SEN ELIZABETH WARREN D MA has introduced legislation, the Seniors and Veterans Emergency (SAVE) Benefits Act in response to the Social Security Administration's decision to NOT give a cost of living increase in 2016. In this age of economic inequality, while we are still recovering from the "great" recession of 2008 the federal government should not be cutting the federal deficit by taking from those who need it most while allowing corporate CEOs to rake in millions in tax free performance benefits. If you are on Social Security or a vet, if your parents or other family members or friends are, and the Social Security Administration's decision for no COLA in 2016 you should consider signing Sen Warren's petition to congress to pass her bill. It will also help if you contact your senator and tell them you want them to cosponsor SAVE and to vote for it, and then if you contact your representative and express the same when the legislation comes to the House. DEMOCRACY IS NOT A SPECTATOR SPORT, we, the people, have the power to get this legislation passed. You might also want to check out how many of the senators who are currently running to be their party's 2016 presidential nominee are cosponsoring SAVE, see the list below. I noticed neither of my senators from Virginia are listed and I'll be letting them know what I think about that.....
Three weeks ago, the Social Security Administration made a quiet announcement.
Next year, for just the third time since 1975, seniors who receive Social Security won’t be getting an annual cost of living increase. Neither will millions of other Americans whose veterans’ benefits, disability benefits, and other monthly payments are pegged to Social Security.
Two-thirds of retirees depend on Social Security to pay for the basics, to put food on the table and keep a roof over their heads – but seniors who usually get a small boost on January 1st won’t see an extra dime next year. That’s why today, I’m introducing the Seniors and Veterans Emergency (SAVE) Benefits Act – a one-time payment equivalent to a Social Security benefits increase of 3.9%.
The Progressive Change Campaign Committee has been my strong partner over the years in our fight to protect and expand Social Security -- and action is needed again now to show Congress that seniors and veterans need an emergency boost on January 1st. Please sign up to show your support for the SAVE Benefits Act.
I'll be talking about this issue on MSNBC tonight (5 NOV 15) and with my colleagues in the days and weeks ahead. I'd sure like to talk about the grassroots support for this idea from people like you.
Why give seniors and veterans a 3.9% Social Security boost? Well, times are tough for America’s seniors – but they aren't tough for everyone. According to recent data, CEOs at the top 350 American companies received, on average, a 3.9% pay increase last year.
But here’s the kicker: taxpayers like you subsidize huge pay packages for CEOs through billions of dollars in giveaways, including a crazy loophole that allows corporations to write off obscene executive bonuses as a business expense for “performance pay.”
Our new SAVE Benefits Act would give seniors and veterans a benefits boost without adding a single penny to the deficit simply by closing that performance pay loophole. In fact, closing that tax loophole would create enough revenue to give seniors and vets this 3.9% emergency boost and still have money left over for the Social Security Trust Fund to help extend the life of Social Security.
Think about what this change would mean. A one-time 3.9% Social Security payment is worth about $581 a person next year – a little less than $50 a month. For someone barely scraping by on a $1,250 Social Security check each month, $581 would cover almost three months of groceries, or a year’s worth of out-of-pocket costs for a Medicare beneficiary’s prescription drugs. According to an analysis, that little boost could lift more than 1 million Americans out of poverty. That’s a big deal.
This is about choices. We have the money to do this – only right now that money goes to fund a loophole that benefits corporate CEOs. We could use exactly that same money to help out seniors and vets – and make the Social Security system more stable. For me, it’s pretty straightforward: Our spending should reflect our values.
So let’s just do it. Let’s close the loophole and let’s use the money to give seniors and vets the support they need on January 1st. Sign up now to show Congress that America supports the SAVE Benefits Act.
Thank you for being a part of this,
Want to support the Warren wing? Senator Elizabeth Warren says, "When PCCC members donate millions in small-dollar donations and make millions of phone calls for progressive candidates, leaders in Washington, they take notice."