Subject: Cotton Social Security Cut
From: "Miller, Lindsey" <[email-masked]>
To: "Yoxall, Collin" <[email-masked]>, "Brinster, Jeremy" <[email-masked]>
Date: Tue, 26 Apr 2016 11:24:26 -0700

This is the ad backup I did, so I think the Pryor people probably did the same thing.

AUDIO: I've done my fair share to contribute to Social Security. And after all I've paid in, Tom Cotton votes to cut Social Security benefits?

TEXT:  Tom Cotton Voted to Cut Social Security Benefits

COTTON VOTED FOR FY 2015 REPUBLICAN STUDY COMMITTEE BUDGET THAT CUT SOCIAL SECURITY BENEFITS BY USING CHAINED CPI

Cotton Voted for Extreme Republican Study Committee Budget That Used Chained CPI For Social Security. In 2014, Cotton voted for the extreme Republican Study Committee budget that changed the formula for cost-of-living adjustments to government-wide chained CPI. "Since 2002, the Bureau of Labor Statistics has published a more accurate measure of inflation, called the Chained Consumer Price Index (chained CPI). This budget proposes to move away from the outdated CPI measurement and instead begin using the more accurate chained CPI, saving the taxpayers $222 billion in total over the next ten years, with $127 billion of that amount going toward making Social Security solvent." The budget was rejected by a vote of 104-132. [CQ; H Con Res 96, Vote #175<http://clerk.house.gov/evs/2014/roll175.xml>, 4/10/14; Republican Study Committee, FY 15<http://rsc.scalise.house.gov/uploadedfiles/the_budget.pdf>]

  *   Over $100 Billion Would Be Cut From Social Security And $24 Billion From VA Benefits And Pensions. According to the veterans groups, a chained CPI would cut $112 billion from Social Security over 10 years which they noted "veterans rely on very heavily for both retirement and disability benefits." The groups also said $24 billion would come from reduced VA benefits, civilian pensions, and military retirement pay. [strengthensocialsecurity.org, 8/13/11<http://www.strengthensocialsecurity.org/media/press-release/veterans-groups-urge-president-obama-and-congress-not-to-cut-social-security-ben>]

COTTON VOTED FOR FY 2014 REPUBLICAN STUDY COMMITTEE BUDGET THAT CUT SOCIAL SECURITY BENEFITS

Cotton Voted for Republican Study Committee Budget That 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<http://clerk.house.gov/evs/2013/roll086.xml>, 3/20/13; Committee for a Responsible Federal Budget, 3/19/13<http://crfb.org/blogs/republican-study-committee-adds-alternative-budgets>; AARP, October 2012<http://www.aarp.org/work/social-security/info-10-2012/proposed-changes-to-cola-insight-AARP-ppi-econ-sec.html>]

  *   RSC Budget Would Cut Social Security Payments By Reducing The Cost of Living Adjustment. According to the RSC's FY 2014 budget blueprint, "To further strengthen Social Security's long-term finances, this budget would change the formula for cost of living adjustments (COLA) by adopting a more accurate measure of inflation (chained CPI-U) that takes into account real-world choices consumers make. [RSC Budget, March 2013<http://rsc.scalise.house.gov/uploadedfiles/back_to_basics-rsc_fy2014_budget.pdf>]

Republican Study Budget Cut Social Security Benefits Using Chained CPI. According to the Committee for a Responsible Federal Budget, "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." [Committee for a Responsible Federal Budget,3/19/13<http://crfb.org/blogs/republican-study-committee-adds-alternative-budgets>]

  *   AARP: 92 Year Old Retiree Would See An 8.4% Cut In Benefits Under Chained CPI. 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." [AARP,October 2012<http://www.aarp.org/work/social-security/info-10-2012/proposed-changes-to-cola-insight-AARP-ppi-econ-sec.html>]

  *   Chained CPI Would Be At Least A 5% Cut To Social Security Benefits. According to Dylan Matthews of the Washington Post, "All told, chained CPI raises average taxes by about 0.19 percent of income. So, taken all together, it's basically a big (5 percent over 12 years; more, if you take a longer view) across-the-board cut in Social Security benefits paired with a 0.19 percent income surtax." [Matthews, Washington Post,12/11/12<http://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/11/everything-you-need-to-know-about-chained-cpi-in-one-post/>]

The Republican Study Committee Budget Would Change The Cost Of Living Adjustments For Social Security To Chained CPI-U. "To further strengthen Social Security's long-term finances, this budget would change the formula for cost of living adjustments (COLA) by adopting a more accurate measure of inflation (chained CPI-U) that takes into account real-world choices consumers make." [Republican Study Committee FY 2014 Budget, accessed 5/10/13<http://rsc.scalise.house.gov/uploadedfiles/back_to_basics-rsc_fy2014_budget.pdf>]

  *   By Their Own Estimate, This Change Would Cut $127 Billion In COLA Adjustments Over Ten Years. "This budget recommends switching to a more accurate index, chained CPI-U, which economists across the political spectrum agree tracks the effects of inflation more accurately. Chained CPI-U also better achieves the goal of the COLA: ensuring that retirees who depend on Social Security do not see their benefits eroded by inflation. This proposal saves $127 billion over ten years, and more importantly, according to the Social Security Trustees 2012 report, this would solve 20 percent of Social  Security's long-range actuarial balance." [Republican Study Committee FY 2014 Budget, accessed 5/10/13<http://rsc.scalise.house.gov/uploadedfiles/back_to_basics-rsc_fy2014_budget.pdf>]

CHAINED CPI CUTS SOCIAL SECURITY BENEFITS

AARP: 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." 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." [AARP, October 2012<http://www.aarp.org/work/social-security/info-10-2012/proposed-changes-to-cola-insight-AARP-ppi-econ-sec.html>]

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." 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<http://www.aarp.org/about-aarp/press-center/info-08-2013/Chained-CPI-is-Less-Accurate.html>]

  *   HEADLINE-AARP To Ways And Means: Chained CPI Is Less Accurate And A Significant Social Security Benefit Cut [AARP, 8/12/13<http://www.aarp.org/about-aarp/press-center/info-08-2013/Chained-CPI-is-Less-Accurate.html>]

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<http://www.aarp.org/about-aarp/press-center/info-08-2013/Chained-CPI-is-Less-Accurate.html>]

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<http://www.aarp.org/about-aarp/press-center/info-08-2013/Chained-CPI-is-Less-Accurate.html>]