget] also addresses Social Security specifically by switching to the chained CPI for cost-of-living adjustments and increasing the full retirement age to 70 and indexing it for life expectancy.” According to the AARP, “Changing the cost-of-living adjustment (COLA) using a chained CPI would have a detrimental impact on the economic wellbeing of older and disabled Americans and their family members who receive benefits from Social Security. Small reductions to the annual COLA will accumulate over time so that the largest reductions in benefits will be on the oldest beneficiaries and the long-term disabled. For example, 92- year-old beneficiaries who were on the program for 30 years would see an 8.4% cut in benefits. Disabled children could face even larger benefit cuts over their lifetime. Oldest Americans are the least able to absorb cuts to their benefits as they are more reliant on Social Security for their income and have higher out-of-pocket medical spending and a higher poverty rate than younger Americans.” The budget was rejected by a vote of 104-132. [CQ; H Con Res 25, Vote #86, 3/20/13; Committee for a Responsible Federal Budget,3/19/13; AARP, October 2012]

AARP: “Specific To Social Security, The Chained CPI Cuts Benefits By $127 Billion Over The Next 10 Years.” According to AARP, “Although many have attempted to characterize the chained CPI as a minor tweak, it is in fact a significant benefit cut that snowballs over time. The adoption of chained CPI would take approximately $340 billion dollars out of the pockets of current and near retirees, working families, veterans and the disabled, as well as the local economies in which they live, in the next 10 years alone. Specific to Social Security, the chained CPI cuts benefits by $127 billion over the next 10 years.” [AARP, 8/12/13]

AARP: “Chained CPI Would Take Approximately $340 Billion Dollars Out Of The Pockets Of Current And Near Retirees, Working Families, Veterans And The Disabled.” According to AARP, “Although many have attempted to characterize the chained CPI as a minor tweak, it is in fact a significant benefit cut that snowballs over time. The adoption of chained CPI would take approximately $340 billion dollars out of the pockets of current and near retirees, working families, veterans and the disabled, as well as the local economies in which they live, in the next 10 years alone. Specific to Social Security, the chained CPI cuts benefits by $127 billion over the next 10 years.” [AARP, 8/12/13]

AARP: Chained CPI Is Less Accurate And A Significant Social Security Benefit Cut. [AARP, 8/12/13]

Cotton Supported Privatizing Social Security. According to National Review, “Finally, Cotton supports Rep. Paul Ryan’s proposed entitlement reforms. On Social Security, for instance, he believes ‘we need to honor our commitments to current retirees, but for people in our generation [he’s 34], I think we do need to move to a mixture of the traditional system and personal investments accounts.’” [National Review, 10/7/11]

BUT WHEN PRESIDENT OBAMA TRIED TO CUT SOCIAL SECURITY BENEFITS, MARK PRYOR STOOD UP TO THE PRESIDENT

April 2013: President Obama’s FY14 Budget Included Cuts To Social Security By Switching To Chained CPI. “Senate Republicans voiced optimism at news of the inclusion of “chained CPI” in President Barack Obama’s budget plan, which will be unveiled Wednesday. Obama is expected to offer the tweak to Social Security benefits as an olive branch to Republicans in an effort to jump-start talks over a large-scale deficit deal. Chained CPI is something Obama had put on the table in earlier talks with House Speaker John Boehner (R-Ohio). It would decrease the amount paid out in Social Security benefits by lowering the rate of cost of living adjustments.” [Politico, 4/9/13]

May 2013: Pryor Co-sponsored Resolution Opposing The President’s Cuts To Social Security. “The majority of Senate Democrats running for reelection in 2014, including three running in red states, have broken with President Barack Obama and are opposing his effort to cut Social Security benefits, imperiling the austerity project known as the ‘grand bargain …’ Democratic Sens. Kay Hagan (N.C.), Mark Begich (Alaska) and Mark Pryor (Ark.), all running in states won by Republican Mitt Romney in 2012, have publicly opposed the president’s effort, going so far as to co-sponsor a Senate resolution against chained CPI last week.” [Huffington Post, 5/6/13]

Pryor Called Obama’s Proposed Social Security Cuts Reckless. According to Reuters, “Democratic Senator Mark Pryor of Arkansas, facing a tough re-election fight this year, said he had fought against the president’s proposal. ‘With over 400,000 seniors in our state relying on these earned benefits, I’m glad the president heeded my call and withdrew his reckless proposal,’ he said.” [Reuters, 2/20/14]

February 2014: President Obama Dropped Proposal To Cut Social Security Benefits After Senator Pryor Opposed The Cuts. “President Barack Obama on Thursday dropped a measure to trim cost-of-living increases in Social Security from an upcoming budget proposal in an election-year move that may insulate fellow Democrats facing heat from senior voters … Sen. Mark Pryor, an Arkansas Democrat facing a tough re-election fight this year, said he had fought against the president’s proposal. ‘With over 400,000 seniors in our state relying on these earned benefits, I’m glad the president heeded my call and withdrew his reckless proposal,’ he said.” [Newsmax, 2/20/14]