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Romney Campaign Press Release - The Obama Plan For Social Security: Benefit Cuts & Tax Hikes

September 28, 2012

"Vice President Biden is using Social Security to fabricate the Obama campaign's latest false attacks. However, these attacks will backfire when voters learn he has repeatedly supported higher Social Security taxes, and that seniors face a 25% across-the-board benefit cut because of President Obama's failure to lead on this issue. Mitt Romney and Paul Ryan have a plan to save and strengthen Social Security that does not raise taxes and ensures that our middle-class seniors receive all of the benefits they've earned." — Ryan Williams, Romney Campaign Spokesperson

In Florida Today, Vice President Biden Will Falsely Allege Mitt Romney Wants To Raise Taxes On Social Security:

Vice President Biden Will Campaign Today In Florida And Falsely Allege Mitt Romney Wants To Raise Taxes On Social Security. "The Obama campaign is dispatching Vice President Joe Biden to Florida to deliver a new attack on the Republican ticket over entitlements: He'll allege that Mitt Romney's economic plan could force senior citizens to pay more in taxes on their Social Security benefits." (Michael A. Memoli, "Biden To Say Romney Plan Would Tax Social Security Benefits," Los Angeles Times, 9/27/12)

But It's Vice President Biden Who Has A History Of Supporting Higher Taxes On Social Security Benefits:

In 1993, Senator Biden Voted For The Omnibus Budget Reconciliation Act, Which Raised Taxes By $241 Billion. (H.R. 2264, CQ Vote #190: Passed 50-49: R 0-43; D 49-6, With Vice President Gore Casting A "Yea" Vote,  6/25/93, Biden Voted Yea; H.R. 2264, CQ Vote #247: Adopted 51-50: R 0-44; D 50-6, With Vice President Al Gore Casting A "Yea" Vote, 8/6/93, Biden Voted Yea)

  • The 1993 Legislation Hit Middle-Class Americans By Raising Taxes On Social Security Recipients Making As Little As $34,000 Per Year. "The income tax boost accounts for more than half the revenue raised by the 1993 Clinton package. Two smaller elements, accounting for about a fifth of the revenue, pinch the middle class: the gas tax and a tax boost for Social Security recipients earning more than $34,000." (Howard Kurtz, "To GOP Hopefuls, Clinton Is Target Of Opportunity," The Washington Post, 10/5/94)

Senator Biden Voted At Least Six Times Against Repealing The 1993 Tax Increase On Social Security Benefits. (S. Con. Res. 57, CQ Vote #142: Adopted 50-48: R 49-4; D 1-44, 5/22/96, Biden Voted Nay; H.R. 8, CQ Vote #188: Adopted 58-41: R 54-1; D 4-40, 7/13/00, Biden Voted Nay; S. Con. Res. 23, CQ Vote #94: Rejected 48-51: R 48-3; D 0-47; I 0-1, 3/25/03, Biden Voted Nay; S. Con. Res. 70, CQ Vote #52: Rejected 47-53: R 47-2; D 0-49; I 0-2, 3/13/08, Biden Voted Nay; H.R. 2, CQ Vote #28: Motion Rejected 42-51: R 41-4; D 1-45; I 0-2, 1/25/07, Biden Voted Nay; S. Con. Res. 18, CQ Vote #74: Adopted 55-45: R 50-5; D 5-39; I 0-1, 3/17/05, Biden Voted Nay)

And The Obama-Biden Team Has Refused To Address Social Security — Despite Its Looming Bankruptcy That Will Cause Massive Benefit Cuts:

The Social Security Trust Fund Will Be Exhausted In 2033 — Forcing An Immediate Benefit Cut Of 25%. "The trust fund ratio, which indicates the number of years of program cost that could be financed solely with current trust fund reserves, peaked in 2008, declined through 2011, and is expected to decline further in future years. After 2020, Treasury will redeem trust fund assets in amounts that exceed interest earnings until exhaustion of trust fund reserves in 2033, three years earlier than projected last year. Thereafter, tax income would be sufficient to pay only about three-quarters of scheduled benefits through 2086." ("A Summary Of The 2012 Annual Reports," Social Security Administration, 2012)

"Social Security Is Rushing Even Faster Toward Insolvency ... Three Years Earlier Than Previously Projected..." "Social Security is rushing even faster toward insolvency, driven by retiring baby boomers, a weak economy and politicians' reluctance to take painful action to fix the huge retirement and disability program. The trust funds that support Social Security will run dry in 2033 — three years earlier than previously projected — the government said Monday." (Ricardo Alonso-Zaldivar and Stephen Ohlemacher, "Social Security Fund: Cash Gone In 2033," The Associated Press, 4/24/12)

Vice President Biden, On Whether President Obama Will Fix Social Security: "I Guarantee You, Flat Guarantee You, There Will Be No Changes In Social Security." "Vice President Joe Biden told cafe patrons in Virginia on Tuesday that he could 'guarantee' he and President Obama would allow no changes to Social Security. As a debate over reforming entitlements -- particularly Medicare -- takes center stage in the 2012 presidential campaign, Biden seemed to promise not to allow changes to the program. ... 'Number one, I guarantee you, flat guarantee you, there will be no changes in Social Security,' Biden said, per a pool report. 'I flat guarantee you.'" (Michael O'Brien, "Biden Guarantees: 'There Will Be No Changes In Social Security'," NBC News, 8/14/12)

Obama Campaign Strategist David Axelrod Recently Claimed "This Is Not The Time" To Discuss President Obama's Plans For Social Security. "David Axelrod struggled Monday to articulate President Barack Obama's second-term plan for Social Security before saying 'this is not the time' to talk about Obama's proposals. ... Pressed by Time's Mark Halperin for more specifics on Obama's plan, Axelrod suggested the administration would reveal its plans when Congress was ready to talk about a "balanced" approach to reforming entitlements. 'Mark, I'll tell you what,' Axelrod said. 'When you get elected to the United States Senate, and sit at that table — this is not the time.'" (Kevin Robillard, "David Axelrod Ducks On Social Security," Politico, 9/24/12)

FLASHBACK: In 2009, President-Elect Obama Promised To Shape A New "Bargain" With The American People By Reforming Social Security. "President-elect Barack Obama pledged yesterday to shape a new Social Security and Medicare 'bargain' with the American people, saying that the nation's long-term economic recovery cannot be attained unless the government finally gets control over its most costly entitlement programs." (Michael D. Shear, "Obama Pledges Reform Of Social Security, Medicare Programs," The Washington Post, 1/16/09)

  • President-Elect Obama: "What We Have Done Is Kicked This Can Down The Road. We Are Now At The End Of The Road And Are Not In A Position To Kick It Any Further." "'What we have done is kicked this can down the road. We are now at the end of the road and are not in a position to kick it any further,' he said. 'We have to signal seriousness in this by making sure some of the hard decisions are made under my watch, not someone else's.'" (Michael D. Shear, "Obama Pledges Reform Of Social Security, Medicare Programs," The Washington Post, 1/16/09)

Mitt Romney, Romney Campaign Press Release - The Obama Plan For Social Security: Benefit Cuts & Tax Hikes Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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