To protect the more than 600,000 Arkansans dependent on Social Security and the thousands of veterans injured while serving our country, U.S. Senator Mark Pryor today signed on to a Senate Resolution opposing reductions in cost of living adjustments (COLA) for Social Security and veterans' benefits.
"Once again, some in Washington are trying to balance the budget on the backs of Arkansas seniors, disabled veterans, and military families by reducing the cost of living adjustments and not taking the rising costs of healthcare and energy into consideration. We can't let this happen," Pryor said. "Taking earned benefits away from seniors and military families is not the answer. Instead, we need to find a balanced approach that responsibly reduces our debt and deficit while protecting middle-class families who have worked hard their entire lives to pay for these benefits and have sacrificed for our country."
Under some proposals, Social Security beneficiaries would face significant benefit reductions as they age. In the long term seniors would receive on average $658 less at age 75; $1,147 less at age 85; and $1,622 less at age 95.
Under other proposals, disabled veterans would face significant cuts in benefits. For example, a 30-year-old disabled veteran receiving VA compensation due to a 100 percent service-connected disability would have his or her benefits reduced by $1,425 at age 45, $2,341 at age 55, and $3,231 at age 65. With a veteran population of over 250,000, Pryor said this would harm thousands of Arkansans veterans and surviving military family members who receive benefits from the Department of Veterans Affairs.