March 9, 2016
For the third time in just seven years, there will be no Cost of Living Adjustment (COLA) for millions of seniors, veterans and people with disabilities who depend on the COLA to keep them out of poverty. Today Max Richtman, National Committee to Preserve Social Security and Medicare President/CEO, joined Senators Chuck Schumer (D-NY), Elizabeth Warren (D-MA),Tammy Baldwin(D-WI) and other advocates to urge the Senate to bring The Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act) to the floor for a vote.
“You’d have to be pretty hard-hearted to not appreciate just how much seniors are hurting in today’s economy. I hear a lot about this from our members, especially since they learned they wouldn’t get a COLA this year. Closing a tax loophole on wealthy CEOs in order to provide a one-time emergency benefit for Social Security recipients is a “smart”-hearted proposal. Seniors get some help, state economies see a rise in consumer spending, and Congress scores a victory looking out for Main St instead of Wall Street.”…Max Richtman, President/CEO, National Committee to Preserve Social Security and Medicare
The SAVE Benefits Act would provide a one-time emergency payment of about $581 per person to be paid for by the closure of a wasteful loophole that allows corporations to write off executive bonuses to their highly paid CEOs as a “business expense.” The SAVE Benefits Act has 71 co-sponsors in the House and Senate yet, three months into 2016, GOP leaders still have not taken action on this legislation. Many candidates continue to promise, on the campaign trail, to protect vital seniors programs; however, Senator Bernie Sanders (I-VT) is the only Senator and Presidential candidate to co-sponsor this legislation. Senators Ted Cruz (R-TX) and Marco Rubio (R-FL) have not supported legislation providing a one-time benefit for seniors, veterans, and people with disabilities.
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