Without legislation reform, current recipients of US Social Security will be left to bare the brunt of a rising cost of living next year with no increase in benefits.
On Thursday, Senators Elizabeth Warren (D-Mass.), Barbara Mikulski (D-Md.), Patty Murray (D-Wash.), Charles E. Schumer (D-N.Y.), Bill Nelson (D-Fla.), Debbie Stabenow (D-Mich.), Maria Cantwell (D-Wash.), Bernie Sanders (I-Vt.), Sherrod Brown (D-Ohio), Bob Casey (D-Pa.), Sheldon Whitehouse (D-R.I.), Jeff Merkley (D-Ore.), Kirsten Gillibrand (D-N.Y.), Al Franken (D-Minn.), Richard Blumenthal (D-Conn.), Chris Murphy (D-Conn.), Mazie K. Hirono (D-Hawai’i), Tammy Baldwin (D-Wis.), and Edward J. Markey (D-Mass.) introduced the Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act) to correct the issue of critical benefits being denied to seniors and veterans.
“If we do nothing, on January 1st, more than 70 million seniors, veterans, and other Americans won’t get an extra dime in much-needed Social Security and other benefits,” Senator Warren said. “And while Congress sits on its hands and pretends that there’s nothing we can do, taxpayers will keep right on subsidizing billions of dollars’ worth of bonuses for highly paid CEOs.”
Despite rising costs of core goods and services in projections for the new year, millions will see no change in their benefits. CEO compensation, meanwhile, is on the upturn by 3.9 percent. But by putting an end to tax subsidies for million-dollar corporate bonuses, 70 million seniors, veterans, people with disabilities, and others could see a emergency relief to the tune of 3.9 percent, about $581.
“Giving seniors a little help with their Social Security and stitching up corporate tax write-offs isn’t just about economics; it’s about our values. Congress should pass the SAVE Benefits Act today to give a boost to millions of Americans who have earned it.”
If you support the Seniors and Veterans Emergency Benefits Act, you can make your voice heard by calling in or writing to your elected officials. Learn more about how to contact them here.