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%.
Help
us show Congress that America's seniors and veterans need a boost on January
1st. Sign up right now to show your support for the SAVE Benefits Act.
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.
I've got a strong, tough, determined group of
fighters by my side for the SAVE Benefits Act: Ed Markey, Barbara Mikulski,
Patty Murray, Chuck Schumer, Bill Nelson, Debbie Stabenow, Maria Cantwell,
Bernie Sanders, Sherrod Brown, Bob Casey, Sheldon Whitehouse, Jeff Merkley,
Kirsten Gillibrand, Al Franken, Dick Blumenthal, Chris Murphy, Mazie Hirono, and
Tammy Baldwin.
Join
us now to help give seniors and veterans the boost they need on January
1st.
