Last week, Senator Elizabeth Warren introduced a new bill designed to correct next year’s lack of increase in Social Security benefits. Called the Seniors and Veterans Emergency Benefits Act (or SAVE Benefits Act), it would give the 70 million Americans who rely on Social Security benefits a payment of about $580 dollars. And it would pay for this by closing a loophole that allows CEOs to receive “performance pay” bonuses tax-free.
18 Senators have already joined Senator Warren as co-sponsors. We are building a movement to make Congress put Seniors before CEOs–and this bill is crucial.
Please, stand with Social Security Works and our friends at CREDO Action in supporting Elizabeth Warren’s SAVE Benefits Act today!
Thank you, Alex Lawson, Executive Director, Social Security Works
November 6, 2015 Elizabeth Warren is asking for your help — right now — to pass a one-time emergency boost in Social Security benefits by January 1.
Social Security just announced that there will be no increase in benefits, for only the third time in the last 40 years. At the beginning of each year there is usually a cost of living adjustment, giving seniors and veterans more money in their pocket to afford basic needs.
This year, gas prices are low and because of the way the government calculates inflation, they’re saying there’s no need for a Social Security benefit increase. But we know that rent keeps rising. So does the cost of groceries, health care, medicine, and more. Without a cost of living increase, many people on Social Security will struggle to pay their bills.
We have to do something about it before January 1. And Elizabeth Warren has an answer.
Sen. Warren just announced a plan to fix that and expand Social Security. She’s proposing the Seniors And Veterans Emergency (SAVE) Benefits Act, which would give 70 million Americans an emergency benefit increase of about $580 — that’s 3.9% for 2016, the same raise that the big CEOs got last year. Her proposal would also extend the life of Social Security, and would be paid for by closing corporate tax loopholes.
This goes right to the heart of the problem with our economy and inequality. Congress has created numerous tax loopholes that allow CEOs to get huge pay packages, while wages stagnate for the rest of us. Pay for CEOs at the top 350 companies rose by 3.9% in 2015 even as they already earn yearly income in the billions. Yet the average annual earned benefits for seniors on Social Security is just $14,375. Billionaires get a raise while seniors barely get enough to make ends meet.
That’s the genius of Elizabeth Warren’s SAVE Benefits Act. It would give 70 million Americans an emergency payment of about $580. Sen. Warren’s bill would pay for it by closing the “performance pay” loophole that subsidizes the ridiculous salaries that corporate CEOs receive.
If that was all Sen. Warren’s SAVE Benefits Act did, I’d be for it. But she goes even further, using the additional revenue generated by closing those tax loopholes to strengthen the Social Security and disability trust funds — and making it even harder for Republicans and Wall Street to attack Social Security’s future.
Seniors and veterans’ Social Security benefits usually get a raise to match the rising cost of living on January 1. Unless we act now, they won’t get it — and corporate CEOs will still make millions more for themselves at the public’s expense. We have to act now to build a groundswell behind Elizabeth Warren’s SAVE Benefits Act.
There’s no time to lose. We need you to help seniors, veterans, and others on Social Security afford to pay their bills. Join DFA and sign on as a citizen co-sponsor of Elizabeth Warren’s SAVE Benefits Act.
Thank you for helping DFA and Elizabeth Warren expand Social Security.
Charles Chamberlain, Executive Director of Democracy for America